The National Law Review is reporting that the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking to combat and deter money laundering in the U.S. residential real estate sector by increasing transparency. Comments on the proposed rule are due within 60 days of its Feb. 16, 2024, publication in the Federal Register.
“The proposed rule would require certain professionals involved in real estate closings and settlements to report information to FinCEN about non-financed transfers of residential real estate to legal entities or trusts. FinCEN’s proposal is tailored to target residential real estate transfers considered to be high-risk for money laundering, while minimizing potential business burden, and it would not require reporting of transfers made to individuals.”
A Fact Sheet on the Notice of Proposed Rulemaking is available on FinCEN’s website.
Click here to read more at the National Law Review.
