"US Unveils Long-Awaited Crackdown on Real Estate Money Laundering"

The U.S. Treasury Department is expected to propose a rule that would require real estate professionals to report the identities of beneficial owners of companies buying real estate in cash, effectively ending anonymous luxury-home purchases. The rule aims to close a loophole that allows corrupt individuals to hide ill-gotten gains. The current patchwork reporting system will be replaced by this rule, which is expected to expand nationwide. The proposed rule is a response to the long-standing issue of money laundering through real estate, with as much as $2.3 billion laundered between 2015 and 2020. However, some advocates argue that the Financial Crimes Enforcement Network (FinCEN) has been slow in implementing the rule, and its progress has been hindered by a related rule on shell company owners. The American Land Title Association supports the new rule but suggests delaying it until the shell company rule is completed. The proposed rule will be open to public and industry feedback.