The Real Deal New York

What’s really driving the Fed’s latest LLC rules?

Money-laundering experts say U.S. regulation is lagging behind banking world and international counterparts
By E.B. Solomont | February 03, 2016 10:20AM

(Illustration: Chris Manfre)

(Illustration: Chris Manfre)

From the February issue: For years, wealthy buyers of Manhattan real estate have gone to great lengths to remain anonymous. But last month, the U.S. Treasury Department sent a chill through the New York luxury real estate world when it announced that it would require hidden buyers of high-priced properties to reveal themselves.

The new rule — which will be piloted in Manhattan and Miami-Dade County between March and August — is aimed squarely at uncovering money laundering in two markets that have been propped up by foreign investors. [more]