Biden Administration Eyes Tighter Rules for Shell-Company Real Estate Purchases

December 6, 2021 | Justin Sink | Bloomberg

The U.S. Treasury Department will begin developing regulations that could expand reporting requirements for all-cash real estate purchases as part of the Biden administration’s efforts to cut down on global corruption, according to two senior administration officials.

The new rule could force title insurance companies to turn over information about cash purchases funneled through shell companies in additional metropolitan areas, or implement new disclosures for commercial purchases in addition to residential sales, according to the officials, who requested anonymity to detail the effort before it’s formally announced.

The rule-making process is an outgrowth of a new strategy to counter corruption that the administration is expected to unveil on Monday ahead of President Joe Biden’s democracy summit this week. Federal departments and agencies are expected to announce additional steps as part of the strategy, including the creation of senior anti-corruption jobs across federal departments.

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