FinCEN expands target areas in New York City

The Financial Crimes Enforcement Network announced an expansion of their Geographic Targeting Orders (GTO) in an effort to identify situations where property purchases are being used in money-laundering schemes or to finance terrorism. FinCEN, which is part of the U.S. Treasury Department, issued a GTO for Manhattan earlier this year and has expanded it to include all New York City boroughs. The new rules temporarily require U.S. title insurance companies to identify the buyers behind shell companies who are paying all cash for high-end residential real estate in six major metropolitan areas. Click here to learn more.