Individuals who cloak themselves behind offshore legal entities and trusts to acquire real estate in the EU will have to identify themselves under an anti-money laundering regulation that the bloc's executive branch, the European Commission, will unveil Tuesday. The 66-page regulation, which comprises part of a broader plan by the Commission to expand and make beneficial-ownership and other AML rules more uniform across the EU, will require offshore companies, trusts and other corporate entities to disclose their true owners for inclusion on nationally administered databases of ownership information. "Complex money laundering schemes using corporate structures often involve entities incorporated in...
The rigor with which real estate agents, notaries and even bankers in Germany pinpoint and report suspicious property transactions has come into question amid indications that criminals are increasingly using residential and commercial land deals to launder their profits, say sources.
COVID-19 may have crippled global trade, but a spate of arrests and seizures in Belgium show that drug trafficking and related cash flows in Europe have not stopped as a result, according to the country's financial intelligence unit, CTIF.
Real estate professionals in France were ordered Thursday to begin thoroughly vetting parties involved in property acquisitions to account for a higher likelihood for illicit finance amid the novel coronavirus pandemic.