July 28, 2016
On Wednesday, the U.S. Treasury Department's Federal Crime Enforcement Network announced plans to expand the tracking of secretive luxury homebuyers to Broward and Palm Beach counties. The announcement came near the end of the original trial period for "Global Targeting Orders", which requires title insurers to discover and submit the names behind all-cash real estate transactions in excess of 1 million dollars.
Originally launched in March of this year, the initiative aimed to gather information for 180 days about the practice of illegal money laundering through U.S. real estate in Miami and New York City. A month before the expiration date, the federal government announced plans to extend and broaden the coverage zones, stating that it's already discovered a good amount of suspicious activity. The new initiative will begin on August 28th and run for another 180 days.
In addition to Broward and Palm Beach counties, the new coverage zones include all of the boroughs of New York City, the counties in California making up San Diego, Los Angeles, San Francisco and San Jose, and Bexar County, Texas, which covers San Antonio.
For expert help in navigating this federal initiative, contact Niki Higgins at +1-954-817-2500 or +1-888-242-4422.
Source: The Real Deal
