Federal Luxury Real Estate Deal Oversight on Verge of Expiration
The federal government previously identified South Florida's luxury real estate market as a potential hotbed for money laundering, but the initiative aimed at tracking illicit activity in that region is soon set to expire. Given the moratorium placed by the Trump administration on new regulations, Attorney Andres Fernandez doesn't expect drastic changes in the short term.
"A reasonable measure would be to extend and renew the [Geographic Targeting Order]," said Mr. Fernandez, noting that President Trump, despite his pro-business stance, has promised to support the law enforcement community.
READ: Federal Luxury Real Estate Deal Oversight on Verge of Expiration (subscription may be required)