On December 6, 2021, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued an Advance Notice of Proposed Rulemaking (ANPRM) seeking public comment on how FinCEN should regulate “all-cash” residential and commercial real estate transactions in the United States to address money laundering risks.
The ANPRM coincided with the publication of the Biden administration’s US Strategy on Countering Corruption, which highlights the real estate sector’s vulnerability to money laundering, particularly in regard to proceeds of foreign corruption. The Strategy also suggests the White House could work with Congress to adopt new regulations for other financial “gatekeepers” such as lawyers, accountants, and trust service providers who may facilitate transactions involving illicit property.
Continue Reading FinCEN Launches Rulemaking Process for All-Cash Real Estate Deals