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US Treasury to track cash buyers of prime real estate

The veil of clandestine buyers behind shell companies of luxury real estate is now being lifted by the US Treasury Department with their recent announcement to order title insurance companies to report the identities of people paying cash for high-end properties in Manhattan. “Three million dollars in New York does not buy you a kleptocrat’s dream apartment,” commented Dan Nardello, CEO of Nardello & Co., to the Financial Times. To read the full Financial Times article, please click here:read more