If you've ever been in the market for a house, you've probably had to compete against mysterious "all cash" offers, driving up real estate prices & making it difficult to buy a home.

Well, surprise: Those are often money laundering schemes (from foreign criminals) & the Biden administration is working to put a stop to them.

"US unveils new rules to crack down on real estate money laundering" – NBC Los Angeles
https://www.nbcconnecticut.com/news/national-international/new-us-rules-try-to-make-it-harder-for-criminals-to-launder-money-by-paying-cash-for-homes/3373360/

#moneylaundering #biden #crime #realestate

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

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

^{Fatima Hussein | The Associated Press (NBC Connecticut)}