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Aug 16 • 4 tweets • 2 min read
#GFIWeeklyGraphic

U.S. real estate continues to remain a favored destination for illicit activity.
Global Financial Integrity built a database of more than 100 real estate money laundering cases from the U.S., UK, & Canada reported between 2015-2020.

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The use of anonymous shell companies and complex corporate structures continues to be the number one money laundering typology.

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82% of US cases involved the use of legal entities to mask ownership, highlighting the importance of implementing a robust BO registry under the Corporate Transparency Act.

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Read full report here:
gfintegrity.org/report/acres-o…

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More from @IllicitFlows

Global Financial Integrity Profile picture
Aug 16
GFI comments to the @BRS_Kenya on the review of Beneficial Ownership (BO) framework.

Read the latest recommendations from @IllicitFlows by @wahomejackie & @LaksKumar_GFI

@TIKenya @ogpkenya

THREAD:

ow.ly/qCOa50KkMht.
Key recommendations:

1. Verification: To ensure accuracy of Beneficial Ownership information and to comply with FATF Recommendation 24, a provision that provides for a verification of Beneficial Ownership data.
2. Direct access for competent authorities: The @BRS_Kenya should therefore consider direct access to Beneficial Ownership information for competent authorities and in the course of public procurement.
Read 6 tweets
Global Financial Integrity Profile picture
Feb 28
US sanctions on #Russia following the invasion of #Ukraine include freezing assets such as real estate.
GFI found a significant % of money laundered through real estate comes from abroad & involves Politically Exposed Persons like those being sanctioned.🧵
gfintegrity.org/report/acres-o…
In the UK and Canada, GFI found top origins of foreign money laundered through real estate included Russia, as well as a significant number of Russian PEPs involved in this real estate money laundering.
One case GFI studied involved Russian Oligarch Dmytro Firtash who has close ties to Putin purchasing Brompton Road underground station from UK’s Ministry of Defense for $76.5 million in February 2014.
Read 4 tweets

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