US Treasury Announces A Crackdown On 'Dirty Money' In Real Estate

The U.S. Department of Treasury is paying close attention to high-end real estate buyers using cash.
SMS
US Treasury Announces A Crackdown On 'Dirty Money' In Real Estate

The Department of Treasury announced Wednesday it will be tracking cash buyers of luxury real estate who could be trying to hide and invest what it calls "dirty money."

The effort will require some title insurance companies in the target areas of Manhattan and Miami-Dade County to report the beneficial owner behind shell companies — which can be used to hide a buyer's identity.

The director of the Financial Crimes Enforcement Network told The New York Times, "Repeated anecdotal information where we see criminals of different stripes putting money into real estate all suggest to us that this is an area we need to pay attention to."

The reporting requirements for high-end cash buyers are temporary and set to last from March to August.

This video includes images from Ines Hegedus-Garcia / CC BY 2.0 and Edgar Zuniga Jr. / CC BY 2.0.

Featured Stories
Demonstrators participate in the 2014 People's Climate March.

The People's Climate March Is About More Than Just The Environment

U.S. Army Sgt. Joshua Rodgers and Sgt. Cameron Thomas

Friendly Fire May Have Killed 2 US Army Rangers In Afghanistan

President Trump at a press conference

Has President Trump Delivered On His 100-Day Contract With Voters?