The FCPA Blog | By: Richard L. Cassin | GPE – September 07, 2017:
The Treasury Department’s Financial Crimes Enforcement Network added Honolulu to a reporting program for real estate deals involving cash transactions.
Originally published August 23, 2017: FinCEN also extended reporting requirements for six other metropolitan areas under a data collection program that started in March 2016.
The new Geographic Targeting Order (pdf) runs through March 20, 2018.
The order is aimed against money laundering through real estate transactions.
It requires title insurance companies to collect and report information about beneficial owners involved in real estate purchases made without a bank loan or other external financing, and made, at least in part, using currency or a cashier’s check, a certified check, a traveler’s check, a personal check, a business check, or a money order in any form, or a funds transfer.
FinCEN said the real estate sector “can be an attractive avenue for criminals to launder illegal proceeds while masking their identities.”
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