Department of Treasury Now Requires Reporting of Properties Sold for $2,000,000 or More in Certain California Counties

Department of Treasury Now Requires Reporting of

Properties Sold for $2,000,000 or More in Certain California Counties

The U.S. Department of Treasury Financial Crimes Enforcement Network announced its renewal of its Geographic Targeting Orders that requires title companies to identify natural persons behind shell companies who are paying all cash for higher residential properties in six (6) areas throughout the country. Those areas include the following counties: Los Angeles; San Francisco; San Mateo; Santa Clara; and San Diego. In San Francisco, the reporting requirement is triggered at $2,000,000. This requirement is to prevent fraud and money laundering.

Shannon B. Jones, Partner, sbj@sbj-law.com

Danville Office

208 W. El Pintado Road

Danville, CA 94526

Tel: 925.837.2317

San Jose Office

111 North Market Street, Suite 300

San Jose, CA 95113

Tel: 408.363.3635

Sacramento Office

8880 Cal Center Drive, Suite 400

Sacramento, CA 95825

Tel: 916.368.1000