One can only say, it is about time after asking the question why on earth did it take so long? Recently, the US Treasury Department said it would begin demanding to know the names of folks behind the shell companies, which ultra-wealthy foreigners use to hide behind multimillion-dollar real estate purchases, specifically in Manhattan and Miami-Dade County. It appears the reality of 21st century money laundering has finally caught up with the age-old business of real estate transactions.
If you have tried to purchase a home since the financial crisis of 2008, you know how encompassing the inquiry is for the source of your funds. In addition to making certain you have the ability to pay, banks and financial institutions want to make sure none of the money you will use to purchase a property financed by them came from illicit sources.
