Acres of Money Laundering – Why U.S. Real Estate is a Kleptocrat’s Dream
Featured Speakers :
Lakshmi Kumar is the Policy Director at Global Financial Integrity with several years of experience working on issues of financial policy, securities investigation, regulatory governance, anti-corruption, and anti-money laundering/terrorist financing.
Prior to joining GFI, Ms. Kumar was a lawyer and policy professional in India, working with governments and regulatory agencies across South Asia, East Africa, and Eurasia to investigate money laundering and terrorist financing risks to their financial systems. Her prior work includes drafting legislation to identify beneficial ownership for the financial sector in India, assessing and evaluating the robustness of the securities market in the Eurasian region for the Eurasian Group on Combating Money Laundering (EAG), and conducting investigations on sovereign wealth funds, procurement procedures, and other off-shore investment entities for fraud and terrorist financing risks. She received a Master of Arts in Law and Diplomacy from the Fletcher School at Tufts University, and a B.A, LL.B from the NALSAR University of Law, Hyderabad, India.
Kaisa de Bel is a Policy Analyst with Global Financial Integrity. In this capacity, she is currently part of an Africa-focused project that analyses illicit financial flows and beneficial ownership.
Prior to joining GFI, Ms. de Bel worked on projects related to human rights for the government of the Netherlands, and has conducted research on the connection between human rights and the financial housing market. Ms. de Bel graduated cum laude from Leiden University with a Bachelor of Science (BSc) in International Relations and a Bachelor of Laws (LLB). She also holds a Master’s degree in Law (LLM) from the University of Amsterdam with a Certificate in International Criminal Law from Columbia Law School, as well as a Diploma in Legal Studies from Oxford University, focusing on International Law and Criminal Justice.
Complimentary webinar, presented by Global Financial Integrity
In recent years, U.S. regulators have attempted to crack down on illicit financial flows into real estate, issuing Geographic Targeting Orders and boosting awareness of this vulnerability in the US AML regime. Has it worked, or is U.S. real estate still a safe haven for kleptocrats and financial criminals the world over?
Find out in this presentation exploring the findings of a fascinating new report from Global Financial Integrity (GFI), telling the story of why U.S. real estate continues to remain a favored destination for illicit activity.
GFI built a database of more than 100 real estate money laundering cases from the U.S., UK, and Canada, reported between 2015 – 2020. The database and accompanying regulatory analysis in this report provide conclusive evidence that the current U.S. regulatory approach, using temporary and location- specific Geographic Targeting Orders (GTOs), has critical shortcomings.
In this session, an expert from GFI guides you on key findings from the report and what they mean for financial crime risks in the U.S., including:
- Why U.S. real estate remains an attractive destination for corrupt public officials, sanctions evaders, and others
- The key role played by gatekeepers including attorneys, real estate agents, investment advisers, and employees of financial institutions in facilitating real estate money laundering
- How the majority of cases of involve areas outside of those covered by GTOs, indicating the limits of geographic targeting
- The role of commercial real estate in concealing illicit financial flows
- How the use of shell companies highlights the need for robust beneficial ownership registries
- And much more
This session is eligible for 1 CFCS credits.
Important note for ACFCS members: Please register using the same email address tied to your member account.