flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

Weak federal commercial real estate rules will hamper seizing Russian assets

Legislation

Weak federal commercial real estate rules will hamper seizing Russian assets

‘Self-reporting’ of transactions makes oligarchs’ properties harder to capture.


By Peter Fabris, Contributing Editor | March 16, 2022
Money Laundering
Courtesy Pixabay.

Lax disclosure regulations that have made the U.S. a global hot spot for money laundering via real estate holdings will make it difficult for officials to seize properties from Russian oligarchs.
 

Russian oligarchs have likely staked a large part of their wealth in U.S. commercial real estate properties in purchases that are easier to conceal than high-profile luxury mansions and superyachts. Federal law requires “self-reporting” of transactions making it difficult to track who owns what.
 

A 2020 law giving the U.S. Treasury the power to stop tax evaders, kleptocrats, terrorists, and other criminals from using anonymous shell companies to hide assets is not strong enough to compel disclosure of ownership, according to some legal experts. Russian oligarchs have purchased numerous luxury condos in Manhattan and Miami, but significant funds from Russia money have also been used to snap up property in cities across the U.S.
 

According to Global Financial Integrity, a nonprofit that tracks the flow of illicit money, more than $2.3 billion has been laundered through U.S. real estate during the last five years.

Related Stories

Codes and Standards | Apr 5, 2022

New York City chooses 20 firms for architectural design services on future public building projects

The New York City Department of Design and Construction (DDC) has contracted with 20 firms to provide architectural design services for the city’s future public buildings projects under the latest round of DDC’s Project Excellence Program.

Codes and Standards | Apr 4, 2022

Construction of industrial space continues robust growth

Construction and development of new industrial space in the U.S. remains robust, with all signs pointing to another big year in this market segment

Legislation | Apr 1, 2022

American Bird Conservancy doubles capacity to test bird-friendly glass

American Bird Conservancy (ABC), working with Washington College in Maryland, says it has doubled its capacity to test and rate glass and other materials for their ability to deter bird collisions.

Legislation | Mar 31, 2022

Bill in Washington State would fund seismic retrofits in schools

A bill recently passed by the Washington State Senate could unleash hundreds of millions of dollars for school seismic retrofits over several years.

Legislation | Mar 30, 2022

Wisconsin legislators expand the scope of interior design in the state

Legislators in Wisconsin passed a bill, quickly signed into law by the governor, that codifies holistic interior design legislation and significantly expands the scope of interior design in the state.

Legislation | Mar 28, 2022

LEED Platinum office tower faces millions in fines due to New York’s Local Law 97

One Bryant Park, also known as the Bank of America Tower, in Manhattan faces an estimated $2.4 million in annual fines when New York City’s York’s Local Law 97 goes into effect.

Codes and Standards | Mar 24, 2022

New York senate moves to speed up fossil fuel ban in new buildings

Lawmakers in the New York State Senate are backing a proposal to ban fossil fuels in new building construction three years sooner than a plan proposed by Gov. Kathy Hochul.  

Codes and Standards | Mar 23, 2022

High office vacancies have cities rethinking downtown zoning

As record-high office vacancies persist in U.S. urban areas, cities are rethinking zoning policy.

Codes and Standards | Mar 22, 2022

Dept. of Energy awards $32 million for next-generation building retrofits

The U.S. Dept. of Energy has awarded a total of $32 million for more than 30 next-generation building retrofit projects that will dramatically improve affordable housing technologies, according to a DOE news release.

Legislation | Mar 18, 2022

New framework to help site community solar projects released

The Solar Energy Industries Association (SEIA) released a new report to aid policymakers in siting community solar projects.

boombox1
boombox2
native1

More In Category




MFPRO+ News

Florida condo market roiled by structural safety standards law

A Florida law enacted after the Surfside condo tower collapse is causing turmoil in the condominium market. The law, which requires buildings to meet certain structural safety standards, is forcing condo associations to assess hefty fees to make repairs on older properties. In some cases, the cost per unit runs into six figures.

halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021