This week @USTreasury finalized its ruling to reduce money laundering through real estate by requiring companies making non-mortgaged purchases of residential property to report their ownership information to @FinCENnews apnews.com/article/real... Will this work? It depends...🧵

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

The Treasury Department has issued new regulations aimed at making it harder for criminals to launder money by paying cash for residential real estate.

FinCEN has actually be experimenting with this policy since 2016, first rolling it out in Miami and NYC and slowly expanding it across the country In work w/ David Szakonyi and @fhollenbach.bsky.social - we studied that rollout, & found it had no detectible effect on corporate cash transactions