In the last five years, an estimated $2 billion dollars of illicit funds have been laundered through the U.S. real estate market. A criminal enterprise this pervasive requires enhanced regulation and accountability to dismantle it.
To detect, disrupt and deter money laundering through real estate, Congress should pass the ENABLERS Act. The ENABLERS Act will require beneficial ownership disclosure and proof of funds for large real estate purchases. It aims to close the real estate money laundering loophole and rid the U.S. real estate market of illicit funds.