fbpx

GTO’s – Laundering Real Estate

Randy Gilbert, J.D.

Chief Happiness Officer

Florida’s Title Insurance Company

Website: https://FTIC.net

Email: [email protected]

Phones: [954.500.8485]; (954) 500-T.i.t.l.e (8485)

[786.500.8485]; (786) 500-T.i.t.l.e (8485)

[561.500.8485]; (561) 500-T.i.t.l.e (8485)

Addresses: 1720 Harrison Street, Penthouse B

Hollywood, FL 33020

and

2600 Island Blvd., CU-1

Aventura, FL 33160

 

The U.S. Treasury commissioned FinCen (Financial Crimes Enforcement Network) under the Bank Secrecy Act to combat: money laundering, tax evasion, drug trafficking, corrupt officials, financial crimes, and terrorist networks. Money laundering is the process of disguising assets with apparently legal sources. Real estate purchased through shell companies with cash are attractive avenues for criminals to launder illegal proceeds while masking identities.

$10K Run. Businesses receiving $10,000.00+ in cash must report using IRS Form 8300.

$300K GTO, Geographic Targeting Orders (GTOs) issue every 180 days and until November 2018 were confidential.  Currently, the GTO requires identities of all “Beneficial Owners” (i.e. those who directly or indirectly own 25% or more equity) of a “Legal Entity” (e.g. Corp., LLC, partnership, other business entity, or trust) used to purchase “Residential Real Estate” be reported within thirty (30) days of closing to FinCen if: (1) the amount is $300,000.00 or more; (2) in Dade, Broward, or Palm Beach Counties; (3) without a bank loan or similar external financing; and (4) purchased in part using currency; cashier’s, certified, traveler’s, personal, or business check; money order; funds transfer; or virtual currency. “Residential real estate” seems broadly construed as it likely includes: “A residential structure that contains 1-4 units, including, if used as a residence, an individual condominium unit, cooperative unit, mobile home or trailer; or residential real estate upon which such a structure is constructed or intended to be constructed.” See, 31 CFR §1010.100(LLL).  The report must include a copy of a license or passport.

No Attorney-Client Privilege.  Information for completing a GTO report cannot be withheld.  US v. Leventhal, 961 F.2d 936 (11th Cir. 1992)

Penalties.  Penalties range from $500-$100K plus 5 years in jail.

FTIC is a national award winning title insurance company known for its white glove customer service.

You May Also Like

Questions To Ask Before Choosing A Periodontist

Mark McCawley, DMD, MS, FACD Tom McCawley, DDS, FACD McCawley Center for Laser Periodontics, Implants and Breath Treatment 800 E. Broward Blvd. Fort Lauderdale, FL 33301 954-522-3228 Mccawley.com 1. Are you a pioneer in laser treatment with several published research studies? We had the first Nd:YAG laser in the country in 1990. We have been

Dr Tom McCawley
For the Love Of Food

Lenore Nolan Ryan Catering & Cooking School Galt Ocean Plaza 3311 North Ocean Blvd, Ft Lauderdale, FL 33308 954.491.2340 lenorenolanryan.com Are you a Foodie? Are you an Epicurista? Are you a Culinarian? Are you a Gourmand, a Gourmet? What does it all mean? Are you one? Are you one and don’t know it? Do you

Lose Weight Fast

Carolyn Zaumeyer Nurse Practitioner LowTE Florida 4540 N. Federal Highway Fort Lauderdale, FL 33308 954.791.4498 lowteflorida.com That sounds too good to be true! However, I have seen it time after time. Do you have 3 weeks that you can focus on YOU and on YOUR weight loss? Most of my patients have lost 10-20 pounds

Carolyn z
Why It’s Crucial to Address Gum Disease for Overall Health

Mark McCawley, DMD, MS, FACD Tom McCawley, DDS, FACD McCawley Center for Laser Periodontics, Implants and Breath Treatment 800 E. Broward Blvd. Fort Lauderdale, FL 33301 954-522-3228 mccawley.com It’s vital to tackle gum disease promptly, as it’s not just about keeping a healthy smile but also about safeguarding your overall health. The issue begins with

Dr Tom McCawley

Other Posts

Give the Gift Of Health

Carolyn Zaumeyer Nurse Practitioner LowTE Florida 4540 N. Federal Highway Fort Lauderdale, FL 33308 954.791.4498 lowteflorida.com Do you or someone you know not feel or look their best? A simple hormone, vitamin and or thyroid correction could make all the difference! A blood testis the first step in getting you back to your old self

Carolyn z
Thanksgiving ABC’s

Lenore Nolan-Ryan Lenore Nolan Ryan Catering & Cooking School Galt Ocean Plaza 3311 North Ocean Blvd, Ft Lauderdale, FL 33308 954.491.2340 lenorenolanryan.com The key to pulling off the biggest meal of the year, and enjoying it is to call me! I’m here to help! Scenario: You’ve picked up the packaged dinner and it’s ready for

Laser Treatment Of Gum Disease

Mark McCawley, DMD, MS, FACD Tom McCawley, DDS, FACD McCawley Center for Laser Periodontics, Implants and Breath Treatment 800 E. Broward Blvd. Fort Lauderdale, FL 33301 954-522-3228 mccawley.com Gum disease (also known as periodontal disease) is a bacterial infection that causes the gums to detach from the teeth and the surrounding bone to be progressively

Dr Tom McCawley
How to Eliminate Bad Breath

Mark McCawley, DMD, MS, FACD Tom McCawley, DDS, FACD McCawley Center for Laser Periodontics, Implants and Breath Treatment 800 E. Broward Blvd. Fort Lauderdale, FL 33301 954-522-3228 mccawley.com Welcome to our new column, we are Drs. Tom and Mark McCawley. We specialize in laser periodontics, dental implants, and bad breath treatment. For 50 years we

Dr Tom McCawley