Feds Crack Down on Rich Foreigners’ Favorite Money-Laundering Scheme


Keith Pattiz assessed a new Federal effort to identify buyers who use shell companies to make all-cash purchases of expensive real estate in New York and Miami, noting that “the impact on the high-end condominium market is inevitable. Any time you tell people, ‘Your transaction will be disclosed to the federal government,’ one would assume it has a chilling effect.” Read the full article.