Patriot Act Could
Harm Real Estate Industry, Group Says
The Real Estate Roundtable (RER) is pressing the U.S. Treasury Department to
address the potentially adverse effect that Section 352 of the USA Patriot
Act could have on the commercial property sector. RER officials contend that
a clause in the legislation, which aims to protect against deals that could
involve illegal or terrorist-related financial arrangements, would place
undue burden on legitimate commercial real estate deals by saddling them
with overwhelming recordkeeping and paperwork to comply with the new law.
In particular, the group says the section focusing on parties involved in
the real estate settlement or closing process "could have the unintended
consequence of imposing an unfair level of regulatory burden on the
commercial and multifamily real estate industry." In its letter to the
Treasury Department, RER also wrote: "Roundtable asks that the Treasury
Department consider the relatively small risk that commercial real estate
transactions pose, as compared to the proposed burdens, when determining the
scope of the final regulations and to recognize that the settlement stage is
not when significant investigative requirements should be imposed."
Source: GlobeSt.com
(06/17/03); Murray, Barbra
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