By Elizabeth Hearst for AMLi
An explosive new report has found more than $2.3 Billion (€1.9 Billion) has been laundered through US real estate over a recent five year period.
The report, “Acres of Money Laundering: Why U.S. Real Estate is a Kleptocrat’s Dream” examined more than 100 real estate money laundering cases in the US, UK and Canada between 2015 and 2020.
The report highlights 50% of reported cases in the US involved politically exposed persons. “Gatekeepers” including attorneys, real estate agents and investment advisors are “integral facilitators” of real estate money laundering schemes, according to D.C. based think-tank, Global Financial Integrity (GFI).