Feds widen hunt for dirty money in Miami real estate

Wake up and smell the dirty money. That’s the message federal regulators are sending to the real estate industry in Miami and other high-priced housing markets. On Tuesday, the U.S. Treasury Department announced it would extend and expand a temporary initiative designed to uncover criminals laundering money through real estate.

Wake up and smell the dirty money. That’s the message federal regulators are sending to the real estate industry in Miami and other high-priced housing markets. The U.S. Treasury Department announced it would extend and expand a temporary initiative designed to uncover criminals laundering money through real estate. The decree targets secretive shell companies – corporations that don’t have to reveal their true owners – buying luxury homes.

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MIAMI – The federal government says its hunt for dirty money in luxury real estate in South Florida and other high-priced housing markets is working – and the temporary initiative is being extended.

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Trump Treasury Dept renews modest real Estate Anti-Money Laundering Regs. The juxtaposition of the magnitude of the money laundering problem- discussed in the FACT report- and FinCEN’s limited, almost laughable measures- which target luxury real estate transactions undertaken by shell companies- caught my eye.

Development in downtown Miami has boomed since. prompting heightened scrutiny from the federal government. C.M. GUERRERO cmguerrero@elnuevoherald.com The federal government says its hunt for dirty.

Wake up and smell the dirty money. That’s the message federal regulators are sending to the real estate industry in Miami and other high-priced housing markets. On Tuesday, the U.S. Treasury Department announced it would extend and expand a temporary initiative designed to uncover criminals laundering money through real estate. The decree targets secretive shell companies – corporations that don’t have to reveal their true owners – buying luxury homes.

[9] “FinCEN Expands Reach of Real Estate Geographic Targeting Orders’ Beyond Manhattan and Miami,” Department of Treasury FinCEN, July 27, 2016. [10] Nicholas Nehamas and Rene Rodriguez, “Feds Widen.

The federal government says its hunt for dirty money in luxury real estate in South Florida and other high-priced housing markets is working – and the temporary initiative is being extended yet again.. Since 2016, the U.S. Treasury Department has mandated that secretive shell companies buying luxury homes with cash in certain areas disclose their true owners to the government.