U.S. Boosts Scrutiny of N.Y., Miami Cash Real Estate Deals
- Treasury unit cites concern about origin of luxury purchases
- Move targets transactions conducted without bank financing
The Manhattan skyline stands at dusk.
Photographer: Craig Warga/BloombergThis article is for subscribers only.
President Barack Obama’s administration, citing concern about the origin of funds used for all-cash purchases of luxury real estate, said it is stepping up scrutiny of transactions in New York City and Miami.
The Financial Crimes Enforcement Network said on Wednesday that it will temporarily require title insurance companies to identify individuals behind companies that pay cash for high-end residential real estate in Manhattan and Miami-Dade County.