June 29, 2022
In This Issue:
- Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
- Scammers Are Targeting a New Generation of Homebuyers
- Trading Spaces: Common Mistakes in a Like-Kind Exchange
Financial Action Task Force Identifies Jurisdictions with Anti-Money Laundering and Combating the Financing of Terrorism and Counter-Proliferation Deficiencies
FinCEN - U.S. Treasury | June 23, 2022
The Financial Crimes Enforcement Network (FinCEN) is informing U.S. financial institutions that the Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, countering the financing of terrorism, and countering the financing of proliferation of weapons of mass destruction (AML/CFT/CPF), has issued public statements updating its lists of jurisdictions with strategic AML/CFT/CPF deficiencies following its plenary meeting this month. U.S. financial institutions should consider the FATF’s stance toward these jurisdictions when reviewing their obligations and risk-based policies, procedures, and practices.
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Scammers Are Targeting a New Generation of Homebuyers
ALTA's Diane Tomb via Fortune | June 16, 2022
With homebuying season in full swing, homebuyers are deciding to make one of the biggest purchases of their lives. If the pandemic has taught us anything, it’s that a safe and comfortable home environment is crucial.
As interest in homeownership continues to rise, it has never been more important to ensure that millennial homebuyers are equipped with the knowledge to help them succeed. While the homebuying process is now easier to navigate thanks to virtual tours and meetings with realtors, real estate-related cybercrimes are also on the rise.
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Trading Spaces: Common Mistakes in a Like-Kind Exchange
Texas A&M Real Estate Research Center | June 20, 2022
Real estate professionals are likely familiar with the basic rules of like-kind exchanges, in which sellers of real property may defer the gain on the sale of real estate if they reinvest the sale proceeds in other like-kind real property (a similar property that can be exchanged without incurring any tax liability). The idea that a seller can defer potential gain from the sale of real estate by reinvesting into other real estate sounds like a great idea, at least at first. Later, when mistakes occur, what seemed like an easy real estate swap becomes a nightmare. A failed exchange places the seller in a double bind. The seller has reinvested all of the sale proceeds from a sale into other property, but he still owes tax on gains from the sale.
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