February 01, 2016

The Real Deal quotes Ed Wilson on rule requiring anonymous buyers of high priced real estate to reveal their identities

1 min

Venable partner Ed Wilson was quoted in a February 1, 2016 article in The Real Deal on a new federal requirement that title insurance companies must reveal the identities of secret buyers of luxury real estate. The new rule will undergo a pilot phase from March to August and be limited to Miami and New York City.

"The financial services world is heavily regulated to protect people's money and to protect the economy of the United States," said Wilson. "Real estate folks have not been regulated as much." The new rule is similar to one passed in the European Union recently and follows an international push to crack down on money laundering. "You have international pressure to get to beneficial owners; you have programs that say you have to do this in banks," Wilson added. "And then you have local pressure, with states and cities saying, 'Our housing markets are going crazy with people paying exorbitant sums of cash. Where is it coming from?'"