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Treasury Wants More Oversight Of All-Cash Real Estate Deals

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President Joe Biden speaks as he and first lady Jill Biden host the Kennedy Center Honorees Reception at the White House in Washington, Sunday, Dec. 5, 2021. The 2021 Kennedy Center honorees are Bette Midler, Joni Mitchell, Berry Gordy, Lorne Michaels, Justino Díaz. (AP Photo/Carolyn Kaster)

(AP) — The Biden administration is looking to expand reporting requirements on all-cash real estate deals to help crack down on bad actors’ use of the U.S. market to launder money made through illicit activity. The Treasury Department is seeking public comment for a potential regulation that would address what it says is a vulnerability in the real estate market. Currently, title insurance companies in just 12 metropolitan areas are required to file reports identifying people who make all-cash purchases of residential real estate through shell companies if the transaction exceeds $300,000. Treasury’s Financial Crimes Enforcement Network says the move could strengthen U.S. national security and help protect the U.S. financial system.

 

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