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WorldPosted at: Jan 14 2016 12:31AM


US targets money laundering in all-cash home sales in Miami, Manhattan

WASHINGTON, Jan 13 (Reuters) The United States is going after international criminals who use real estate to launder money by ordering title insurance companies to report the identities of people making all-cash purchases of high-end real estate in Miami and Manhattan.
The Financial Crimes Enforcement Network, an arm of the US Treasury, said today it is concerned that individuals buy residential real estate in cash through shell companies to hide their assets and veil their identities.
Both cities are hotbeds for multi-million dollar purchases and details can be hard to find. The Treasury has looked into murky housing deals lately over worries that drug traffickers and corrupt leaders from China and elsewhere are investing ill-gotten gains in real estate.
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