28 Nov 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 risks of criminal activity.
The primary money laundering risk for the real estate industry is lack of transparency, specifically with regards to cash transactions and purchases by ever-problematic shell companies.
Residual effects of real property purchased with illegal funds include artificial real estate market inflation and higher costs of living, especially in dense urban areas.
It seems that some governments are taking notice, and action, in some potentially meaningful ways.
Link to the full article.
Count reading this article to your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet