The U.S. Treasury Department still lacks complete visibility into “all-cash” real-estate acquisitions made anonymously through shell companies, say sources. Since March 2016, the department’s Financial Crimes Enforcement Network, or FinCEN, has required title insurance firms to identify each individual owning 25 percent or more of a legal entity used to purchase high-end residences in Miami and New York in cash only and without a bank loan. FinCEN subsequently extended the expiration date of the geographic targeting order, or GTO, three times and expanded it to five additional metropolitan areas considered entry points for potentially illicit funds. In August, U.S. lawmakers...
The U.S. Treasury Department on Thursday ordered title insurance firms to continue reporting "all cash" acquisitions of luxury property in New York, Florida, California and Texas for another six months amid concerns that criminals are still converting their profits into luxury real estate.
U.S. officials on Wednesday ordered title insurance firms to disclose high-value cash purchases of real estate in California, Texas, Florida and New York as part of an effort to identify money laundering.
The U.S. Treasury Department on Wednesday directed title insurance firms involved in real estate transactions to collect data on the beneficial owners of companies acquiring luxury properties in Manhattan and Miami with cash.