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Feds Crack Down On Bay Area Luxury Home Buyers Using Shell Companies

Published Friday July 29


Photo: Sanfrancisco Cbslocal

SAN FRANCISCO — Amid increasing concerns that shell companies are hiding stolen or ill-gotten funds in the United States’ luxury residential proper estate market, the federal government is cracking down by requiring the buyer’s identity be revealed in all-cash luxury residential house sales, including those in the San Francisco Bay Area.

The whole new albeit it temporary, regulations will descend on 5 Cal. counties in Aug marking the 2nd phase of a program launched by the USA Department of the Treasury’s Financial Crimes Enforcement Network .

Article length: About 470 words.
Tags: San Mateo

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