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 | Mar 5, 2015
Construction problems at prison spur support to quash non-traditional project delivery in Iowa
Iowa lawmakers are investigating construction problems at the Fort Madison prison project and are scrutinizing rules regarding project delivery on state projects.
Codes and Standards | Mar 5, 2015
AEC industry groups look to harmonize green building standards, codes
The USGBC, ASHRAE, ICC, IES, and AIA are collaborating on a single green code.
Codes and Standards | Mar 2, 2015
Nevada moves to suspend prevailing wage rules on school projects
The Nevada Senate approved a bill that would suspend prevailing wage rules on school projects.
Codes and Standards | Feb 22, 2015
Louisiana officials critical of stricter building standards in flood-prone areas
Buildings would have to be built either two or three feet above the base flood elevation for a 100-year flood or above the base elevation for a 500-year flood.
Codes and Standards | Feb 18, 2015
Buildings with rocking steel-braced frames are advantageous in earthquakes
Research at Case Western Reserve University has found that buildings that rock during an earthquake and return to plumb would withstand seismic shaking better than structural designs commonly used today in vulnerable zones of California and elsewhere.
Codes and Standards | Feb 18, 2015
USGBC concerned about developers using LEED registration in marketing
LEED administrators are concerned about a small group of developers or project owners who tout their projects as “LEED pre-certified” and then fail to follow through with certification.
Codes and Standards | Feb 12, 2015
ASHRAE, USGBC, IES consider biomass requirements in green building standard
The proposal would add biomass to approved renewables.
Codes and Standards | Feb 12, 2015
New Appraisal Institute form aids in analysis of green commercial building features
The Institute’s Commercial Green and Energy Efficient Addendum offers a communication tool that lenders can use as part of the scope of work.
Codes and Standards | Feb 8, 2015
ASHRAE, IAQA approve consolidation
Under the consolidation, IAQA will become a part of the ASHRAE organization while maintaining its own brand and Board of Directors.
Codes and Standards | Feb 6, 2015
Obama executive order requires federal construction projects to consider flood damage caused by climate change
To meet the new standard, builders must build two feet above the currently projected elevation for 100-year floods for most projects.
