The Financial Crimes Enforcement Network (FinCEN), published by the subsequent emission of Geographic Targeting Orders, temporarily will request from the US insurance property rights for companies to identify individuals behind front companies that use “all cash” (without bank financing) to acquisition of high-end residential real estate in six major metropolitan areas.
Network remains concerned that all such purchases for cash may be held by individuals, attempting to hide their assets and identity through the acquisition of residential real estate, and as a result, they fall into the category of possible people who abuse their position in order to launder laundering and tax evasion.
US Treasury Authority issued a similar deal Global Environment Monitoring (GTOs), issued earlier this year in Manhattan and Miami-Dade County, Florida. These orders have been confirmed, it is already helping to identify potential illegal activities and to help structure the future regulatory approaches to regulation. In particular, a significant portion of transactions under consideration showed a possible criminal activity associated with the persons who reportedly are the beneficial owners of the Shell company.
The Financial Crimes Enforcement Network explained that they hide the name of the insurance company because the insurance companies for property rights is a common feature in the vast majority of transactions related to real estate. The ministry stressed that the Global Observing System environment (GTOs) does not imply any breach on the part of the Ministry in relation to the data obtained from the companies covered.