Economic news

US seeks to crack down on real estate money laundering in planned rule

2024.02.07 10:15



WASHINGTON (Reuters) -The U.S. Treasury Department’s monetary crimes unit on Wednesday proposed a plan that may require real estate professionals to flag suspicious exercise, in a bid to curb illicit funds flowing via residential real estate.

The plan, proposed by the Financial Crimes Enforcement Network, would require reporting from real estate professionals concerned in money transactions for residential real estate. Anti-corruption advocates have lengthy pushed for regulators to shut a loophole seen as permitting illicit funds to stream via money house purchases.

Last yr, Treasury Secretary Janet Yellen acknowledged that criminals for many years have anonymously hidden ill-gotten good points in real estate, estimating $2.3 billion was laundered via U.S. real estate between 2015 and 2020.

Financial establishments have lengthy been anticipated to flag suspicious exercise to regulators, however money real estate transactions usually haven’t been topic to such guidelines.

Now, sure individuals concerned in real estate closings would have to file and maintain information of suspicious exercise, in accordance to FinCEN’s proposal filed with the U.S. Federal Register.

Officials first mentioned in 2021 that they planned to implement such a rule.

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