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
Legislation | May 4, 2022
Washington is first state to mandate all-electric heat for new large buildings
Washington recently became the first state to require all electric heat for new buildings.
Codes and Standards | May 3, 2022
American Institute of Steel Construction updates environmental product declarations
The American Institute of Steel Construction has released updated environmental product declarations (EPDs) “to help designers and building owners design more environmentally friendly buildings and bridges,” according to an AISC news release.
Codes and Standards | May 2, 2022
Developer Hines, engineer MKA develop free embodied carbon reduction guide
Real estate management and investment firm Hines has released the Hines Embodied Carbon Reduction Guide. The free guide, produced with Magnusson Klemencic Associates (MKA), is the result of a two-year effort, relying on MKA’s industry-leading knowledge of carbon accounting and involvement in programs such as the Embodied Carbon in Construction Calculator (EC3) Tool.
Codes and Standards | Apr 28, 2022
Architecture firm Perkins&Will to deliver ‘carbon forecasts’ for clients
Global architecture firm Perkins&Will says it will issue its clients a “carbon forecast” for their projects.
Codes and Standards | Apr 27, 2022
White House guidance on Buy American for infrastructure includes waiver process
Recently released guidance on the Buy American provision within the $1.2 trillion Infrastructure Investment and Jobs Act released by the Office of Management and Budget includes a waiver process.
Multifamily Housing | Apr 26, 2022
Investment firm Blackstone makes $13 billion acquisition in student-housing sector
Blackstone Inc., a New York-based investment firm, has agreed to buy student-housing owner American Campus Communities Inc.
Codes and Standards | Apr 25, 2022
Supply chain constraints, shifting consumer demands adding cost pressures to office fit-outs
Cushman & Wakefield’s 2022 Americas Office Fit-Out Cost Guide found supply chain constraints and shifting consumer demands will continue to add pressure to costs, both in materials and labor.
Legislation | Apr 21, 2022
NIMBYism in the Sunbelt stymies new apartment development
Population growth in Sunbelt metro areas is driving demand for new apartment development, but resistance is growing against these projects.
Codes and Standards | Apr 18, 2022
Dept. of Energy has RFI on funding cost-effective updated energy codes implementation
The U.S. Department of Energy (DOE) Building Technologies Office (BTO) has issued a request for information regarding funding cost-effective implementation of updated building energy codes.
Legislation | Apr 14, 2022
Defense Dept. building largest 3D-printed structures in Western Hemisphere
The U.S. Department of Defense is constructing three barracks at the Camp Swift Training Center in Bastrop, Texas that will each be the largest 3D-printed structures in the Americas.
