The government wants to know who is buying luxury real estate in New York and Miami

Washington Post ^ | 13 January 2016 | Renae Merle

[Lorianne]

Since the 2008 financial crisis, wealthy buyers swooping in and paying cash–sometimes anonymously–have become the bane of traditional homebuyers. Now the Treasury Department says it wants to know if some of those luxury buyers are laundering money through their purchases.

The department’s Financial Crimes Enforcement Network will require title insurance companies that help facilitate such deals to identify the people behind all-cash purchase of high-end homes in Manhattan and Miami-Dade County, Fla. The temporary order intends to pierce the confidentiality often sought by luxury buyers who rely on shell companies or limited liability companies to shield their identity.

The requirement will make it easier to identify people attempting to hide their assets or launder money, Treasury said in a statement.

“We are seeking to understand the risk that corrupt foreign officials, or transnational criminals, may be using premium U.S. real estate to secretly invest millions in dirty money,” Jennifer Shasky Calvery, the director of the Financial Crimes Enforcement Network, said in a statement.

[DoughtyOne]

I sense you are causing a disturbance in the force.

And now your neighbors all know!

[Rusty0604]

I thought the Chinese were buying a lot of real estate.

[umgud]

You can bet something is fishy.

[null and void]

That no man, rich or poor, free or bond may buy or sell save he that has the Mark

[Iron Munro]

[semimojo]

The tallest residential building in the Western Hemisphere, and probably the most expensive, 432 Park Avenue, was marketed almost exclusively to Russian oligarchs.

The penthouse went for $95M.

[Texas resident]

On the surface, this seems like a good idea. However, this current crime family is doing everything they can to harm our country. Wonder what they will do if they discover that a high dollar property was purchased by the Clinton Foundation?