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FinCEN expands crackdown on real estate shell companies

Joe Mont | July 27, 2016

The Treasury Department, through its Financial Crimes Enforcement Network, will expand the reach of an initiative demanding that certain U.S. title insurance companies identify the natural persons behind shell companies used to pay “all cash” for high-end residential real estate.

On March 1, FinCEN initiated those demands, on a temporary basis, for title insurance companies doing business with properties located in Manhattan and Miami-Dade County, Florida. The orders, which expire on Aug. 27, were part of an effort to close a gap in the agencies anti-money laundering efforts.

To “build on the useful data generated thus far,” new Geographic Targeting Orders were announced on July 27 for: all boroughs of New York City; Miami-Dade County and the two counties...

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