FACT welcomes the release by Treasury of much-needed draft reforms closing loopholes that have, for decades, allowed international and domestic bad actors to launder money through U.S. real estate markets.
In January, FACT, TI-US, and GFI held a press briefing detailing the Coalition’s main policy areas to watch in 2024, including imminent actions by Treasury addressing money laundering risks through U.S. real estate and private investment markets, as well as new work at the intersection of environmental and financial crime.
In his latest blog, FACT policy fellow Luke Rowe outlines the impact of widespread money laundering through real estate purchases on property values, social stability, and the environment, and details reforms necessary to tackle these crimes in Australia and the U.S.
A proposed $24 million cut to the Financial Crimes Enforcement Network threatens to undermine vital anti-money laundering reforms, including the implementation of the Corporate Transparency Act.
The Administration’s updated regulatory agenda indicates that the second final rule to implement the Corporate Transparency Act will be released in September, while much-needed new draft regulations on real estate transactions will be made available for comment in August.
Global civil society organizations collectively representing more than 100 groups sent a letter to U.S. Treasury Secretary Janet Yellen today calling on the U.S. to advance specific, meaningful financial transparency reforms to ensure the U.S. does its part to defend worldwide freedoms in the wake of the second Summit for Democracy.
