{"id":3692191,"date":"2016-12-05T18:05:33","date_gmt":"2016-12-05T23:05:33","guid":{"rendered":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/?p=3692191"},"modified":"2016-12-05T18:08:41","modified_gmt":"2016-12-05T23:08:41","slug":"a-new-ruling-will-track-criminals-who-stash-cash-in-high-end-mansions-and-condos","status":"publish","type":"post","link":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/a-new-ruling-will-track-criminals-who-stash-cash-in-high-end-mansions-and-condos\/","title":{"rendered":"A New Ruling Will Track Criminals Who Stash Cash in High-End Mansions and Condos"},"content":{"rendered":"<p><a href=\"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/wp-content\/uploads\/2016\/12\/1143-105-720x480.jpg.pagespeed.ce_.AuPLrJeE85-720x480.jpg\" rel=\"attachment wp-att-3693304\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-3693304\" src=\"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/wp-content\/uploads\/2016\/12\/1143-105-720x480.jpg.pagespeed.ce_.AuPLrJeE85-720x480.jpg\" alt=\"high-end\" width=\"720\" height=\"480\" srcset=\"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/wp-content\/uploads\/2016\/12\/1143-105-720x480.jpg.pagespeed.ce_.AuPLrJeE85-720x480.jpg 720w, https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/wp-content\/uploads\/2016\/12\/1143-105-720x480.jpg.pagespeed.ce_.AuPLrJeE85-720x480-300x200.jpg 300w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">The Financial Crimes Enforcement Network <a href=\"http:\/\/www.usatoday.com\/story\/money\/2016\/01\/13\/feds-target-secret-high-end-real-estate-deals\/78749198\/\" target=\"_blank\">announced<\/a> a new strategy in crime-fighting: Track those who pay all cash for high-end residential real estate. According to USA Today, The FinCEN, a unit of the Treasury Department, will now require title insurance companies to identify the individuals behind companies who pay cash for expensive homes in Manhattan, New York, and Miami-Dade County, Florida, two areas that boom with such deals. Those of us who lack the means to do so can rest assured we&#8217;ve escaped\u00a0the government&#8217;s watch list.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Some criminals, who have adeptly acquired huge amounts of cash that they&#8217;d like to stash from the prying eyes of the IRS and law enforcement agencies, often hide it in\u00a0mansions or high-rise condos\u2013\u2013particularly in the luxury markets of Florida and New York City\u2013\u2013and use anonymous LLCs and similar organizations to hide their identities from the government.<br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The New York Times <a href=\"http:\/\/www.nytimes.com\/2016\/01\/14\/us\/us-will-track-secret-buyers-of-luxury-real-estate.html\" target=\"_blank\">reported<\/a> that these shell corporations have served as no less than &#8220;safe deposit boxes for ill-gotten gains.&#8221; <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of 32,050 sales of existing homes in Miami-Dade last year,1,176 were all-cash transactions of more than $1 million, <a href=\"http:\/\/www.newstarget.com\/2016-04-05-luxury-real-estate-boom-in-america-was-funded-by-criminal-money-laundering-operations-looking-to-stash-cash-into-real-assets.html\" target=\"_blank\">according to<\/a> the Miami Association of Realtors. Many buyers are from Latin American countries and have valid reasons for hiding their identity, <a href=\"http:\/\/www.newstarget.com\/2016-04-05-luxury-real-estate-boom-in-america-was-funded-by-criminal-money-laundering-operations-looking-to-stash-cash-into-real-assets.html\" target=\"_blank\">says<\/a> association CEO Teresa Kinney.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One case, in particular, was Paulo Oct\u00e1vio Alves Pereira, a Brazilian developer and politician who was indicted for corruption in his home country. The embezzler\u00a0used a secretive Panamanian law firm, called Mossack Fonseca, to pay millions, cash-down, for his mansions. Other notorious individuals have employed\u00a0these \u201c<\/span><a href=\"http:\/\/www.nytimes.com\/news-event\/shell-company-towers-of-secrecy-real-estate?smid=tw-nytimes&amp;smtyp=cur\" target=\"_blank\"><span style=\"font-weight: 400;\">towers of secrecy<\/span><\/a><span style=\"font-weight: 400;\">\u201d<\/span><span style=\"font-weight: 400;\"> for decades to park their funny money and rinse their dirty laundry. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe guys who want to clean up dirty money are always going to try to penetrate the system at its weakest spot,\u201d <a href=\"http:\/\/www.newstarget.com\/2016-04-05-luxury-real-estate-boom-in-america-was-funded-by-criminal-money-laundering-operations-looking-to-stash-cash-into-real-assets.html\" target=\"_blank\">says<\/a> Joe Kilmer, a former Drug Enforcement Administration special agent. \u201cYou\u2019ve got so much real estate being bought and sold in South Florida. It\u2019s easy to hide in plain sight.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The new federal initiative that will require reporting of buyers of properties valued at more than $3 million may be the first sign that launderers are nearing the end of their game. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Between the federal crackdown on secret cash home deals and strengthening anti-money laundering rules around the world, criminals will have to find another place to stash their cash.<br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As Kinney <\/span><a href=\"http:\/\/www.usatoday.com\/story\/money\/2016\/01\/13\/feds-target-secret-high-end-real-estate-deals\/78749198\/\" target=\"_blank\"><span style=\"font-weight: 400;\">told<\/span><\/a><span style=\"font-weight: 400;\"> USA Today in January, &#8220;That&#8217;s not what we want for our market.&#8221;<\/span><\/p>\n<p><em>Image courtesy of Action Realty of Sarasota<br \/>\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Crimes Enforcement Network announced a new strategy in crime-fighting: Track those who pay all cash for high-end residential real estate. <\/p>\n","protected":false},"author":78,"featured_media":3693304,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1749,1],"tags":[],"class_list":["post-3692191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hlrn","category-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A New Law Will Track Criminals Who Stash Cash in High-End Mansions and Condos<\/title>\n<meta name=\"description\" content=\"The Financial Crimes Enforcement Network announced a new strategy in crime-fighting: Track those who pay all cash for high-end 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