When the Biden administration proposed rules to scrutinize all-cash real estate transactions in the U.S. to crack down on money laundering earlier this month, it apparently attracted more attention in China than other countries, as Chinese officials are believed to engage in such illicit activities. In the United States, real estate transactions involving financing are scrutinized by financial institutions to prevent money laundering, for laws require those institutions to report any suspicious activity. But when people purchase homes in cash, the transactions are subject to few regulations. If buyers use shell companies to make the deals, it is almost impossible to know who are the true beneficial owners of the real estate. “As a result, corrupt officials and criminals engaging in illicit activity can exploit the U.S. real estate sector to launder their ill-gotten wealth,” the Treasury’s Financial Crimes Enforcement Network (FinCEN) said on Dec. 6 when it was proposing …