Crackdown On Money Laundering In Real Estate Is Expanding
Law360, New York (August 11, 2016, 12:13 PM EDT) -- The U.S. Treasury Department's Financial Crimes Enforcement Network recently announced a substantial expansion of enhanced reporting requirements imposed on U.S. title insurance companies that require the identification of the individuals behind shell companies used to purchase real estate in "all-cash" transactions. Earlier this year, FinCEN issued geographic targeting orders (GTOs) placing greater scrutiny on such transactions taking place in two geographic markets: Manhattan and Miami-Dade County. Based upon the valuable information apparently generated as a result of those GTOs, FinCEN has expanded their reach to six major metropolitan areas in the United States. This latest action confirms that FinCEN remains concerned about the risk of money laundering when individuals attempt to purchase high-end real estate in all-cash deals through limited liability companies or similar structures....
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