Real Estate Brokers/Developers Awareness

Lakshmi Kumar and Kaisa de Bel, Global Financial Integrity on U.S. Real Estate Money Laundering

Course Duration: 19 minutes
Course Points: 15

In this Partner Video, Lakshmi Kumar, Policy Director, Global Financial Integrity and Kaisa de Bel, Policy Analyst, Global Financial Integrity present the main highlights of the report on ‘Acres of Money Laundering: Why U.S. Real Estate is a Kleptocrat’s Dream’, which provides a comparative analysis of real estate money laundering regulations in the G7.

This report explores the world of global money laundering and demonstrates the ease with which criminals choose the U.S. real estate market as their preferred destination to hide and launder proceeds from illicit activities.

Lakshmi and Kaisa speak about the main findings of the report and their applicability across other jurisdictions. They discuss likely policy responses from the government and international agencies.

The report uncovers many interesting findings:

  • From cases reported in the last five years, over USD 2.3 billion have been laundered through the real estate sector in the U.S.
  • Real estate money laundering is a problem that spans the entire U.S., and not just the high value markets.
  • Over 80 per cent of the money that is being laundered in the U.S. through the real estate sector came from outside the U.S.
  • Over 50 per cent of the cases involved a Politically Exposed Person (PEP).
  • Almost 37 per cent of the cases involved commercial real estate.
  • The use of anonymous shell companies and complex corporate structures continues to be the number one money laundering typology.

AMLC Philippines: Recently Approved Amendments to DNFBP Guidelines

In this video recorded on 08 June 2021, Atty. Mel Racela, Executive Director, Anti-Money Laundering Council (AMLC) Secretariat, Philippines highlights the pertinent revisions, important deadlines and regulatory expectations around the recently approved Amendments to the Designated Non-Financial Businesses and Professions (DNFBP) Guidelines.

Watch the video to learn about:

  1. Pertinent provisions in the scope, CTR thresholds and definition of terms
  2. Covered and suspicious transaction reporting and indicators
  3. Registration requirements and AMLC hotline numbers for assistance
  4. Important deadlines
  5. Regulatory expectations
  6. Key takeaways

Expert Speak: Daniel Thelesklaf, Former FIU Head, Switzerland & Former Co-Chair of the European ICRG Joint Group

Course Duration: 60 minutes
Course Points: 60

Daniel Thelesklaf, Former FIU Head, Switzerland & Former Co-Chair of the European ICRG Joint Group talked about the critical success factors for the Philippines to help them avoid the FATF Grey List. He shared practical recommendations for the Philippines to avoid the International Co-operation Review Group (ICRG) process.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: Mariano Federici, K2 Intelligence, Financial Integrity Network

Course Duration: 37 minutes
Course Points: 35

In this presentation, Mariano Federici, Former Chair of Egmont Group of FIUs and Vice President at K2 Intelligence, Financial Integrity Network talked about ways of maximizing Public Private Partnerships. He discussed how financial intelligence/information sharing partnerships (FISPs) allow regularly convened public private dialogue on financial crime threats towards building a common understanding of risks, threats and vulnerabilities affecting the national AML/CFT system.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: Theresa Karunakaran, Ex-Reserve Bank of India

Course Duration: 42 minutes
Course Points: 40

Theresa Karunakaran, Former Director Regulatory Affairs Deutsche Bank AG and Former General Manager – Department of Supervision, Reserve Bank of India talked about Conducting Institutional Risk Assessments in this presentation. She began by emphasizing on the importance of a Sound money laundering/ terrorist financing risk management, and then talked about the must haves for an organization to handle risk.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: Atty. Mel Georgie B. Racela, Anti-Money Laundering Council Secretariat

Course Duration: 13 minutes
Course Points: 10

Atty. Mel Georgie B. Racela, Executive Director, Anti-Money Laundering Council Secretariat divided his presentation into three parts:

  1. Amendments to the 2018 implementing rules and regulations (IRR), the majority of which are based on the recommendations contained in the 3rd round of ME report.
  2. Sanctions Guidelines, issued to improve the low level of Effectiveness under Immediate outcome (IO) 10 (Terrorist Financing Preventive Measures and Financial Sanctions), FATF Recommendation 6, in relation to Immediate Outcome 10 and to meet International Best Practice.
  3. Enforcement Guidelines, used when circumstances surrounding the non-compliance warrant a less severe form of supervisory action and the CPs exhibit willingness to voluntarily address compliance issues within a reasonable period of time and without the necessity of referral of an ROC to the LEG under the RPAC.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: Eden Dema, Fantasia Hamtsham Consultancy

Course Duration: 26 minutes
Course Points: 25

Eden Dema, Founder, Fantasia Hamtsham Consultancy and Former Deputy Governor, Royal Monetary Authority of Bhutan talked about Balancing Financial Integrity and Financial Inclusion. She covered traditional barriers to financial inclusion and shared opportunities to improve financial inclusion.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: Marco De Simoni, Financial Intelligence Unit, Italy

Course Duration: 33 minutes
Course Points: 30

Marco De Simoni, Advisor, Financial Intelligence Unit, Italy talked about SupTech and shared Recommendations for Supervisors to Leverage Data and Technology. He also talked about the challenges associated with the use of Suptech tools.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: Pamela Clegg, CipherTrace

Course Duration: 36 minutes
Course Points: 35

In this presentation, Pamela Clegg, Director of Financial Investigations & Education, CipherTrace talked about Investigation, Seizure and Confiscation of Virtual Assets. She shared findings from The CipherTrace Cryptocurrency Intelligence Report and talked about handling risky Virtual Asset Service Providers (VASPs).

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

Expert Speak: Nicholas McTaggart, The Murinbin Group

Course Duration: 42 minutes
Course Points: 40

In this presentation, Nicholas McTaggart, Founder, The Murinbin Group talked about the challenges faced across the globe in Asset Tracing and Recovery. He also shared some good practices in asset tracing and confiscation.

This presentation was part of the AMLC-Fintelekt AML/CTF Summit Philippines 2020, conducted virtually from November 23rd – 27th, 2020.

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