Jenner & Block

“FinCEN Investigates Secret Real Estate Buyers in Chicago,” Chicago Daily Law Bulletin

In this article, Jenner & Block Partners Reid J. Schar, Wade A. Thomson and Sarah F. Weiss explain that the Financial Crimes Enforcement Network, a unit of the US Treasury Department, recently announced that it was renewing its regulation targeting secret buyers of residential real estate properties in various cities.  The authors describe the order and its implications.  “FinCEn‘s concern about beneficial owners in residential real estate stems from the fact that certain high-net-worth individuals have used LLCs and other structures to purchase expensive real estate in cash, thereby concealing their identities and avoiding the need to disclose background information to banks in mortgage loan applications,” they observe.