Biden's Treasury Dept Takes Aim at Trump & Putin With Money Laundering

The Biden administration is set to crack down on all-cash deals in the housing market, a type of transaction beloved by former President Donald Trump and many Russian oligarchs close to President Vladimir Putin.

The effort aims to stamp out money laundering and other illicit activity, the Treasury Department's Financial Crimes Enforcement Network said in a Monday statement.

Specifically, the administration wants buyers in all-cash purchases worth at least $300,000 to disclose more information in such deals. The current limit is $3 million and only applies in the largest US cities. The lower threshold would allow FinCEN to monitor a much larger set of purchases for potential illicit activity. Since all-cash purchases don't involve mortgages and the bank requirements that come with them, it's currently "nearly impossible" to trace buyers behind their shell companies, the agency said.

https://www.businessinsider.com/biden-treasury-trump-putin-real-estate-market-crackdown-money-laundering-2021-12

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