Kenneth Rijock

Kenneth Rijock

Tuesday, October 9, 2018

SENATORS CITE CONTINUING AND UNSOLVED PROBLEMS WITH MONEY LAUNDERING THROUGH REAL ESTATE



US Senators Sheldon Whitehouse and Chris Van Hollen, in a letter to the Comptroller General, detailed their concerns about the use of real estate to launder the proceeds of crime. The Senators, well aware of the power of the real estate industry, which has successfully managed to exempt real estate from both the Bank Secrecy Act and the Money Laundering Control Act. They have asked the Comptroller to examine the effect of the Geographic Targeting Orders (GTO) upon the anti-money laundering efforts of law enforcement and regulatory agencies.

Readers are urged to read the entire letter, which appears below.


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