US flags early 2024 for new rule targeting real estate money Laundering.



The U.S. Department of the Treasury'sFinancial Crimes Enforcement Network (FinCEN) is
expected to unveil a new rule in early 2024 targeting
real estate money laundering. The rule will require title
insurance companies to identify and report the
beneficial owners of all-cash residential real estate
purchases exceeding $300,000.
Image of US Department of the Treasury's Financial
Crimes Enforcement Network.

This move comes as part of a broader effort to crack
down on money laundering and illicit finance. Real
estate has long been a popular target for criminals who
seek to disguise the source of their illegal proceeds.
By requiring title insurance companies to identify and
report the beneficial owners of all-cash residential real
estate purchases, FinCEN hopes to make it more
difficult for criminals to use the real estate market to
launder their money.

"Real estate is a major vulnerability in our anti-money
laundering regime," said FinCEN Director Kenneth
Blanco. "This rule will help us close this loophole and
make it harder for criminals to launder their money
through the real estate market."

The new rule has been met with mixed reactions. Some
industry groups have expressed concerns that it will be
overly burdensome and costly for title insurance
companies. Others, however, have welcomed the rule
as a necessary step to combat money laundering.

"We believe that this rule is an important step in the
fight against money laundering," said a spokesperson
for the National Association of Realtors. "We are
committed to working with FinCEN to implement this
rule in a way that is effective and efficient."

The new rule is expected to take effect in early 2024.
FinCEN is currently developing guidance for title
insurance companies on how to comply with the rule.


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