WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) has announced the renewal and expansion of its Geographic Targeting Orders (GTOs), which require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.
The terms of the GTOs are effective beginning April 30, 2022, and ending on October 26, 2022. According to FinCEN, the GTOs continue to provide valuable data on the purchase of residential real estate by persons possibly involved in various illicit enterprises. 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 in this sector, FinCEN stated.
FinCEN renewed the GTOs that cover certain 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.
Regions With Greatest Risk
FinCEN, noting it has been working in conjunction with law enforcement partners, said it identified additional regions that present greater risks for illicit finance activity through all-cash purchases of residential real estate.
“Accordingly, FinCEN expanded the geographic coverage of the GTOs to parts of the District of Columbia, Northern Virginia, and Maryland (DMV) metropolitan area, the Hawaiian islands of Maui, Hawaii, and Kauai, and Fairfield County, Connecticut,” FinCEN stated. “The purchase amount threshold remains $300,000 for each covered metropolitan area, with the exception of the City and County of Baltimore, where the purchase threshold is $50,000.”
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