Department of Treasury Now Requires Reporting of
Properties Sold for $2,000,000 or More in Certain California Counties
The U.S. Department of Treasury Financial Crimes Enforcement Network announced its renewal of its Geographic Targeting Orders that requires title companies to identify natural persons behind shell companies who are paying all cash for higher residential properties in six (6) areas throughout the country. Those areas include the following counties: Los Angeles; San Francisco; San Mateo; Santa Clara; and San Diego. In San Francisco, the reporting requirement is triggered at $2,000,000. This requirement is to prevent fraud and money laundering.
Shannon B. Jones, Partner, sbj@sbj-law.com