Treasury finalizes new rules for luxury cash sales reporting

Treasury Secretary Janet Yellen said the new reporting rules will “close critical loopholes in the U.S. financial system” that had allowed criminals to launder money through all-cash residential real estate transactions. Treasury Secretary Janet Yellen said the new reporting rules will “close critical loopholes in the U.S. financial system” that had allowed criminals to launder money through all-cash residential real estate transactions.