Forgot Password? | Print Page | Sign In | Create User Profile
News & Press: Industry News

FinCEN Extends GTOs without Disclosing Details

Tuesday, June 19, 2018  
Share |

The Financial Crimes Enforcement Network (FinCEN) denied a Freedom of Information Act (FOIA) request on Geographic Targeting Orders (GTOs) that took effect in May. When FinCen extended the Geographical Targeting Orders the agency decided not to make public the details of the order, including the affected areas or the start and end dates. In denying the FOIA request the agency cited an exemption from the federal law based on “the release of which would disclose techniques and/or procedures for law enforcement investigations or prosecutions or would disclose guidelines for law enforcement investigations or prosecutions if such disclosure could reasonably be expected to risk circumvention of the law.”

The GTOs compel title insurance companies to report on certain entities, such as shell companies, that are used in the purchase of residential real estate in specific geographic areas. Areas previously affected in California include the counties of Los Angeles, San Francisco, San Diego, San Mateo, and Santa Clara.

Additional information on previous GTOs can be found on the CLTA website.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851