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In Real Estate, the Corruption Risks Can Be in the Details: Attorney
printThe real estate sector's vulnerabilities to money laundering and corruption extend beyond simple schemes to use illicit funds when purchasing property. In many cases, the third parties involved in such deals pose risks too, according to Amanda Raad, a partner at Boston-based Ropes & Gray International LLP. Within some jurisdictions, obtaining the requisite safety certifications or other permits can prompt solicitations for bribe payments-a risk that is exacerbated by the fact that the purchase and management of real estate is often handled by multiple parties, she said. For such reasons, banks and other parties may need to get specific assurances...
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