Property

U.S. Treasury Department Introduces New Rules to Combat Money Laundering in Real Estate

To bolster U.S. national security and prevent illicit finance, the Treasury's Financial Crimes Enforcement Network (FinCEN) issued new rules on August 28, 2024, targeting real estate money laundering and strengthening anti-money laundering requirements for investment advisers. By closing loopholes exploited by criminals to conceal dirty money, these rules mandate more stringent reporting and record-keeping for certain real estate transactions and require investment advisers to establish robust anti-money laundering programs. Learn more about these crucial changes and their impact on your sector here.
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Deadline: FL Law Restricting Foreign Real Estate Ownership.

Florida Governor Ron DeSantis signed Senate Bill 264 into law on May 8, 2023, restricting foreign principals from owning, having a controlling interest in, or acquiring real property in FL. The law defines foreign principals and identifies "foreign countries of concern," including China, Russia, and Venezuela. SB 264 imposes extensive restrictions on foreign principals owning real property, especially agricultural land, and areas near critical infrastructure. Rules published on September 20, 2023, outline procedures for property purchases near military installations or critical infrastructure. An exemption exists for agricultural land owned before July 1, 2023, but post-July 1 ownership requires registration. Legal challenges persist, and noncompliance may result in civil and criminal penalties, including a $1,000 daily fine. The law is in effect, and the deadline for compliance is December 31, 2024. For assistance, contact us at 305-831-4093 or email [email protected].
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