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Treasury rolls out residential real estate transparency rules to combat money laundering
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Treasury Secretary Janet Yellen testifies before a House Financial Services Committee hearing on 'the annual report of the Financial Stability Oversight Council' on Capitol Hill, Tuesday, Feb. 6, 2024, in Washington. - photo by AP Photo/Manuel Balce Ceneta
WASHINGTON (AP) — The Biden administration wants to make residential real estate transactions more transparent by unmasking the owners of certain all-cash purchases. It's part of an ongoing effort to combat money laundering and the movement of dirty money through the American financial system. The Treasury Department's Financial Crimes Enforcement Network proposed a regulation on Wednesday that would require real estate professionals to report information to the agency about non-financed sales of residential real estate to legal entities, trusts and shell companies.