New US rules try to make it harder for criminals to launder money by paying cash for homes
Associated Press
REHOBOTH BEACH, Del. (AP) — The Treasury Department has issued new regulations aimed at making it harder for criminals to launder money by paying cash for residential real estate. Under rules finalized Wednesday, investment advisors and real estate professionals will be required to report cash sales of residential real estate to legal entities, trusts and shell companies. The new disclosure rules come as part of an ongoing effort to combat money laundering and the movement of dirty money through the American financial system, as all-cash purchases of residential real estate are considered a high risk for money laundering.
