Treasury wants more oversight of all-cash real estate transactions | National government and new policies

Metro areas currently facing reporting requirements are Boston; Chicago; Dallas-Fort Worth; Honolulu; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; and Seattle.

The US real estate market has long been viewed as a stable stage for corrupt government officials around the world and other illicit actors seeking to launder the proceeds of criminal activity.

The use of shell companies by current and former world leaders, and their families, to purchase real estate and other assets in the United States and elsewhere has been recently brought to light through the publication of the “Pandora Papers” by the International Consortium of Investigative Journalists.

Leaked documents acquired by the consortium showed that King Abdullah II of Jordan, former British Prime Minister Tony Blair and other figures used shell companies to purchase mansions, exclusive beachfront properties, yachts and other assets over the past quarter century.

Tax evasion may be legal but has given rise to various proposals to improve tax transparency and strengthen the fight against tax evasion.

The effort to push for further regulation of the real estate market comes as the Biden administration released its “US Anti-Corruption Strategy” on Monday.


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