WASHINGTON—Treasury said its Financial Crimes Enforcement Network (FinCEN) unit is planning to propose a long-awaited rule aimed at curbing money laundering in real estate in early 2024.
The regulator is also aiming to issue a notice of proposed rulemaking that would require investment advisers flag suspicious transactions to regulators, according to Reuters.
The proposal, which FinCEN was previously slated to unveil this year, is expected to require real estate professionals report the identities of the beneficial owners of companies buying real estate in cash to the regulator, the report stated.
“Anti-corruption advocates have been pushing for years for regulators to close a loophole they say allows criminals to hide money in U.S. real estate,” Reuters said.
Treasury Secretary Weighs In
While financial institutions have long been required to understand the source of customer funds and report suspicious transactions, no such rules exist nationwide for the real estate industry, Reuters reported, adding that Treasury Secretary Janet Yellen had noted earlier this year that criminals have for decades anonymously hidden ill-gotten gains in real estate.
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