US Treasury urged to scrutinise foreign real estate buyers

New York

IN a broad show of support for increased scrutiny of foreign real estate buyers in the United States, 17 nonprofit organisations on Tuesday urged the Treasury Department to require that the real estate industry verify the identities of buyers and screen them for potential money-laundering risk.

The request, contained in a letter sent to the Treasury Department's Financial Crimes Enforcement Network, asked for the repeal of a 2002 temporary exemption from provisions of the Patriot Act that had been granted to the real estate industry.