Ian Gary, executive director of the FACT Coalition, a nonprofit organization advocating for corporate transparency, praised the new rules.
“After years of advocacy by lawmakers, anti-money laundering experts, and civil society, the era of unmitigated financial secrecy and impunity for financial criminals in the US seems to finally be over,” Gary said.
The real estate industry has generally responded positively to the new regulations.
Tori Syrek, a spokesperson for the National Association of Realtors, described FinCEN’s final rule as a “pragmatic, risk-based approach to combating money laundering and other crimes.” Syrek acknowledged that “bad actors are exploiting the current vulnerabilities” and expressed support for the new measures.
The Biden administration has prioritized increasing corporate transparency as part of its broader agenda. This includes efforts to prevent the misuse of anonymous shell companies, such as requiring millions of small businesses to register with the government to avoid criminal exploitation.
