US Treasury Dept. Expanding Hunt for Money Laundering in Real Estate

On 7/27/16 the US Treasury Dept. expanded its hunt for international criminals who launder money through all cash US real estate purchases.

Beginning August 2016, the US Treasury has ordered title companies to report all cash buyers’ identities for expensive US residential real estate (homes, condos) in major US cities. The Treasury Program, seeking to unmask the individuals behind shell companies that buy US real estate, commenced in January 2016 for Manhattan and Miami-Dade County Florida.

Effective August 2016 the program is expanded to require reporting for all cash purchases at the following sales prices:

1) New York City: $3m (Manhattan); $1.5m other NYC boroughs

2) Florida: Miami-Dade County, Broward and Pam Beach counties ($1m)

3) California: Los Angeles, San Francisco Bay Area and San Diego ($2m)

4) Texas: San Antonio ($500k).

As stated by US Treasury Dept. Financial Crimes Enforcement Network (FINCEN) Acting Director, Jamal El-Hindi: “”By expanding to other major cities we will learn more about the money-laundering risks in the national real estate markets”.

For more info see: FinCEN Expands Reach of Real Estate “Geographic Targeting Orders” Beyond Manhattan and Miami

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