Treasury wants more oversight of all-cash real estate deals

[Sherman A1]

WASHINGTON (AP) — The Biden administration is looking to expand reporting requirements on all-cash real estate deals to help crack down on bad actors' use of the U.S. market to launder money made through illicit activity.

The Treasury Department was posting notice Monday seeking public comment for a potential regulation that would address what it says is a vulnerability in the real estate market.

Currently, title insurance companies in just 12 metropolitan areas are required to file reports identifying people who make all-cash purchases of residential real estate through shell companies if the transaction exceeds $300,000.

"Increasing transparency in the real estate sector will curb the ability of corrupt officials and criminals to launder the proceeds of their ill-gotten gains through the U.S. real estate market," said Himamauli Das, acting director of Treasury's Financial Crimes Enforcement Network.

Das said the move could "strengthen U.S. national security and help protect the integrity of the U.S. financial system."

https://krcgtv.com/news/nation-world/treasury-wants-more-oversight-of-all-cash-real-estate-deals

[Faux pas]

1. ...

Way past due!

[jimfields33]

3. I hope they keep senior citizens in mind

Many sell home and buy a condo with cash. I wonder if they won’t be allowed to do that anymore. I guess they can take out a loan and pay it off immediately. New housing laws ahead.

[Faux pas]

5. Me too!

[PSPS]

2. Every large city has hundreds of all-cash high-end condo purchases that just sit unoccupied

This has been a known conduit for money laundering and parking stolen money for a very long time.

[DBoon]

4. and it pushes up condo prices for everyone else