Back in January, the U.S. Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, said it would scrutinize all-cash real estate purchases by secretive entities in two areas: Miami-Dade County and Manhattan.
On Wednesday, the feds said the scrutiny yielded a number of leads — and they extended the oversight to Broward and Palm Beach counties, along with all five boroughs of New York, five counties in California and one in Texas.
FinCEN will require U.S. title insurance companies to reveal the individual behind all-cash, high-end real estate transactions. For South Florida, that means any deal of $1 million or more.
All-cash shell-company deals are “highly vulnerable to abuse for money laundering,” the feds said.