Luxury High-Rise Real Estate Across New York's Central Park South
Luxury high-rise apartments are viewed across Central Park South near Columbus Circle in Manhattan.
Robert Nickelsberg–Getty Images
January 13, 2016 2:29 PM EST

Federal authorities on Wednesday announced new rules aimed at preventing criminals from using luxury real estate to hide their illegal proceeds.

The move requires title insurance companies to expose the people behind shell companies that use cash to buy the most expensive homes in New York and Miami, home to America’s most pricey real estate markets.

“We are seeking to understand the risk that corrupt foreign officials, or transnational criminals, may be using premium U.S. real estate to secretly invest millions in dirty money,” Jennifer Shasky Calvery, who runs the U.S. Treasury Department’s FInancial Crimes Enforcement Network and will oversee…

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