Jan 24, 2016 | 0 Comment(s)
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
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.
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