The federal government wants all-cash home buyers to be easy to find.
The Financial Crimes Enforcement Network (FinCEN) is part of the U.S. Treasury Department. FinCEN has proposed a new reporting rule. It wants real estate professionals to submit forms with details about cash sales when homes are sold to legal entities — like LLCs and trusts.
The goal? Making it hard for criminals to hide behind legal entities when they launder money from their crimes. The rule would make it much easier for investigators to track down people involved in the transfers of homes for cash.
The rule would not require the reporting of sales to individuals. It would affect some residential real estate investors who plan to make cash offers. But it actually matters to everyone. Take a Look.
Continue reading “Anti-Money Laundering: Federal Rule Coming to Track Real Estate Cash”