Feds Crackdown on Secret Real Estate Deals in Miami
4395 Pine Tree Dr., Miami Beach, sold to a secret buyer for $19.48 million late last year.
The Federal Government announced that they will crackdown on money laundering deals for luxurious homes in Miami-Dade County and other real estate markets such as Florida, New York, California and Texas.
As a result of having lump sums of cash money at their disposal, Money Launderers can disguise themselves as Made Up Fictional Companies. Among the people that were already caught include Drug Dealers, Law-breakers, and Corrupt Officials. Since January, the U.S. Treasury Department temporarily ordered title insurance companies to identify the Owners of the homes that coughed up the millions of dollars in cash for the luxurious homes in Miami-Dade and Manhattan.
In addition to Miami-Dade county and Manhattan, the Federal Government is expanding their crackdown to New York’s four boroughs, San Diego, Los Angeles, San Francisco, San Mateo, Santa Clara Counties and California as well as Bexar County, Texas including San Antonio.
The “ Geographic Targeting Order,” will begin in Aug. 28 and will last 180 days.
“By expanding the GTOs to other major cities, we will learn even more about the money laundering risks in the national real estate markets, helping us determine our future regulatory course.”