FACT welcomes a pair of groundbreaking final U.S. Treasury regulations closing long-standing loopholes used by financial criminals to launder money through U.S. residential real estate and private investment markets.
Treasury advances long-awaited anti-money laundering rules for U.S. real estate, and the European Union dramatically expands access to beneficial ownership registries, among other AML reforms.
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.
New regulations tackling money laundering in the titanic U.S. real estate and private investment sectors are now expected in early 2024, per a fact sheet released by Treasury on the first day of this week’s UN anti-corruption conference in Atlanta.
Ahead of COP27, the U.S. can certainly point proudly to its historic investments of hundreds of billions of dollars into clean energy. An additional way for the Biden administration to bolster its climate policy is by finishing the job on a slew of anti-corruption reforms.
Today, the Senate Appropriations Committee released its draft appropriations bills for fiscal year 2023 that provided just $189 million to the Financial Crimes Enforcement Network (FinCEN). While it is an increase above FY2022 enacted levels, the Senate figure falls short of the funding approved last week by the House and requested by the President by a sum of $21 million.
