The Financial Crimes Enforcement Network (FinCEN) renewed the existing Geographic Targeting Order (GTO) that temporarily requires U.S. title companies to identify the natural persons behind shell companies used to pay cash for high-end residential real estate in six major metropolitan areas. The GTO becomes effective on Feb. 24, 2017 and will remain in effect for 180 days. FinCEN's news release and additional information.
FinCEN Renews Real Estate Geographic Targeting Order
FinCEN renews real estate Geographic Targeting Orders for six major metropolitan areas.
February 23, 2017 / By ICBA
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