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On February 7, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a Notice of Proposed Rulemaking (the “Proposed Rule”) designed to combat and deter money laundering in the U.S. residential real estate sector, which has made it difficult for legitimate buyers to acquire real estate due in part to inflated prices resulting from an increase in buyers and the ability of those additional buyers to make “all cash” offers using ill-gained funds in lieu of financing. The public comment period for the Proposed Rule expires on April 8, 2024.[1]Continue Reading FinCEN Proposes New Rule to Deter Money Laundering in the Residential Real Estate Sector

Whether you are a hotel owner, operator, or developer, or anyone who has an interest in an LLC, corporation, or limited partnership, you should be aware of your new compliance obligations under the Corporate Transparency Act (the “CTA”). To put a finer point on this, the Financial Crimes Enforcement Network (“FinCEN”), the bureau under the Treasury Department tasked with enforcing the CTA, believes that over 32 million businesses, both foreign and domestic, will be required to comply with new reporting requirements or be subject to civil fines or even criminal penalties. Continue Reading Hospitality Alert: Quick Facts on the Corporate Transparency Act

Sinatra may have found success in the city that never sleeps, but a California court has just made it more difficult for any party doing business with a California resident to do the same. At least, when it comes to resolving disputes without a jury in a New York courtroom, or in the courtroom of any other jurisdiction that enforces pre-dispute jury trial waivers. This case will be of major interest to commercial lenders, and other businesses, who prefer to use New York as their jurisdiction of choice for governing law and adjudicating disputes.
Continue Reading Start Spreadin’ the News: California Court Says No to New York, New York; Rejects Forum Selection Clause