photo by jon nicholson

news - FinCEN Moves to Curb Real Estate-based Money Laundering Beyond Manhattan and Miami

july 29th, 2016

On July 27, the U.S. Financial Crimes Enforcement Network (FinCEN) announced that they are expanding the scope of the Geographic Targeting Orders (GTO) issued earlier this year on real estate transactions to now include all New York City boroughs and select counties in Florida, California, and Texas.

In January, FinCEN issued GTOs that require U.S. title insurance companies to identify beneficial owners of companies that purchase high-end real estate in Miami-Dade County and Manhattan in “all-cash” transactions. The move was a milestone in the fight to prevent the illicit proceeds of crime and corruption from entering the U.S. real estate market.

The latest move to expand the scope is encouraging because it demonstrates that FinCEN is continuing to focus on real estate transactions as a vehicle for money laundering.

Click here to read FinCEN’s statement.

Click here to read a previous Sentry blog on this issue.

 

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