FinCEN Extends GTO Regarding Real Estate and Money Laundering

Richard Andreano Jr., Peter Hardy, Priya Roy
Ballard Spahr LLP
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To the surprise of no one, FinCEN announced today that it is extending the Geographic Targeting Order, or GTO, regarding real estate transactions.

FinCEN’s press release is here.  The new GTO is here.  It is identical to the most recently issued GTO.  This is a topic on which we previously have blogged extensively.

Arguably, this is just another step in the government’s seemingly inevitable march towards the issuance of regulations under the Bank Secrecy Act regarding real estate transactions.

If you are generally interested in the convergence of real estate and money laundering issues, then please check out Ballard Spahr’s detailed chapter, The Intersection of Money Laundering and Real Estate, in Anti-Money Laundering Laws and Regulations 2020, a publication issued by International Comparative Legal Guides (ICLG).

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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