Government Regulation News

"Treasury Implements New Rules to Combat Real Estate Money Laundering"

The Biden administration is aiming to increase transparency in residential real estate transactions to combat money laundering by proposing a regulation that would require real estate professionals to report information about non-financed sales of residential real estate to legal entities, trusts, and shell companies. The Treasury Department's Financial Crimes Enforcement Network (FinCEN) sees this as a crucial step in curbing abuse of the real estate sector and safeguarding economic and national security. The move is part of a broader effort to prevent illicit actors from using real estate to launder money, with the White House also planning to launch real estate recordkeeping requirements.