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Posted on 04/10/2026 6:08:02 AM PDT by AbolishCSEU
NEW YORK, March 20 (Reuters) - A U.S. judge has struck down a Treasury Department rule aimed at curbing money laundering in real estate by requiring that the beneficial owners of companies buying real estate in cash be disclosed. Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here. The Treasury Department's Financial Crimes Enforcement Network (FinCEN) implemented the rule in 2024 to prevent criminals from anonymously stashing ill-gotten gains in U.S. property. Lawyers at the libertarian Pacific Legal Foundation challenged the rule, arguing it exceeded FinCEN's statutory authority. Tyler, Texas-based U.S. District Judge Jeremy Kernodle sided with the Pacific Legal Foundation in a ruling late on Thursday. While banks have long been required to understand the source of customer funds and report suspicious transactions, no such rules exist nationwide for the real estate industry. Instead, FinCEN since 2016 has operated real estate purchase disclosure rules, known as geographic targeting orders, in a handful of cities including New York and Miami. The new rule effectively expanded those orders nationwide. "The agency fails to explain or show how non-financed residential real estate transactions are categorically 'suspicious,'" Kernodle, an appointee of U.S. President Donald Trump, wrote in striking down the rule.
FinCEN did not immediately respond to a request for comment. As much as $2.3 billion was laundered through U.S. real estate between 2015 and 2020, former Treasury Secretary Janet Yellen has said. The FACT Coalition, an advocacy group that supports the rule, said it expected the government to prevail on appeal. FACT Executive Director Ian Gary said in a statement, "The district court in Texas has just sided with cartels, money launderers, and U.S. adversaries."
(Excerpt) Read more at reuters.com ...
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Private property is no longer private. The judge rightly ruled this unconstitutional but of course it will be appealed by the "Housing is a Human Right/Eviction is an Act of Violence" crew.
“The district court in Texas has just sided with cartels, money launderers, and U.S. adversaries.”
And members of Congress.
The invasion of privacy is one thing.
The paying of a $450 fee to get your privacy invaded is another.
Not sure why the $450 is particularly offensive in the situation, but it is.
Yep Government does far more money laundering than the average citizen. We do quite a few cash sales of “zombie” residential real estate, then gut rehab them at our own expense. We could get grants but the red tape and having New York State dictate whom I can rent to (dregs of society) is not worth it.
I notice evil “land banks” seem to be exempt as well.
This is just law enforcement laziness. Treat everyone like a criminal, because cartels and terrorists! Some people, rightfully, just don’t trust banks. Go do some leg work and stop forcing finance companies to do your jobs.
Day of the rope
See my post #4
It's either money laundering or Thunderdome.
Dave Ramsey will not like these FINCEN rules.
Our neighbors paid cash for their house in 2019 (not actual cash but they wrote a check).
Would this be scrutinized?
—” Some people, rightfully, just don’t trust banks.”
My sister worked for a developer in Chicago on a large condo project.
A Saturday afternoon, an older Eastern European couple stopped by looking, liked, and wanted to purchase...
The salesman suggested a small deposit check, and they could return on Tuesday after the holiday weekend, to complete the deal.
They insisted on going home to get something.
They returned with a shopping bag, OVER 100K CASH!!!!
It took some time to count it twice.
By this time, all the banks were closed.
They called a corporate honcho, and he said no problem, write it up, take pictures of everything, and take the cash home.
They were terrified!!!
The head salesman was selected, and they formed a convoy out to his house.
He put the cash in his gun safe and selected a shotgun.
They found a nearby bank to accept the cash on Tuesday.
Lots of people do not trust banks, and with good reason.
I AM SURPRISED AT THE POSITION PACIFIC LEGAL FOUNDATION TOOK IN THIS MATTER
Did someone forget to list US Politicians?
This article is a bit dated and there is a lot of hype on both sides. FinCen is basically a disclosure law that imposes lender-like “know your customer” rules on real estate transactions. Large beneficial owners and control parties of entities that buy real estate must be disclosed to Treasury / FinCEN to be cross-referenced with their OFAC and national security database. There is some merit to doing this if you are worried about the Chinese buying land near military bases or South American drug lords laundering money through buying US real estate. But it turned into a huge pain in the ass to comply and the burden fell on US developers to manage the process. They raised hell and the real-estate friendly Trump Administration severely cut back the compliance obligations. This court case is an afterthought. Trump was not planning on enforcing it other than for national security.
Thank you
Yes.
Or land banks but both the land Banks and the politicians are exempt. This rule is like saying money laundering is impossible through a financial institution! Ridiculous.
I’m pretty sure most money is laundered through banks.
Small front businesses deposit the drug money and then use it to “pay” fake invoices for fake supplies and services and the money end’s up in the drug lords bank account.
I was shocked how strange Texas watched this.
I was doing a simple $ transfer and a police officer showed up at my apt to make sure I was who I said I was.
Never seen that in 60 years of working.
Thanks.
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