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Tags: real estate | money laundering | treasury department

US Aims to Crack Down on Real Estate Money Laundering

US Aims to Crack Down on Real Estate Money Laundering
(Dreamstime)

Wednesday, 07 February 2024 03:00 PM EST

U.S. Treasury Department's financial crimes unit Wednesday proposed a plan to require real estate professionals to flag suspicious activity, in a bid to curb illicit funds flowing through residential real estate.

The plan, proposed by Treasury Department's Financial Crimes Enforcement Network, would require reporting from real estate professionals involved in cash transactions for residential real estate.

Certain people involved in real estate closing would have to file and keep records of suspicious activity, according to FinCEN's proposal filed with the U.S. Federal Register.

© 2024 Thomson/Reuters. All rights reserved.


StreetTalk
U.S. Treasury Department's financial crimes unit Wednesday proposed a plan to require real estate professionals to flag suspicious activity, in a bid to curb illicit funds flowing through residential real estate.
real estate, money laundering, treasury department
83
2024-00-07
Wednesday, 07 February 2024 03:00 PM
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