Real Estate | Page 5 | The FACT Coalition

Letter from the National Association of Realtors Endorsing Beneficial Ownership Transparency.

February 6, 2018

Dear Chairman Grassley and Ranking Member Feinstein: On behalf of the 1.3 million members of the National Association of REALTORS® (NAR), I thank you for holding the hearing on “Beneficial Ownership: Fighting Illicit International Financial Networks Through Transparency.” REALTORS® appreciate the attention on policy that promotes national security and helps the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) mitigate risks posed to interstate and international commerce.

FinCEN Real Estate Effort Underscores Need to End Anonymous Companies

August 22, 2017

Statement by the FACT Coalition on Treasury Department Decision to Renew and Expand Geographic Targeting Orders to Identify Buyers in Luxury Real Estate
WASHINGTON, D.C. – The Financial Crimes Enforcement Network (FinCEN), a branch of the U.S. Treasury Department, announced Tuesday that it was renewing and expanding its temporary orders seeking to uncover illicit activity in the luxury real estate sector.

From Pakistan to Park Lane via Panama

August 2, 2017

How Prime Minister Sharif’s Family Used Anonymous Companies
Over a year on and the effect of the Panama Papers continues to reverberate.

Last week, the leaks claimed another political scalp: Pakistan’s Supreme Court has removed Prime Minister Nawaz Sharif from office. The leaks showed how Sharif and his children were linked to prestigious Park Lane apartments in London through a complex web of anonymously owned British Virgin Island (BVI) companies.

Letter to Rep. Stephen Lynch and Rep. Peter King Supporting H.R. 2426; Which Will Enhance our National Security

June 20, 2017

The Financial Accountability and Corporate Transparency Coalition (FACT Coalition) sent a letter to Rep. Lynch and Rep. King supporting the Secure Government Buildings from Espionage Act of 2017 (H.R. 2426), which will enhance our national security by requiring bidders for high-security leases to disclose their beneficial ownership information to the federal government. The full letter can be read below or downloaded here.

FinCEN’s Continued Effort to Purge Dirty Money from Real Estate Welcomed by Experts

February 23, 2017

Statement by the FACT Coalition on Treasury’s Decision to Renew Geographic Targeting Orders to Identify Buyers in Luxury Real Estate
WASHINGTON, D.C. – The Financial Crimes Enforcement Network (FinCEN), a branch of the U.S. Treasury Department, announced that it was renewing its temporary orders seeking to uncover illicit activity in the luxury real estate sector.

Just the FACTs: August 5, 2016

August 10, 2016

It’s no secret, secret shell companies are dangerous. A report by FACT member Global Witness in early July showed us how these companies are being used to defraud the federal government and put our armed forces at risk. This week, a new report from another FACT member, Fair Share Education Fund, exposed connections to shell companies and the opioid epidemic. The report, “Anonymity Overdose”, explains how ending the use of anonymous shell companies could make it significantly harder to keep drug profits hidden from law enforcement.

Likewise, shell companies are often used to launder illicit money through real estate. A geographic targeting order from the Treasury Department began collecting information on high risk purchases in two of the biggest U.S. housing markets back in March. According to an article in The New York Times, more than a quarter of the all-cash luxury home purchases made using shell companies in Manhattan and Miami were flagged as suspicious. The Treasury Department will now expand the program to other major housing markets across the country.