Secret Buyers of Real Estate Targeted

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In an unprecedented move, the Treasury Department will begin identifying and tracking cash sales of real estate in an effort to expose money laundering and secret buyers of high-end properties.

Questions:
1.At which locations will the new initiative begin?
2. Is the use of shell companies legal in real estate?
3. How will the real estate deals be tracked (e.g. via paper trail or e-documents)?
4. Do you see any way around these proposed procedures?
5. Why is the real estate industry worried about this move by the federal government?

Source:
Story, L (2016). U.S. Will Track Secret Buyers of Luxury Real Estate. The New York Times, Jan. 13 (Retrievable online at http://www.nytimes.com/2016/01/14/us/us-will-track-secret-buyers-of-luxury-real-estate.html)