Insights

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.

Sanctions Monthly Update – September 1, 2021

Course Duration: 10 minutes
Course Points: 10

In this month’s Sanctions Update, international sanctions lawyer Nicholas W. Turner, Of Counsel, Steptoe & Johnson LLP summarises the latest developments around economic sanctions in August, including:

  1. Updates on developments in Afghanistan
  2. Postponing of measures to incorporate the Anti-Foreign Sanctions Law into the Hong Kong law
  3. Belarus-related co-ordinated sanctions
  4. Potential developments in Australia following an announcement by the Ministry of Foreign Affairs
  5. Two OFAC settlements targeting foreign financial institutions operating in the UK and Romania

Sanctions Monthly Update – August 5, 2021

Course Duration: 7 minutes
Course Points: 5

International sanctions lawyer Nicholas W. Turner, Of Counsel, Steptoe & Johnson LLC provides a round-up of the latest developments around economic sanctions in July and early August.

In this monthly update, as of August 4, 2021, Nick covers:

  1. The developments around the US-China relationship, especially relating to Hong Kong
  2. New sanctions by the US government in Cuba under the Global Magnitsky Act
  3. SDNs designated in Syria and Myanmar in July by the OFAC
  4. Key learnings from two settlements issued by the OFAC in July relating to a Swedish manufacturer and an online payments company in the US.

LexisNexis APAC 2020 True Cost of Compliance – Key Findings

Course Duration: 15 minutes
Course Points: 15

The cost of financial crime compliance has risen significantly according to the 2020 LexisNexis Risk Solutions True Cost of Financial Crime Compliance Study, Asia Pacific (APAC) Edition. Across all financial institutions in Asia-Pacific study countries of India, Indonesia, Philippines and Singapore, the annual projected cost of financial crime compliance is $12.06B for 2020, with the greatest year-on-year increase being shouldered by larger Filipino and Singaporean financial institutions.

In this course, Douglas Wolfson, Director of Financial Crime Compliance Commercial Strategy, LexisNexis Risk Solutions presents the key findings of 2020 True Cost of Financial Crime Compliance Study for Asia Pacific (APAC) as well as for four countries within APAC – The Philippines, Singapore, India and Indonesia.

To download the report, visit: https://risk.lexisnexis.com/global/en/insights-resources/research/true-cost-of-financial-crime-compliance-study-apac

Sanctions Monthly Update – July 12, 2021

Course Duration: 10 minutes
Course Points: 10

International sanctions lawyer, Nick Turner, Of Counsel with Steptoe and Johnson LLP provides a monthly round-up of the recent developments in economic sanctions in June and early July 2021.

Updates covered by Nick:

  • Passage of the Anti-Foreign Sanctions Law by the National People’s Congress Standing Committee in China
  • US government package on Xinjiang related measures focused on the solar industry and Withhold Release Order issued by the Customs and Border Protection
  • Updates on coordinated sanction on Belarus including sectoral sanctions imposed by the European Union
  • New set of sanctions imposed by the UK, European Union, Switzerland and the US on Myanmar
  • General licenses issued by OFAC in June for Covid-19 relief specifically in Venezuela, Iran and Syria

Sanctions Monthly Update – June 4, 2021

Course Duration: 10 minutes
Course Points: 10

International sanctions lawyer, Nick Turner, Of Counsel with Steptoe and Johnson LLP provides a monthly round-up of the recent developments in economic sanctions in May 2021.

Updates covered by Nick:

  • Amendment to Executive Order 13959 around Communist Chinese Military Companies (CCMCs)
  • Co-ordinated action from the US and European Union expected against Belarus
  • The State Administrative Council (SAC) of Myanmar and 16 related individuals sanctioned by OFAC
  • Report issued by the US Treasury Department under section 5B of the Hong Kong Autonomy Act
  • Opinion from the Advocate General of the EU Court of Justice on the interpretation of the EU Blocking Statute in the context of US secondary sanctions on Iran

Sanctions Monthly Update – May 6, 2021

Course Duration: 10 minutes
Course Points: 10

International sanctions lawyer, Nick Turner, Of Counsel with Steptoe and Johnson LLP provides a monthly round-up of the recent developments in economic sanctions in April and the first week of May 2021. 

Learn about:

  • Preliminary injunction in favour of Chinese company Luokung Technology
  • Russia-related sanctions package under Executive Order 14024 and Directive 1
  • Sanctions on Myanmar military entities
  • UK government’s Anti-Corruption Sanctions Regime
  • Recent OFAC sanctions enforcement cases

Insights: The Autonomy of Financial Intelligence Units

Daniel Thelesklaf, International AML/CFT and Anti-Corruption Expert will provide a strategic view on the issue of autonomy within Financial Intelligence Units (FIUs) and the positive characteristics of an independent FIU.

Operational independence is the backbone of the AML regime of all countries. Especially in the suspicious transaction reporting regime, where the FIU acts to protect the privacy and human rights and the legitimate interests of citizens as well as of financial institutions and their clients, it’s autonomy is a critical issue.

Daniel also discusses the role of the Egmont Group in supporting FIUs and ensuring a compliance mechanism amongst its FIU members.

Updated: April 2021
Duration: 27 minutes
Course Points: 25

Trainer: Daniel Thelesklaf, International AML/CFT and Anti-Corruption Expert
View Trainer Bio

Sanctions Top-5 for the week ending March 26, 2021 by Nicholas Turner

Course Duration: 4 minutes
Course Points: 5

This series on Sanctions Top-5 by Nicholas Turner, Of Counsel, Steptoe & Johnson LLP covers top five sanctions related news across the globe, with an episode released each week.

In the week ending March 26, 2021, China sanctions US, EU, UK, Canadian officials; US teams up with EU, UK, Canada for Xinjiang sanctions; US and UK sanction Myanmar military companies; Canada piles on with Russia sanctions; Another OFAC settlement.

Sanctions Top-5 for the week ending March 19, 2021 by Nicholas Turner

Course Duration: 4 minutes
Course Points: 5

This series on Sanctions Top-5 by Nicholas Turner, Of Counsel, Steptoe & Johnson LLP covers top five sanctions related news across the globe, with an episode released each week.

In the week ending March 19, 2021, EU, US, UK, Canada announce Xinjiang-related sanctions. Also in this week’s sanctions news: State Department goes to the mat with Hong Kong sanctions report; OFAC settles with Ohio company over Iran shipments; Malaysia extradites North Korean on US charges; Man gets hefty prison sentence for Venezuela sanctions breaches.

Scroll to Top