FinCEN Renews Surveillance of Luxury Property Buyers.

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) has renewed the six (6) so called 'temporary geographic targeting orders' that requires US title insurance companies to name the natural persons behind shell companies used to buy luxury residential property for cash in major metropolitan areas. FinCEN states that 30% of transactions covered by the orders - in Los Angeles, Miami, New York City, San Antonio, San Diego, and San Francisco - involve a beneficial owner or purchaser representative that is also the subject of previous suspicious activity report.