The Department of Treasury announced Wednesday it will be tracking cash buyers of luxury real estate who could be trying to hide and invest what it calls "dirty money."
The effort will require some title insurance companies in the target areas of Manhattan and Miami-Dade County to report the beneficial owner behind shell companies — which can be used to hide a buyer's identity.
The director of the Financial Crimes Enforcement Network told The New York Times, "Repeated anecdotal information where we see criminals of different stripes putting money into real estate all suggest to us that this is an area we need to pay attention to."
The reporting requirements for high-end cash buyers are temporary and set to last from March to August.
This video includes images from Ines Hegedus-Garcia / CC BY 2.0 and Edgar Zuniga Jr. / CC BY 2.0.
