FACT welcomes the release by Treasury of much-needed draft reforms closing loopholes that have, for decades, allowed international and domestic bad actors to launder money through U.S. real estate markets.
In his latest blog, FACT policy fellow Luke Rowe outlines the impact of widespread money laundering through real estate purchases on property values, social stability, and the environment, and details reforms necessary to tackle these crimes in Australia and the U.S.
Treasury begins accepting ownership information reports under the Corporate Transparency Act, the Foreign Extortion Prevention Act is signed into law, and the Biden Administration provides an update on long-awaited AML reforms for real estate and private investment markets.
It is imperative both for the U.S. to get its own affairs in order, as well as for the world to prioritize environmental crimes within the framework of the UNCAC. By leveraging its influence, the U.S. has the power to shape and bolster global efforts aimed at combating corruption by tackling environmental crimes.
New regulations tackling money laundering in the titanic U.S. real estate and private investment sectors are now expected in early 2024, per a fact sheet released by Treasury on the first day of this week’s UN anti-corruption conference in Atlanta.
FACT Policy Fellow Sofia Gonzalez interviewed Vivian Calderoni, Program and Research Coordinator at the Igarapé Institute, on the Institute’s work at the intersection of environmental and financial crime in Latin America.