Reported by Reuters

A long-awaited U.S. rule aimed at curbing money laundering in real estate has reached a key White House office for review, the final hurdle for it to clear before it can be formally proposed next year.

The rule, put forth by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN), reached the Office of Information and Regulatory Affairs on Monday, government records show. After a review by the office, the rule would open up for a two-month public comment period in February 2024, the records show.

THE TAKE

The rule is expected to require real estate professionals to report the identities of the beneficial owners of companies buying real estate in cash, ending a loophole that anti-corruption advocates say has allowed criminals to anonymously stash ill-gotten gains in U.S. property.

Read full report: https://wtvbam.com/2023/12/19/new-us-rule-targeting-real-estate-money-laundering-reaches-white-house-review/