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.
Real estate transparency rules combat money laundering
finance-commerce.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finance-commerce.com Daily Mail and Mail on Sunday newspapers.
Treasury rolls out residential real estate transparency rules to combat money laundering
thedailyrecord.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thedailyrecord.com Daily Mail and Mail on Sunday newspapers.
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.