WASHINGTON – The expansion of the Financial Crimes Enforcement Networks' focus on all-cash real estate purchases has been successful in uncovering suspicious activities and possible money laundering, the network's acting director, Jamal El-Hindi, said Monday.
Speaking at NAFCU's Congressional Caucus, El-Hindi said, FinCEN expanded the geographic scope of its all-cash reporting system earlier this year.
Originally, FinCEN required title companies to identify the natural persons behind shell companies that purchase high-end real estate without mortgages in Miami and Manhattan.
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