Biden admin’s new strategy to counter real estate corruption

WASHINGTON, D.C. (CNN) – The Biden administration is going after corruption and illicit finance in real estate.

Monday, the White House announced a new government strategy on those abusing vulnerabilities in the U.S. real estate market.

The Treasury Department’s Financial Crimes Enforcement Network is working on a potential rule that would target people who use real estate to launder money from criminal activity.

They would also go after those who abuse the market to hide their wealth.

The Treasury Department is asking for public comment on the proposed rule.

This is the first step in the process and will eventually lead to regulations.

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