Another valued little piece of financial privacy being lost: in the name of enforcing money laundering and know your customer regulations, the Treasury Department’s Financial Crimes Enforcement Network has expanded a program the effect of which is to require disclosure of your identity if you buy a home in some parts of country [Kathleen Pender, San Francisco Chronicle]
Related: British financial regulators adopt new approach of “shifting the burden of proof onto foreign investors; they must now prove their wealth is legitimate.” [Jeffrey Miron, Cato]
One Comment
The title records in much of California are pretty straightforward, and there is no requirement that a purchaser buy title insurance, though most people do. This is another regulation that may have a significant impact on people going about their legal business, and do little to identify or deter illegal activity.