(AGENPARL) – mar 15 agosto 2023 “You are subscribed to FinCEN Updates. The information below is available at Fincen.gov.”
*FinCEN Notice Highlights Concerning Increase in Payroll Tax Evasion, Workers’ Compensation Fraud in the Construction Sector*
Today, the Financial Crimes Enforcement Network (FinCEN), in coordination with IRS Criminal Investigation (CI), issued a Notice to financial institutions calling attention to a concerning increase in state and federal payroll tax evasion and workers’ compensation insurance fraud in the U.S. residential and commercial real estate construction industries. Every year, state and federal tax authorities lose hundreds of millions of dollars to these schemes, which are perpetrated by illicit actors primarily through banks and check cashers.
The Notice describes how payroll tax evasion and workers’ compensation fraud schemes may involve networks of individuals and the use of shell companies and fraudulent documents. These schemes affect the local and national construction job markets and put legitimate construction contractors and their employees at a competitive disadvantage. The Notice aligns with the Anti-Money Laundering/Countering the Financing of Terrorism National Priorities [ https://www.fincen.gov/sites/default/files/shared/AML_CFT%20Priorities%20(June%2030%2C%202021).pdf ] and provides financial institutions with an overview of the underlying schemes, red flag indicators, and specific Suspicious Activity Report (SAR) filing instructions.  
*News Release: *https://www.fincen.gov/news/news-releases/fincen-notice-highlights-concerning-increase-payroll-tax-evasion-workers
*Notice:* https://www.fincen.gov/sites/default/files/shared/FinCEN_Notice_Payroll_Tax_Evasion_and_Workers_Comp_508%20FINAL.pdf
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This service is provided to you at no charge by the Financial Crimes Enforcement Network. Visit us on the web at http://www.fincen.gov/.
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