Joining US Anti-Graft Push, FinCEN Pitches Permanent AML Rules for Real Estate

By Valentina Pasquali

In a 52-page advanced notice of proposed rulemaking, or ANPRM, on Monday, the U.S. financial intelligence unit called on financial institutions and other parties to weigh in on how best to regulate the real estate sector for anti-money laundering purposes on a permanent basis. Foreign corrupt officials, sanctions evaders and other financial criminals have invested at least $2.3 billion into U.S. residential and commercial properties in the past five years, according to an estimate by Global Financial Integrity that Treasury's Financial Crimes Enforcement Network, or FinCEN, cited in the ANPRM. The ANPRM, which aims to staunch the flow of illicit...