Senate call for probe into money laundering could create transparency
Responding to a presentation by Chuck Collins, delighted to help the Cambridge Residents Alliance pursue recommendations he made as well as other policy options proposed at their meeting last night. See excerpts from WSJ article and meeting last night:
Senators Seek Probe of Money Laundering in Real-Estate Market
http://bit.ly/SpecREProbe100418
EXCERPTS: “Residential real estate markets currently have fewer [anti-money-laundering] protections than lending financial institutions, presenting increased risk of access by foreign and domestic criminal organizations,” they wrote.
The real-estate industry has an exemption from the requirements under the country’s anti-money-laundering framework. Currently, no mandatory reporting requirements are placed on real-estate funds, title insurance or escrow agents, the senators said.
U.S. federal agencies, however, are starting to impose some requirements on the sector—in specific markets, on high-end, all-cash deals. The U.S. Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, has required title insurance companies since 2016 to file paperwork identifying the true, human owner of a company buying luxury property in New York City, Miami and several other major markets.
...Senators [are] consider[ing] a sanctions bill that also includes a provision that would take the title insurance data program national, and state and federal officials push legislation that would require limited liability companies to disclose their owners.
Link to 9/23/18 Facebook event featuring Chuck Collins
http://bit.ly/LuxRETaxFB
Bill Wendel Thu 1 Nov 2018 2:50PM
@billboehm Thanks so much for your nudge as it reminds me to prioritize iniviting you, Barbara, Lee, and Chuck to tune into the National Assoc. of Realtors convention this week in Boston. As we talk, I’d love to be sitting in the Smart Growth meeting but don’t have the $550 necessary to attend #NARannual as a non-member. However, it’s posdible to attend a single session for $90 and I’d recommend that one of us attend the session on the Globalization of real estate on Sunday at 3:30pm — see screenshot.
If you’d like a FREE EXPO pass, and want to learn more about #NARinBos18 from a local angle, follow this thread:
bill boehm · Thu 1 Nov 2018 2:01PM
Hi Bill and BarbaraForgive my long delay in getting back to you both.
I would still be interested in picking up the conversation on tracking wealth storage units in Cambridge, if you are.
I reached out to Chuck Collins after the CRA meeting (where we met) to get advice on a research protocol, but never heard back.
Lee Farris was going to try the same but i have not heard back from her either.
Let me know if either of you are interested in pursuing this.
Best, Bill
Bill Boehm617.521.9082
www.boehmarchitecture.com ( http://www.boehmarchitecture.com )