Fed rolls out real estate rules to combat money laundering

The Biden administration wants to make residential real estate transactions more transparent — by unmasking the owners of all-cash purchases as part of its ongoing effort to combat money laundering and the movement of dirty money through the American financial system. Treasury’s Financial Crimes Enforcement Network proposed a regulation on Wednesday that would require some real estate professionals to report information to the agency about non-financed transfers of residential real estate to legal entities, trusts and shell companies.

Related Keywords

Canada ,United States ,Washington ,Americans ,American ,Canadian ,Janet Yellen ,Andrea Gacki ,Ian Gary ,National Small Business Association ,Treasury Department Financial Crimes Enforcement Network ,Treasury Department ,Financial Crimes Enforcement Network ,White House ,Secretary Janet Yellen ,Dcc ,Fire ,Ee National ,