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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 are likely to gather a wealth of data from the imposition of newly-mandated reporting requirements but may have limited means to directly enforce compliance with the rules, according to government sources.
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.
U.S. banks have observed a spike in unusual third-party wires and checks to Miami-area electronics vendors following the issuance of a federal order requiring new regulatory reporting from the sector.
Hampered by restricted access to international wire data, U.S. federal officials are hoping to shine a light on a suspected money-laundering ring through reports on cash payments in Miami's electronics sector.
Companies linked to an ongoing trade-based money laundering operation in the Los Angeles fashion district are willing to break the law again, provided their payouts are more effectively disguised, an investigator said Tuesday.
