a handy receptacle

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Slate's Isaac Chotiner discusses the key signs of money laundering, beginning with the WaPo story observing that "Donald Trump used cash for many of his real estate transactions in the decade before he became president" [see here]. Chotiner comments that "it's worth trying to understand what exactly money laundering is, and what role it plays in the real estate world:"

To find out, I recently spoke by phone with Peter D. Hardy. He is a partner in the white-collar defense group at the law firm Ballard Spahr, a former federal prosecutor, and the curator of Ballard Spahr's blog Money Laundering Watch.

After some details (explaining 18 U.S.C 1956, and 18 U.S.C. 1957, for example), this exchange is particularly interesting:

Why is real estate seen as a fertile business for money launderers?

Because it is a traditional transaction. Buying real estate is something that a lot of people do and is regarded, generally speaking, as a good investment. The United States real estate market has been very, very hot. So from a pure economic standpoint it makes sense. And it's a vehicle where if you have a lot of money, or a lot of proceeds that you want to unload, it is a pretty good receptacle to do so. It is just kind of handy. And if you are asked, it is easy to provide a seemingly innocuous explanation, which is, "I am investing in real estate along with many other people."

Or influencing heads of state, perhaps...if your transactions are of sufficient scale.

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This page contains a single entry by cognitivedissident published on May 9, 2018 8:33 AM.

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