US authority Financial Crimes Enforcement Network (FinCEN) has announced the renewal of its real estate Geographic Targeting Orders (GTOs). These GTOs require insurance companies to identify the owners of shell companies used for cash purchases of residential real estate.
The GTOs cover specific counties within 12 metropolitan areas, including Boston, Chicago, Las Vegas, Los Angeles, Miami and New York City among others. The threshold for the purchase amount is still $300,000 for each of these 12 metropolitan areas. The renewed GTOs take effect on November 6, 2020, lasting until May 4, 2021.
GTOs provide crucial information about the purchase of residential real estate by those involved in illicit activities. FinCEN’s renewal of the GTOs will help in tracking illegal activities and improving the authority’s regulatory measures.
Source: FinCEN