Feds Extend Real Estate Money Laundering Probes – NMP
Regulation and Compliance

Feds Extend Real Estate Money Laundering Probes

Feb 27, 2017
The federal government has announced a 180-day extension into its investigation of foreign entities that may be using U.S. real estate purchases for money laundering

The federal government has announced a 180-day extension into its investigation of foreign entities that may be using U.S. real estate purchases for money laundering.
 
According to a Reuters report, the extension by the Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) requires title insurance companies to inform federal authorities of all-cash purchases in New York City, San Antonio, Florida’s Miami-Dade, Broward and Palm Beach counties, and California’s San Francisco, San Mateo and Santa Clara counties plus Los Angeles. The original investigative probe was enacted in January 2016 and was set to expire on Feb. 23.
 
FinCEN Acting Director Jamal El-Hindi stated that the information gathered over the past year offered "valuable data that is assisting law enforcement and is serving to inform our future efforts to address money laundering in the real estate sector.”
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Phil Hall
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Feb 27, 2017
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