The US Treasury department is preparing to propose a rule that would end anonymous luxury-home purchases, closing a loophole that the agency says allows corrupt oligarchs, terrorists and other criminals to hide ill-gotten gains.
The long-awaited rule is expected to require that real estate professionals such as title insurers report the identities of the beneficial owners of companies buying real estate in cash to the Treasury’s Financial Crimes Enforcement Network.
The rule is expected to be proposed later this month.
US Treasury secretary Janet Yellen claimed in March that as much as $2.3bn (£1.8bn) had been laundered through US real estate between 2015 and 2020.
