Title insurance companies in Florida were required by the U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) to detect the secret all-cash buyers of seven-figure luxury condos in Miami-Dade County for cash in excess of $1 million. The measure was endorsed by FinCEN and other law enforcement agencies that all cash real estate transactions were being used by criminals for money laundering.
"If you fall into that category in the next three to five years, you will need to have anti-money laundering policies and procedures," anti-money laundering attorney Andres Fernandez said. "This targeting order is just the beginning."
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