Featured Real Estate

Toronto Seen as ‘Destination’ for Money Laundering: Watchdog Groups

Loose reporting requirements and lax enforcement have made the Canadian housing market particularly appealing to international money launderers, three watchdog groups said in a report Thursday. Under Canada’s anti-money laundering (AML) rules, real estate agents, brokers and developers need not always determine the beneficial owners or sources of funds from… Read More

HMRC Launches Money Laundering Crackdown on Estate Agents

UK regulators conducted unannounced inspections of 50 estate agents and disclosed fines against Countrywide and other businesses as part of a crackdown on money laundering, HM Treasury said Monday. The surprise reviews by HM Revenue & Customs (HMRC) officers targeted estate agents suspected of failing to register as… Read More

Judge denies Hawaii’s move to get Airbnb host records

AP — A judge on Thursday denied Hawaii’s move to compel Airbnb to hand over a decade of vacation rental receipts as the state examines whether hosts have been paying the equivalent of hotel and sales taxes. Hawaii First Circuit Court Judge James Ashford said the… Read More
25th January 2019
A solicitor who provided conveyancing services for a gang of drug dealers and fraudsters and helped launder their dirty cash has been jailed for seven years. Police discovered the Handforth-based professional’s activities while investigating the operation of an organised crime gang that had been laundering the proceeds of their criminal… Read More
8th January 2019
Up to 47 properties and numerous vehicles were seized in a police crackdown on a drug dealers’ network which involved investing drug money in the property market. In a joint operation between police in Spain, Italy, Argentina and Europol, almost 50 suspects were arrested regarding the gang’s activities, which… Read More
21st December 2018
Criminals are able to use Germany’s real estate sector to launder billions of euros annually as its laws and resources for authorities are out of step with the swift movement of corrupt cash, a new study has found. It is estimated that 15 to 30 percent of all criminal assets… Read More
30th November 2018
AP — President Donald Trump’s former lawyer, Michael Cohen, confessed in a surprise guilty plea Thursday that he lied to Congress about a Moscow real estate deal he pursued on Trump’s behalf during the heat of the 2016 Republican campaign. He said he lied to be… Read More
28th November 2018
A longtime favorite vehicle for money launderers, real estate as a means of hiding illicit proceeds has gained renewed attention by regulators and legislators throughout the world. Real estate was an $8.5 trillion market in 2017, which warrants regulatory scrutiny and enhanced transparency for an industry exposed to the downstream… Read More
23rd November 2018
Amsterdam detectives have arrested a 24-year-old man on suspicion of money laundering after they found €350,000 inside a washing machine at a house in New West. According to the municipal administration, no one lived at the house, said the police, who were conducting checks for unregistered residents when they came… Read More
2nd November 2018
The United Kingdom has published its strategy to tackle money laundering and other serious crime, outlining a crackdown on professional enablers and sectors targeted by launderers, such as public schools. Officials estimate that billions are laundered through the UK annually, impacting its reputation and economy. Under its Serious and Organised… Read More
29th October 2018
The British government has launched a drive to get the property sector to file more suspicious activity reports (SARs), as part of a campaign to combat money laundering across a number of professions, including law and accounting. British real estate is regarded as one of the main sectors that… Read More
9th October 2018
Investment funds in commercial property should suspend trading when valuations become uncertain, Britain’s Financial Conduct Authority proposed on Monday in draft rules to apply lessons from a market run after the Brexit vote. The FCA proposed a package of rules and guidance for funds that hold illiquid assets including commercial… Read More
21st September 2018
Officers from the United Kingdom’s National Crime Agency’s (NCA) International Corruption Unit (ICU) have arrested a former Pakistani politically exposed person (PEP) and his wife over alleged money laundering. The funds in question are believed to have been acquired as a result of corruption in Pakistan, said the NCA, which… Read More