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.
18:38 Thief rips ATM out of the ground with his Jeep in Queens as he carts off an unknown amount of cash16
18:05 DP World, Quebec's Caisse to create C$5 billion investment vehicle14
13:19 New Abuelo's restaurant to open in Katy9
06:01 As Schultz Steps Down, Next Starbucks CEO Brings Tech Savvy11