News

The U.S. Treasury Department on Tuesday moved to close a perceived loophole in recent measures against money laundering through luxury real estate by requiring title insurance firms to report a wider range of suspicious payments, including those made via wire transfers. In a 5-page order, the department's Financial Crimes Enforcement Network, or FinCEN, instructed the firms to continue collecting and submitting data on significant beneficial owners of companies involved in purchasing luxury residences over certain values in San Antonio, San Diego, San Francisco, San Jose, Los Angeles, New York and elsewhere and, beginning next month, identify the individuals behind similar...