Feds to require buyers of luxury properties in L.A. County to reveal their true identities

Los Angeles has long attracted wealthy individuals willing to spend millions of dollars for a sprawling estate in the chaparral hills above the city or along its fabled coast. But in addition to movie stars, financial executives and foreign billionaires, Los Angeles real estate has also attracted criminals seeking to launder ill-gotten gains by purchasing its tony mega-mansions. Amid heightened concern that such individuals are using shell companies to hide stolen funds, the federal government is cracking down.
Read more: http://www.latimes.com/business/la-fi-llc-money-laundering-20160727-snap-story.html?source=Snapzu