CLOSE X

Register - if you don't have an account

Yes! Sign me up for Global Property Guide's fortnightly email newsletter.


Login - for registered users

Forgot Password?
Explore destinations
continent map couldn't be loaded Pacific Europe & Russia North America Latin America Asia Africa Middle East Caribbean

 



Investment Property News


My company
Global Property Guide

ON GPG


US to curb inflow of illicit money into luxury real estate

Jan 24, 2016 | 0 Comment(s)


US to curb inflow of illicit money into luxury real estateThe US government will start tracking secret buyers of high-end properties to prevent the flow of illicit money into luxury real estate in America.

The government will require title insurance companies to record the identities of buyers and submit the information to the Treasury, to create a database which can be shared with law enforcement agencies, who will then investigate suspicious deals and bring to book those involved in money laundering.

The focus will be on sales paid for in cash and conducted using shell companies.

The Treasury Department officials announced recently the initiative will be initially launched in Manhattan and Miami-Dade Country, considered to be hubs of overseas real estate investors, particularly for the luxury property segment, and then rolled out to other major cities in the coming months, officials said.

Under the initiative, the federal government will make it mandatory for real estate companies to disclose details of cash transactions in property deals. “We are concerned about the possibility that dirty money is being put into luxury real estate,” said Jennifer Shasky Calvery , the director of the Financial Crimes Enforcement Network, the Treasury unit running the initiative.

If Treasury officials find many sales involved suspicious money, they will develop permanent reporting requirements across the country, Calvery said.






PROPERTY RECOMMENDATIONS

 
Download free property reports from international research houses

Our Newsletter

 
Fortnightly updates from the global property arena directly to your inbox.

Manage subscriptions
Chinese property buyers and Asian buyers, there is great property for high net worth Chinese buyers on Juwai.com

Which parts of the world are most attractive for property investment today?

Click here to see our Latest Investment Offers!

Close Me