"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.