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.

Expert Speak: Channing Mavrellis, Global Financial Integrity

Course Duration: 39 minutes
Course Points: 35

Channing Mavrellis, Illicit Trade Director, Global Financial Integrity speaks about Detecting Trade-Based Illicit Financial Flows in this presentation from Fintelekt Asia AML/CFT 3rd Annual Summit 2021, held virtually from July 5-9, 2021.

Conversations: Tom Cardamone, Global Financial Integrity

Course Duration: 28 minutes
Course Points: 25

In this video from the Fridays with Fintelekt series, Shirish Pathak, Managing Director, Fintelekt Advisory Services is in conversation with Tom Cardamone, President & CEO, Global Financial Integrity. Tom starts the conversation by giving an overview of the work Global Financial Integrity (GFI) is doing and their impact on the ecosystem, especially curbing the illicit financial flows across the globe. He talks about the difficulties associated with promoting transparency, transactional crime and corruption and further talks about customs corruption in trade transactions.

He shares how GFTrade (a cloud based database that enables customs officials and financial institutions to determine if goods are priced outside typical ranges) is helping governments and institutions globally to enhance integrity of trade. He concludes the conversation by sharing the challenges faced by GFI and the vision he has for GFI’s future.

Expert Speak: Lakshmi Kumar, Global Financial Integrity

Course Duration: 45 minutes
Course Points: 45

Lakshmi Kumar, Policy Director, Global Financial Integrity talked about Trade Based Money Laundering (TBML). The presentation covered key trends that are likely to be the areas of focus at the intersection of the Covid-19 pandemic with TBML and implementation of best practices.

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

Expert Speak: Lakshmi Kumar, Global Financial Integrity

Course Duration: 43 minutes
Course Points: 40

Lakshmi Kumar, Policy Director, Global Financial Integrity speaks about Trade-Based Money Laundering including specific typologies in South Asia and trade finance challenges in this presentation from Fintelekt’s South Asia AML/CFT 10th Annual Summit 2020 held virtually from December 7-9, 2020.

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