Finally Some Action Against Money Laundering

"Another major story from yesterday is that the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has finalized two rules that will work to stop corruption and money laundering in U.S. residential real estate and in private investment.

"This is a big deal. As scholar of kleptocracies Casey Michel put it: 'This is a massive, massive deal in the world of counter-kleptocracy—the U.S. is finally ending the gargantuan anti-money laundering loopholes for real estate, private equity, hedge funds, and more. Can't overstate how important this is. What a feat.'”

Click here for more information about money laundering in this installment of Heather Cox Richardson's regular "Letters from an American."