Real Estate | Page 5 | The FACT Coalition

The Miami Herald: Crackdown on dirty money shook Miami real estate. Now, Rubio wants to take it national

July 31, 2018

In a move with significant implications for the U.S. housing market, Florida Republican Sen. Marco Rubio is seeking to take a Treasury Department crackdown on dirty money in luxury real estate and expand it from a few high-priced enclaves to the entire nation.

Rubio says his proposal is an attempt to root out criminals who use illicit funds and anonymous shell companies to buy homes — a form of money laundering that hides the cash’s tainted origin from law enforcement and banks. The widespread practice enables terrorism, sex trafficking, corruption, and drug dealing by providing an outlet for dirty cash, according to transparency advocates.

Priced Out: How Anonymous Companies Contribute to the Rising Cost of Housing

April 4, 2018

Home ownership is a quintessential part of the American dream. Now, nearly a decade after the housing market crash this dream for many Americans is still just that: a dream. Housing costs are rising far faster than wages—burdening renters. Residential properties are becoming prohibitively expensive—forcing out residents who may have called them home for decades.

To add insult to injury, the loss of affordable housing has been spurred by the use of anonymous shell companies. Bad actors or rich speculators use these companies to bid up prices on properties and then use them as a “bank” rather than a home—all without identifying who they are or where the money came from to purchase the property.

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.