AMLAWARE | US Targets Money Laundering in All-Cash Home Sales in Miami
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US Targets Money Laundering in All-Cash Home Sales in Miami

13 Jan US Targets Money Laundering in All-Cash Home Sales in Miami

Reuters

The United States is hunting down international criminals who launder money through real estate deals, with the Treasury Department ordering title insurance companies to report the identities of people paying cash for high-end properties in Miami and Manhattan.

The Financial Crimes Enforcement Network, an arm of the U.S. Treasury, said on Wednesday it is concerned that individuals buy residential real estate in cash through shell companies to hide their assets and veil their identities.

We are seeking to understand the risk that corrupt foreign officials, or transnational criminals, may be using premium U.S. real estate to secretly invest millions in dirty money.

“We are seeking to understand the risk that corrupt foreign officials, or transnational criminals, may be using premium U.S. real estate to secretly invest millions in dirty money,” FinCEN Director Jennifer Shasky Calvery said in a statement.

FinCEN has issued rules aimed at preventing laundering through the mortgage market, but “cash purchases present a more complex gap that we seek to address,” Calvery added.

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