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. The geographic targeting orders, or GTOs, require the title firms to identify individuals owning at least 25 percent of any corporate entity involved in cash-only purchases of high-end property in six major metropolitan areas and submit the information in a Form 8300 to the department's Financial Crimes Enforcement Network. The GTO covering Manhattan carries the highest monetary...
Federal lawmakers reintroduced legislation Wednesday that would expand enhanced reporting requirements for firms involved in the purchase of high-end residential properties in New York, Miami and a handful of other U.S. cities.
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.
Some of the 700 Miami-area electronics retailers placed under enhanced reporting requirements by the U.S. Treasury Department last year are routing payments through recently-created offshore branches to circumvent the rules.
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.