The U.S. Treasury Department says it will begin identifying and tracking buyers of high-end properties who make cash purchases through shell companies that hide the buyer’s identity.
This is the first time the federal government has required real estate companies to disclose names behind cash transactions, and it is aimed at combating money laundering schemes. There are concerns that this rule will cut into the luxury housing market that has boomed in recent years.
The initiative is part of a larger federal effort to combat money laundering in real estate. The effort will start in Manhattan and Miami-Dade County, Fla., the New York Times reported.
The newspaper examined a decade of ownership at a prominent condominium complex near Central Park, and found a number of hidden owners who had been investigated by the government. In a related development, last spring, New York City’s Finance Department began requiring shell companies buying real estate to report their members to the city.
http://www.nytimes.com/2016/01/14/us/us-will-track-secret-buyers-of-luxury-real-estate.html
Related Stories
| Apr 13, 2012
New York City’s building department investigating structural collapse that killed worker
Following a worker’s death, the collapse of a century-old, two-story warehouse under demolition as part of Columbia University’s expansion is under investigation by the city’s Building Department.
| Apr 13, 2012
Federal court reduces statute of limitations for OSHA action on record-keeping violations
The U.S. Court of Appeals for the D.C. Circuit sharply curtailed the period of time that companies can be cited for Occupational Safety and Health reporting violations, reversing the decision of an administrative panel and longstanding agency precedent.
| Apr 13, 2012
CSI webinar: Green Construction Codes Are Here -- Now What?
This seminar will trace the origins of green codes, how they compare and differ from the rating systems that have been used, and examine some of their main features.
| Apr 5, 2012
Retailers, banks among most affected by new ADA rules
On March 15, the most significant changes to the Americans with Disabilities Act (ADA) since it became law in 1991 went into effect.
| Apr 5, 2012
Florida ranks first in hurricane building codes and enforcement
Florida ranks highest among 18 hurricane-region states for building codes and their enforcement, according to the Insurance Institute for Business & Home Safety.
| Apr 5, 2012
New IgCC green building code is a ‘game changer,’ AIA official says
An AIA official calls the new International Green Construction Code (IgCC) a “game changer” for sustainable construction.
| Apr 5, 2012
Model energy codes add thousands to cost of new apartment construction, study says
New energy codes could add thousands of dollars to the construction costs of each individual apartment residence in a multifamily building, according to new research commissioned by the National Multi-Housing Council and the National Apartment Association.
| Apr 5, 2012
LEED 2012 will include new requirements for data centers
The U.S. Green Building Council’s updated LEED 2012 standards will require two systems to be modeled for each project in order to show power utilization effectiveness.
