US Treasury urged to scrutinise foreign real estate buyers
They should be screened for potential money-laundering risk: 17 non-profit groups
Thu, Mar 12, 2015 - 5:50 AM
The Time Warner Center in New York. Wealthy international buyers, including politicians and those who have been the targets of government inquiries, had used shell companies to purchase luxury New York condos.
PHOTO: TODD HEISLER/THE NEW YORK TIMES
IN a broad show of support for increased scrutiny of foreign real estate buyers in the United States, 17 nonprofit organisations on Tuesday urged the Treasury Department to require that the real estate industry verify the identities of buyers and screen them for potential money-...