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FinCEN escalates crackdown on shell companies

Joe Mont | August 25, 2017

The Financial Crimes Enforcement Network has announced revised Geographic Targeting Orders that require U.S. title insurance companies to identify the natural persons behind shell companies used to pay for high-end residential real estate in seven metropolitan areas. 

Following the recent enactment of the Countering America’s Adversaries through Sanctions Act, FinCEN is revising the GTOs to capture a broader range of transactions and include transactions involving wire transfers. The enforcement arm of the Treasury Department also expanded the GTOs to include transactions conducted in Honolulu, Hawaii.

The GTOs requiring Covered Businesses to collect and report information about certain residential real estate transactions in the following jurisdictions: all boroughs of New York City; Miami-Dade County and the two counties immediately to the north (Broward and Palm Beach); Los Angeles... To get the full story, subscribe now.