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U.S. Will Track Secret Buyers of Luxury Real Estate
Concerned about illicit money flowing into luxury real estate, the Treasury Department said Wednesday that it would begin identifying and
tracking secret buyers of high-end properties.
The initiative will start in two of the nation’s major destinations for global wealth: Manhattan and Miami-Dade County. It will shine a light on the darkest corner of the real estate market: all-cash purchases made by shell companies that often shield purchasers’ identities.
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