FinCEN Renews Geographic Targeting Orders for Residential Real Estate Deals

FinCEN Renews Geographic Targeting Orders for Residential Real Estate Deals


By: Lisa H. Bebchick, Michael T. Gershberg, Lawrence Gerschwer, Janice Mac Avoy, Justin A. Schenck

On February 23, 2017, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) announced the renewal of the existing Geographic Targeting Orders (GTOs) issued in July 2016 relating to money laundering concerns in connection with all-cash purchases of high-end residential real estate properties.  The renewed GTOs cover the same geographic areas at the same monetary thresholds for certain real estate purchases in New York, Florida, California, and Texas.

The renewed GTOs took effect February 24, 2017, and will be in effect for 180 days (through August 23, 2017).

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