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Loopholes In FinCEN's Luxury Real Estate Rules

Law360, New York (March 28, 2016, 10:19 AM EDT) -- Recently enacted rules targeting the flow of dirty money into luxury real estate include loopholes that may be easily exploited by potential violators. The U.S. Treasury's Department's Financial Crimes Enforcement Network issued the regulations in an effort to block criminal proceeds from entering the U.S. economy through real estate purchases. The rules require title insurance companies to identify the beneficial owners of buyers engaging in all-cash transactions. The regulations, which went into effect on March 1, apply to real estate transactions exceeding $3 million in New York City and $1 million in Miami.

In drafting the measures, FinCEN sought to focus...

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