Notaries, Registrars Are ‘Weakest Link’ in Real Estate Transactions, Global AML Watchdog Says

By Brian Orsak

Governments are failing to look closely enough at notaries, registrars and real estate agents in efforts to root out criminals who launder money through property purchases, a global anti-money laundering agency said in a report issued Thursday. The Financial Action Task Force, a Paris-based organization that issues recommendations on combating money laundering and terrorist financing, called notaries and registrars "the weakest link" in efforts to limit real estate laundering, in part, because some jurisdictions have yet to enforce AML requirements for those professionals. What's more, even when the individuals file reports on suspected criminals, launderers go undetected because some jurisdictions...