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.
Boston is being transformed by a luxury housing boom. A decade from now, the city’s skyline and population demographics will be fundamentally altered by decisions being made today.
This boom has clear benefits, providing jobs in the building trades and increasing property tax revenue for the city. And the city has negotiated for affordable housing set-aside or linkage funds from some projects. But the boom is not doing enough to address Boston’s acute affordable housing crisis and will accelerate economic inequality in the city.
