🧵 1/5: US Treasury Dept. plans to end anonymous luxury-home purchases to combat money laundering. New rule will require real estate professionals to report identities of cash buyers. #finance
🧵 1/5: US Treasury Dept. plans to end anonymous luxury-home purchases to combat money laundering. New rule will require real estate professionals to report identities of cash buyers. #finance
🧵 2/5: The long-awaited rule aims to close a loophole used by corrupt individuals, terrorists, and criminals to hide illicit gains.
🧵 3/5: As much as $2.3 billion was laundered through US real estate between 2015 and 2020, according to Treasury Secretary Janet Yellen.
🧵 4/5: Some advocates argue that the Treasury's Financial Crimes Enforcement Network (FinCEN) has been slow in implementing the new rule.
🧵 5/5: The proposed rule will be open to public and industry feedback, while FinCEN continues to work on unmasking shell company owners.
🧵 Read more at: https://www.reuters.com/world/us/us-set-unveil-long-awaited-crackdown-real-estate-money-laundering-2023-08-10/