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October 15, 2017

The Financial Crimes Enforcement Network (FinCEN), a division of the US Treasury Department, has announced that it is again extending the Geographic Targeting Order which first went into effect in 2016. The update includes some important changes to the existing requirements. Most notably, while purchases made by wire transfer were once exempt, such transactions will now need to be reported.

The order, which is intended to combat money laundering schemes by identifying individuals behind companies and other entities purchasing real estate, is now effective from the 22nd of September, 2017, to March 20, 2018, unless it is further extended in the future.

For more details, please see the attached link to the FinCEN website.