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This resolution would отмен? need not use unusual word. It would cancel a new federal rule from the Financial Crimes Enforcement Network that was meant to add anti-money-laundering steps for certain home sales and property transfers. If Congress approves this resolution, that rule would not take effect and would have no legal force.
- It targets a final rule from FinCEN about anti-money-laundering regulations for residential real estate transfers.
- The rule was published in the Federal Register on August 29, 2024.
- The resolution says Congress disapproves of that rule and blocks it from being used.
- The measure was introduced in the Senate on February 5, 2025, and sent to the Banking Committee.
Official Summaries
This joint resolution nullifies the final rule issued by the Financial Crimes Enforcement Network (FinCEN) titled Anti-Money Laundering Regulations for Residential Real Estate Transfers and published on August 29, 2024. This rule requires persons involved in real estate closings and settlements to report to FinCEN any non-financed (i.e., cash) transfers of residential property to certain legal entities and trusts.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S.J. Res. 15 Introduced in Senate (IS)]
<DOC>
119th CONGRESS
1st Session
S. J. RES. 15
Disapproving the rule submitted by the Financial Crimes Enforcement
Network relating to ``Anti-Money Laundering Regulations for Residential
Real Estate Transfers''.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 5, 2025
Mr. Lee introduced the following joint resolution; which was read twice
and referred to the Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
JOINT RESOLUTION
Disapproving the rule submitted by the Financial Crimes Enforcement
Network relating to ``Anti-Money Laundering Regulations for Residential
Real Estate Transfers''.
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That Congress disapproves the
final rule submitted by the Financial Crimes Enforcement Network
relating to ``Anti-Money Laundering Regulations for Residential Real
Estate Transfers'' (89 Fed. Reg. 70258 (August 29, 2024)), and such
rule shall have no force or effect.
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