Treasury Proposes System to Address Money Laundering in Real Estate

The department would track and flag suspicious home purchases.

The U.S. Treasury Department proposed a new system that real estate agents can use to flag suspicious real estate purchases with the Treasury’s Financial Crimes Enforcement Network. 

A common money laundering tactic is to purchase a residential home in cash, transfer it to an entity or trust, and then sell it later. The proposal would streamline the reporting process for real estate agents to facilitate more consistent filing of these reports, making it easier for the department to track and follow up.

In 2023, Treasury Secretary Janet Yellen referenced the decades-long issue of money laundering via real estate, with officials estimating $2.3 billion being laundered this way between 2015 and 2020 in the U.S.

As the Lord Leads, Pray with Us…

  • For Secretary Yellen to be directed by the Lord as she leads the Treasury Department.
  • For discernment for Director Andrea Gacki as she oversees FinCEN.

Sources: Reuters, AP

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