Real Estate Coalition Letter to the Senate and House Armed Services Committee Regarding FinCEN Anti Money Laundering

On October 16 NAR sent a letter to the Armed Services Chairs and Ranking Members. The letter urges the inclusion of provisions that require the nonpublic disclosure of beneficial ownership information directly to FinCEN to promote needed transparency and improve tracking of the true owners of a corporate entity. Risk-based reforms that are targeted, consistent, and pragmatic are most helpful for effectively stopping bad actors from engaging in illicit financial crimes, before they impact the large financial system. Such meaningful reforms will also better assist law enforcement, federal regulators, and the financial services industry in identifying and preventing illicit financial crimes.