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