FACT submitted comments this week praising a pair of proposed rules by Treasury which would close long standing loopholes used by foreign and domestic criminals to launder money through U.S. residential real estate and private investment markets.
There’s no better way to show U.S. support for Ukraine than by doing the hard, long-term work here at home to make sure the strength of the U.S. economy doesn’t benefit Putin and his cronies abroad.
Vulnerabilities in commercial real estate markets recently identified by FinCEN only further reinforce the need for comprehensive regulatory action to address money laundering through U.S. real estate.
In an encouraging signal of anti-corruption progress to come in 2023, the Treasury Department announced its intention to release a draft rule targeting money laundering through US real estate markets this April.
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.
