New Rules Make It Harder For Criminals To Launder Money By Paying Cash For Homes
7 weeks ago
The Treasury Department has issued new regulations aimed at making it harder for criminals to launder money by paying cash for residential real estate.
Under the rules, investment advisors and real estate professionals will be required to report cash sales of residential real estate to legal entities, trusts and shell companies. The new disclosure rules come as part of an ongoing effort to combat money laundering and the movement of dirty money through the American financial system. All-cash purchases of residential real estate are considered a high risk for money laundering.
Under the rules, investment advisors and real estate professionals will be required to report cash sales of residential real estate to legal entities, trusts and shell companies. The new disclosure rules come as part of an ongoing effort to combat money laundering and the movement of dirty money through the American financial system. All-cash purchases of residential real estate are considered a high risk for money laundering.
