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August 29, 2024

New rules try to make it harder for criminals to launder money by paying cash for homes

By FATIMA HUSSEIN
Associated Press

REHOBOTH BEACH, Del. — The Treasury Department has issued regulations aimed at making it harder for criminals to launder money by paying cash for residential real estate.

Under rules finalized Wednesday, investment advisers and real estate professionals will be required to report cash sales of residential real estate sold to legal entities, trusts and shell companies. The requirements won't apply to sales to individuals or purchases involving mortgages or other financing.


 
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