"The Treasury Department has been hard at work to disrupt attempts to use the United States to hide and launder ill-gotten gains," said Treasury Secretary Janet L. Yellen in a statement. The new requirements will "close critical loopholes in the U.S. financial system that bad actors use to facilitate serious crimes like corruption, narcotrafficking, and fraud." This highlights the government's effort to root out illicit financial activities by enforcing compliance with transparency in real estate transactions.
"These steps will make it harder for criminals to exploit our strong residential real estate and investment adviser sectors," said Yellen. This emphasizes the proactive approach taken by the Treasury Department to safeguard these sectors from potential abuse by nefarious actors and underlines the importance of compliance from financial professionals.
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