Jessie Allen Weighs in on New Anti-Money Laundering Policies
A new policy in New York City and Miami-Dade county will require real estate buyers paying large amounts of cash to have their identities disclosed to the federal government. As Assistant Professor Jessie Allen puts it, "The obvious concern here is money laundering and are people using luxury real estate to avoid the reporting required when a large cash deposit is made."
This policy is the first of its kind and will aim to regulate real estate prices in certain areas that have been seeing growth thanks to these cash purchases. Some feel that this policy violates our right to privacy, Professor Allen doesn't think so at this point, though she thinks "it might eventually become problematic" if more policies like this arise.