Davis Polk partner Dan Stipano was quoted in CoStar News on FinCEN’s rulemaking process that would impose requirements to prevent money laundering in the commercial real estate industry. He noted that the process has not advanced far enough to know who within commercial real estate would be subject to the rules.

“Commercial real estate projects often involve a multitude of legal entities and complex structures, which can make them opaque,” Dan explained. “Commercial real estate is also generally stable, which makes it an attractive place to park money.”

Commercial Real Estate Firms May Get Extra Scrutiny in Hunt for Russian Oligarch Money,” CoStar News (February 1, 2023)