UNITED STATES NEWS

Treasury wants more oversight of all-cash real estate deals

Dec 6, 2021, 6:30 AM | Updated: Dec 7, 2021, 7:48 am

WASHINGTON (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 was posting notice Monday 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.

“Increasing transparency in the real estate sector will curb the ability of corrupt officials and criminals to launder the proceeds of their ill-gotten gains through the U.S. real estate market,” said Himamauli Das, acting director of Treasury’s Financial Crimes Enforcement Network.

Das said the move could “strengthen U.S. national security and help protect the integrity of the U.S. financial system.”

The metropolitan areas currently facing reporting requirements are Boston; Chicago; Dallas-Fort Worth; Honolulu; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; and Seattle.

The U.S. real estate market has long been viewed as a stable way station for corrupt government officials around the globe and other illicit actors looking to launder proceeds from criminal activity.

The use of shell companies by current and former world leaders, and those close to them, to purchase real estate and other assets in the U.S. and elsewhere was recently spotlighted by the International Consortium of Investigative Journalists’ publication of the “Pandora Papers.”

The leaked documents acquired by the consortium showed King Abdullah II of Jordan, former U.K. prime minister Tony Blair and other prominent figures used shell companies to purchase mansions, exclusive beachfront property, yachts and other assets for the past quarter-century.

The tax dodges can be legal but have spawned various proposals to enhance tax transparency and reinforce the fight against tax evasion.

The effort to push for new real estate market regulation comes as the Biden administration on Monday issued its “U.S. Strategy on Countering Corruption.”

The strategy was published as President Joe Biden prepares to host the first White House Democracy Summit, a virtual gathering of leaders and civil society experts from more than 100 countries that is set to take place Thursday and Friday.

The strategy offers broad brushstrokes for confronting corruption at home and abroad. It includes calls for the U.S. government to shore up regulatory gaps, elevating anti-corruption in U.S. diplomatic efforts and bolstering the protection of civil society and members of the media, including investigative journalists, who expose corruption.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Lifetime Windows & Doors

United States News

FILE - A Twitter logo hangs outside the company's San Francisco offices on Nov. 1, 2022. A top Euro...
Associated Press

As Musk is learning, content moderation is a messy job

Now that he’s back on Twitter, neo-Nazi Andrew Anglin wants somebody to explain the rules. Anglin, the founder of an infamous neo-Nazi website, was reinstated Thursday, one of many previously banned users to benefit from an amnesty granted by Twitter’s new owner Elon Musk. The next day, Musk banished Ye, the rapper formerly known as […]
11 hours ago
This image released by Universal Pictures shows David Harbour in a scene from "Violent Night." (All...
Associated Press

‘Wakanda Forever’ is No. 1 for 4th straight weekend

NEW YORK (AP) — “Black Panther: Wakanda Forever” kept the box-office crown for the fourth straight weekend, and the comic holiday thriller “Violent Night” debuted with $13.3 million, according to studio estimates Sunday. But the biggest talking point on the weekend was a movie conspicuously absent from theaters. Had Netflix kept Rian Johnson’s whodunit sequel […]
11 hours ago
Georgia defensive back Malaki Starks (24) reacts as Georgia defensive back Christopher Smith (29) r...
Associated Press

Playoff field set: Georgia vs. Ohio State; Michigan vs. TCU

Georgia, Michigan, TCU and Ohio State were chosen Sunday to play in the College Football Playoff, giving the Big Ten multiple teams in the four-team field for the first time. The defending national champion and top-ranked Bulldogs and fourth-seeded Buckeyes will meet Dec. 31 at the Peach Bowl in Atlanta. The second-seeded Wolverines and third-ranked […]
11 hours ago
Associated Press

Atlanta house fire kills 2 during gas leak in front yard

ATLANTA (AP) — An Atlanta house fire killed two people over the weekend and the National Transportation Safety Board is investigating, the agency announced Sunday. The fire involved natural gas, according to a tweet from the NTSB, which investigates pipeline mishaps. A fire department statement said crews responded to a northwest Atlanta home around 8:30 […]
11 hours ago
FILE - A sign is posted during a demonstration outside a General Motors facility in Langhorne, Pa.,...
Associated Press

Reformers take 6 of 14 UAW board seats, could win majority

DETROIT (AP) — Reform-minded candidates won several races as members of the United Auto Workers union voted on their leaders in an election that stemmed from a federal bribery and embezzlement scandal involving former union officials. In unofficial results posted early Sunday on a federal court-appointed monitor’s website, challengers took six of 14 seats on […]
11 hours ago
Mary O'Connor addresses reporters during a news conference at the Tampa Police Department headquart...
Associated Press

Tampa police chief on leave after golf cart traffic stop

TAMPA, Fla. (AP) — The police chief of Tampa has been placed on leave after a video emerged of her flashing her badge from the passenger seat of a golf cart to get out of a traffic ticket. Tampa Mayor Jane Castor placed Chief Mary O’Connor on administrative leave Friday pending an investigation of the […]
11 hours ago

Sponsored Articles

(Desert Institute for Spine Care photo)...
DESERT INSTITUTE FOR SPINE CARE

Why DISC is world renowned for back and neck pain treatments

Fifty percent of Americans and 90% of people at least 50 years old have some level of degenerative disc disease.
...
Quantum Fiber

Stream 4K and more with powerful, high-speed fiber internet

Picking which streaming services to subscribe to are difficult choices, and there is no room for internet that cannot handle increased demands.
...
Day & Night Air Conditioning, Heating and Plumbing

Ways to prevent clogged drains and what to do if you’re too late

While there are a variety of ways to prevent clogged drains, it's equally as important to know what to do when you're already too late.
Treasury wants more oversight of all-cash real estate deals