Treasury wants more oversight of all-cash real estate deals

By AAMER MADHANI
Associated Press

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 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.