The Financial Crimes Enforcement Network (FinCEN) announced on August 22, 2017 that it will be targeting shell companies purchasing luxury properties for $2 million or more in the California counties of San Diego, Los Angeles, San Francisco, San Mateo, or Santa Clara. Luxury property purchases in certain counties in Texas, Florida, New York, and Hawaii will also be under scrutiny per FinCEN’s recent Geographic Targeting Order.

“Through this advisory and other outreach to the private sector, FinCEN, industry, and law enforcement will be better positioned to protect the real estate markets from serving as a vehicle to launder illicit proceeds,” said FinCEN Acting Director Jamal El-Hindi.

For more information, click here.