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Janet Yellen - 2 — - 1 Biden - 1 ” - 1 Andrea Gacki - 1 Ian Gary - 1 Erica Hanichak - 1 FinCEN - 1
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2 mentions found


☆ Treasury Rolls Out Residential Real Estate Transparency Rules to Combat Money Laundering
  + stars: | 2024-02-07 | by ( Associated Press | Feb. | At P.M. | ) www.usnews.com   time to read: +3 min
WASHINGTON (AP) — The Biden administration wants to make residential real estate transactions more transparent by unmasking the owners of certain all-cash purchases. It's part of an ongoing effort to combat money laundering and the movement of dirty money through the American financial system. The Treasury Department's Financial Crimes Enforcement Network proposed a regulation on Wednesday that would require real estate professionals to report information to the agency about non-financed sales of residential real estate to legal entities, trusts and shell companies. All-cash purchases of residential real estate are considered at high risk for money laundering. One study on the impact of money laundering on home values in Canada, conducted by a group of Canadian academics, found that money laundering investment in real estate pushed up housing prices in the range of 3.7% to 7.5%.
Persons: —, Biden, ”, Andrea Gacki, Ian Gary, Janet Yellen Organizations: WASHINGTON, Treasury, Network, House, FACT Coalition, Small Business Association Locations: Canada, U.S
☆ US set to unveil long-awaited crackdown on real estate money laundering
  + stars: | 2023-08-10 | by ( Luc Cohen Chris Prentice | Luc Cohen | Chris Prentice | ) www.reuters.com   time to read: +5 min
The long-awaited rule is expected to require that real estate professionals such as title insurers report the identities of the beneficial owners of companies buying real estate in cash to the Treasury's Financial Crimes Enforcement Network (FinCEN). Criminals have for decades anonymously hidden ill-gotten gains in real estate, Treasury Secretary Janet Yellen said in March, adding that as much as $2.3 billion was laundered through U.S. real estate between 2015 and 2020. That debate has slowed down FinCEN's work on the real estate reporting rule, one of the sources said. PATCHWORKWhile banks have long been required to understand the source of customer funds and report suspicious transactions, no such rules exist nationwide for the real estate industry. FinCEN implemented GTOs in 2016 after the New York Times revealed that nearly half of luxury real estate was bought by anonymous shell companies.
Persons: Janet Yellen, Erica Hanichak, FinCEN, Jodi Vittori, Guo Wengui, Guo, Donald Trump, Steve Bannon, Howard, David Szakonyi, Luc Cohen, Chris Prentice, Amy Stevens, Michelle Price, Matthew Lewis Organizations: U.S . Treasury Department, FACT Coalition, Association, New York Times, Carnegie Endowment, International Peace, Nardello, Government, Office, George Washington University, New, Thomson Locations: New York, Miami, Los Angeles, Chinese, Jersey, Manhattan
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