Featured Real Estate

Exiled Congo opposition leader’s fraud conviction overturned

An appeals court has overturned a conviction of exiled Congolese opposition leader Moise Katumbi for real estate fraud, ruling that the trial court had been pressured by former President Joseph Kabila’s government, Katumbi’s lawyer said on Friday. Katumbi, the former governor of Democratic Republic of Congo’s copper-mining Katanga region, was… Read More

Two UK Agencies Outline Plans to Fight Financial Crime in 2020

The UK in the coming year will seek to extend a senior management accountability program to new firms, toughen its oversight of professional bodies and reform how it processes suspicious activity reports, two agencies disclosed. The Financial Conduct Authority (FCA) said in a 2019/2020 business plan published Wednesday that… Read More

UK Launches 5AMLD Consultation with Eye on Post-Brexit Era

The United Kingdom is seeking input on its planned implementation of the European Union’s fifth anti-money laundering directive (5AMLD) as the government continues to negotiate an exit from the economic bloc. In a consultation paper published Monday, HM Treasury said it would seek stakeholder commentary on the directive through… Read More
15th April 2019
European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More
15th April 2019
Finance ministers and other national representatives approved an indefinite extension of the Financial Action Task Force’s mandate, including revisions that increase the group’s presidential terms by a year. The open-ended mandate, which takes effect in 2020, comes as the Paris-based intergovernmental organization marked its 30-year anniversary in a ministerial meeting… Read More
9th April 2019
The Financial Action Task Force is expected this month to lengthen the terms of its presidential and vice-presidential tenures and consider revisions to its mandate, the organization said in a report Monday. The Paris-based intergovernmental group, known as FATF, is set to approve a proposed “enhancement” of its rotating presidencies… Read More
8th April 2019
AP — A top Croatian court has increased to six years the corruption sentence against former Prime Minister Ivo Sanader and ordered his immediate imprisonment. Sanader was transferred to a Zagreb prison on Thursday evening after the court upheld prosecutors’ appeal of the 2017 sentence of four and one-half years in… Read More
3rd April 2019
The government of Canada’s British Columbia introduced legislation Tuesday that would require corporations, trusts and other legal entities to name the true owners of real estate they currently own or are in the process of buying. If implemented, the Landowner Transparency Act would create the country’s first public registry of… Read More
27th March 2019
Kazakhstan’s BTA Bank JSC has filed a lawsuit accusing a New York real estate developer of helping to launder tens of millions of dollars through a Trump-branded property and other U.S. businesses. The complaint, filed Monday in the Southern District of New York, alleges that wealthy Kazakh businessman Ilyas Khrapunov… Read More
25th March 2019
Mexico is developing rules that would cap the amount of cash that can used to buy real estate, Finance Minister Carlos Urzua said on Friday, part of a push to reduce the use of physical currency in a country rife with money laundering and corruption. Urzua, speaking at a banking… Read More
22nd March 2019
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
5th March 2019
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
8th February 2019
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