News

Wednesday's extension of a six-year-old pilot program designed to reveal the owners of shell companies that buy expensive homes for cash in a limited number of U.S. metropolitan areas may be a precursor to a broader reporting requirement tied to real estate transactions. The U.S. Treasury Department's Financial Crimes Enforcement Network, or FinCEN, renewed its real estate-related geographic targeting order, or GTO, for a 13th six-month term amid longstanding concerns that kleptocrats, sanctions evaders and other criminals continue to launder vast sums into and through the U.S. high-end property market. The GTO requires title insurance companies to inform FinCEN of...