New Events

International

no events posted in last week

Blog Feeds

Anti-Empire

Anti-Empire

offsite link US Sells Seized Iranian Oil for $40 Mill... Sat Oct 31, 2020 04:59 | AFP

offsite link Fury, Resistance in Europe Over New Doom... Fri Oct 30, 2020 15:43 | Giovanni Legorano

offsite link How Would You Spend Your Last Thanksgivi... Fri Oct 30, 2020 14:00 | A.J.Kay

offsite link Sudan Enters the Outside-in Accords Fri Oct 30, 2020 13:13 | JP Sottile

offsite link Armenia’s Anti-Russians Get Their Come... Fri Oct 30, 2020 10:27 | John Helmer

Anti-Empire >>

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link David Quinn’s selective tolerance

offsite link A Woulfe in judges clothing Anthony

offsite link Sarah McInerney and political impartiality Anthony

offsite link Did RTE journalists collude against Sinn Fein? Anthony

offsite link Irish Examiner bias Anthony

Public Inquiry >>

Spirit of Contradiction

offsite link The Party and the Ballot Box Sun Jul 14, 2019 22:24 | Gavin Mendel-Gleason

offsite link On The Decline and Fall of The American Empire and Socialism Sat Jan 26, 2019 01:52 | S. Duncan

offsite link What is Dogmatism and Why Does It Matter? Wed Mar 21, 2018 08:10 | Sylvia Smith

offsite link The Case of Comrade Dallas Mon Mar 19, 2018 19:44 | Sylvia Smith

offsite link Review: Do Religions Evolve? Mon Aug 14, 2017 19:54 | Dara McHugh

Spirit of Contradiction >>

Treasury Extends Anti-Money Laundering Luxury Real Estate Regulations

category international | economics and finance | news report author Thursday February 23, 2017 19:05author by Greg Williams Report this post to the editors

Treasury's Financial Crimes Enforcement Network (FinCEN) renewed requirements for title insurance companies to identify the real owners behind shell companies in six major metropolitan areas.

Treasury's Financial Crimes Enforcement Network (FinCEN) renewed requirements for title insurance companies to identify the real owners behind shell companies in six major metropolitan areas. These “Geographic Targeting Orders” started in 2016 and preliminary reporting found that 30% of buyers were involved in suspicious activity. Watchdog groups like Jubilee USA are concerned that real estate purchases in places like New York and Miami are ways for corrupt officials to launder money.

“It's good news that Treasury is renewing these reporting requirements. Luxury real estate transactions can be used to launder money stolen from developing economies,” explained Eric LeCompte, Executive Director of the religious development organization Jubilee USA. "Not only can unchecked real estate purchases support corruption and tax evasion, they also drive up real estate values that leave little room for affordable housing.”

FinCEN's order applies to New York City, Los Angeles, San Diego and the Miami, San Francisco and San Antonio metropolitan areas. According to a recent report from the research organization Global Financial Integrity, developing countries lose more to corruption and tax evasion than they receive in loans, aid and other sources combined. Last year's "Panama Papers" leak revealed how shell companies can facilitate corruption and tax evasion.

“Improving global transparency is essential to solving global poverty,” stated LeCompte who serves on United Nations expert groups that focus on the financial system.

Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org

© 2001-2020 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy