U.S. Department of Treasury building in Washington, D.C. U.S. Department of Treasury building in Washington, D.C. (Source: Shutterstock)

The Financial Crimes Enforcement Network (FinCEN) announced Monday it will submit a proposed rule with the Federal Registrar to address the vulnerabilities in the U.S. real estate market that are susceptible to money laundering and other illegal activity.

In a statement from the U.S. Treasury Department, FinCEN officials said they see “systemic money laundering vulnerabilities presented by the U.S. real estate sector, and consequently, the ability of illicit actors to launder criminal proceeds through the purchase of real estate” that threatens national security and the integrity of our financial system.

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Michael Ogden

Editor-in-Chief for CU Times.

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