Reforms advocated for by FACT, including those pertaining to beneficial ownership of anonymous shell entities, removing opacity from the U.S. real estate, private investment, and other luxury goods markets, and promoting greater tax transparency can bring the economic weight of new sanctions to bear. The U.S. must work expediently with its allies to permanently close financial gateways for Russia’s political elite to hide and grow their illicit wealth.
On December 6, U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) published an Advance Notice of Proposed Rulemaking (ANPRM) to solicit public comment for Anti-Money Laundering regulations in real estate transactions.
WASHINGTON, DC – In a comment letter submitted yesterday, the FACT Coalition welcomed action by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to bring the U.S. real estate sector under the purview of federal anti-money laundering safeguards. The FACT Coalition offered guidance on how FinCEN should craft a rulemaking that would introduce permanent, nationwide standards to address illicit financial risks in the sector.
This year promises to be one of the most important in recent history in America’s fight against illicit financial flows, global corruption, and kleptocracy.
Real estate associations sent a letter to the Senate and House Armed Services Committees, urging members to take up legislation ending anonymous companies in the must-pass National Defense Authorization Act.
Real Estate associations sent a letter to the U.S. House of Representatives’ Committee on Financial Services, urging members to end the incorporation of anonymous shell companies.
The full letter can be read below or downloaded here.