About one in five suspicious activity reports banks file with federal regulators over concerns about a residential real estate transaction show signs of money laundering or tax evasion, according to a new Treasury Department report. The report found evidence of money laundering or "structuring" -- transactions involving incomplete or falsified records -- in 20 percent of suspicious activity reports involving residential real estate transactions between 1996 and 2006. The Treasury Department's Financial Crimes Enforcement Network also detected a steep increase in the incidence of filings that might involve money laundering after 2004, to more than 50 percent. FinCEN's report looked at a random sample of 1,095 suspicious activity reports, of which 747 involved residen...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.