FinCEN reaffirms the link between money laundering, real estate, and shell companies
The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require the identification of the natural persons behind shell companies used in all-cash purchases of residential real estate.
The GTOs are identical to the November 2020 GTOs, and effective beginning May 5, 2021 and ending October 31, 2021.
In issuing the GTO, FinCEN stated that the GTOs continue to provide valuable data on the purchase of residential real estate by persons possibly involved in various illicit enterprises and that renewing the GTOs will further assist in tracking illicit funds and other criminal or illicit activity, as well as inform FinCEN’s future regulatory efforts.
The GTOs cover counties within the following major U.S. metropolitan areas: Boston; Chicago; Dallas-Fort Worth; Honolulu; Las Vegas; Los Angeles; Miami; New York City; San Antonio; San Diego; San Francisco; and Seattle.
Environmental Intelligence/Knowledge Broker
3 年Certainly the opportunity and enticement is present in real estate. Although regulated money laundering is not often looked for.