Insights and Analysis

FinCEN Issues Final Rule Designed To Combat Money-Laundering in Residential Real Estate Transactions: Money It’s a Gas, Grab That Cash With Both Hands and Make a Stash

10 October 2024

Cadwalader's Steven Herman and Omar Qureshi authored an article, “FinCEN Issues Final Rule Designed To Combat Money-Laundering in Residential Real Estate Transactions: Money It’s a Gas, Grab That Cash With Both Hands and Make a Stash” which appeared in Westlaw Today.

In this piece, they discuss how the Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury, issued a final rule on August 29, 2024, aimed at combating money laundering in U.S. residential real estate transactions. The new rule establishes reporting requirements for certain individuals involved in nonfinanced transfers of residential real estate property.

This article originially appeared as a Clients & Freinds Memo which you can read here.