As political pressure grows to crack down on Russian oligarchs, U.S. policymakers are training fresh scrutiny on an industry that has long avoided anti-money-laundering rules: real estate
— by imposing new record-keeping and reporting requirements on all-cash purchases. In 2021, all-cash acquisitions accounted for 23 percent of existing-home purchases, or about $518 billion of transactions, according to NAR data. The industry estimates that suspicious transactions account for only a tiny percentage of that amount.
“To give FinCEN new authorities to monitor American citizens in the name of getting at Belarus and Russia, I’m skeptical of it,” said Rep.of North Carolina, the top Republican on the committee. “It’s more of a civil liberties concern than anything else.” “These problems are not new,” Hanichak added. “National security officials identified the real estate sector as a money laundering vulnerability 20 years ago under the PATRIOT Act. But they gave that sector a ‘temporary’ exemption from implementing anti-money laundering programs. To date, those ‘temporary’ exemptions are still in place.”
Smith argued that nationwide beneficial owner reporting — identifying the true owners of anonymous companies — would suffice to mitigate the risk of bad actors using real estate to launder money. She cautioned against applying the anti-money-laundering requirements of the Bank Secrecy Act — including the establishment of compliance programs and a mandatory filing requirement for Suspicious Activity Reports — to real estate professionals.
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