US real estate, a prime destination for dirty money – report

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EMILY TIAN

HOMES in the famous Los Angeles county city Beverly Hills in the United States (US) are said to have been purchased with embezzled money.

Some have allegedly been bought with embezzled money by Kuwaiti officials.

A skyscraper in the heart of Manhattan is said to be controlled by the Iranian government as well as real-estate investments from a boutique firm that received millions of dollars from Columbian drug cartels.

All three examples are cited by a newly released report by Global Financial Integrity, a Washington-based think tank, which describes how dirty money has flowed through the US real-estate sector, which has proven popular for kleptocrats, criminals, and corrupt government officials to stash illicit funds.

The report stressed the need for more robust and targeted regulations and reform of current practices in real estate.

The conclusion was made after an analysis of a database of more than 100 real-estate money-laundering cases from…

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