The US Treasury Dept. says it is working on a new rule to better identify who is behind all-cash real estate transactions and to see if those purchases are being used to shelter illegal profits.
In June, President Joe Biden ordered officials to craft policies to thwart illegal activities. Their initial proposals are outlined in a 38-page national security strategy on countering corruption, released on Monday.
“The ability of illicit actors to launder criminal proceeds through the purchase of real estate,” Treasury said, “threatens U.S. national security and the integrity of the U.S. financial system.”
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