Secret buyers of high end real estate & AML regulations

Capture

It has always been a legal practice to buy luxury properties in the U.S without revealing buyers’ details (ex: name).

Now, the treasury department has mandated collection of such details as a part of its anti money laundering exercise, considering roughly $ 5 million were directed to shell companies ever since 2000.

A bubble within housing market growing at a rapid pace does not contribute to a stable macro-economy, and with declining prices of oil economies do experience modest contraction.

Thank you,

Rajesh Rachamalla

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s