X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-The Real Estate Roundtable has written to the US Department of Treasury in an effort to urge the federal entity to take notice of the potential harm a particular facet of the USA Patriot Act can bring to the real estate industry. In the letter, RER shared its concerns on Section 352 of the act in response to the Advance Notice of Proposed Rulemaking on Anti-Money Laundering Program Requirements for “Persons Involved in Real Estate Closings and Settlements.”

RER argues that a clause in the legislation–which was enacted after the September 2001 terror attacks to give the government the right to shut down financial opportunities for potential financers of terrorist organizations–would unduly burden legitimate commercial real estate transactions with overwhelming administrative record-keeping to accommodate the new law. “Roundtable asks that the Treasury Department consider the relatively small risk that commercial real estate transactions pose, as compared to the proposed burdens, when determining the scope of the final regulations, and to recognize that the settlement stage is not when significant investigative requirements should be imposed,” RER officials write in the letter. “We believe the proposal could have the unintended consequence of imposing an unfair level of regulatory burden on the commercial and multifamily real estate industry.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.