Feds expanding investigation into all-cash deals

Photo by Agence Olloweb on Unsplash

The Treasury Department’s Financial Crimes Enforcement Network is significantly expanding its investigation into whether foreign buyers are using shell companies to buy U.S. real estate, with the goal of laundering money. They have lowered their reporting threshold to $300,000, and expanded the investigation into several new cities, including Seattle. 

Ben Lane | HousingWire

Title insurance companies in 12 of the nation’s largest markets will now have to provide federal authorities with substantial details on all real estate deals of $300,000 or more if the buyer is paying all cash.

The requirement comes at the hands of the Treasury Department’s Financial Crimes Enforcement Network, which is significantly expanding its investigation into whether foreign buyers are using shell companies to buy U.S. real estate in order to launder money.

The investigation has been going on for almost three years and has been expanded several times.

To read the full article, click here: Feds significantly expand investigation into all-cash real estate deals