The US Treasury is increasing scrutiny of all-cash purchases of property in New York and Miami amid concerns about money-laundering.
The Financial Crimes Enforcement Network said on Wednesday that it would require title insurance companies to identify the natural persons behind companies paying cash for high-end real estate.
The order will come into effect on 1 March and will run until 27 August. It will apply to Manhattan properties worth more than $3m and Miami properties worth more than $1m, two areas that are prime destinations for foreign investment in property.
