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
| Jan 5, 2012
New law bars Defense Department from new LEED certifications
The Defense Department will not be allowed to use any money to certify its buildings LEED Gold or Platinum, under a law President Obama signed Dec. 31.
| Dec 22, 2011
Federal home weatherization program has impacted 6.8 million homes
More than 6.8 million homes have been weatherized using federal, state, utility, and other funds under the American Recovery and Reinvestment Act.
| Dec 15, 2011
Dayton, Ohio schools saving $2.6 million annually by building to LEED
On average, green schools save about $100,000 a year on operating costs, including energy and water savings.
| Dec 15, 2011
Building to LEED standards can pose new risks for construction workers
Workers on these projects suffer a 24% increase in falls to lower levels during roof work, which researchers attributed to the installation of solar panels, and a few other risks.
| Dec 15, 2011
NRDC charges Maine governor with weakening green wood requirement
The FSC program is administered through the Leadership in Energy and Environmental Design (LEED) and requires wood to be harvested in a sustainable way.
| Dec 15, 2011
Post-tornado, Tuscaloosa seeks to create walkable urban, retail areas
Block sizes initially were limited to a maximum perimeter of 1,750 feet, with no side of the block being longer than 500 feet.
| Dec 15, 2011
Allentown, Pa. city council asked to repeal union-friendly law
The mayor of Allentown, Pa. asked the City Council to repeal a year-old ordinance that forces contractors to hire union workers for large city projects funded with state and federal dollars.
| Dec 13, 2011
LEED-EB outpaces LEED for new construction
The U.S. Green Building Council's (USGBC's) LEED certifications for existing buildings standard is outpacing LEED for new buildings for the first time.
| Dec 1, 2011
OSHA releases new construction safety videos
OSHA released new safety videos to offer both employers and workers brief, easy-to-understand education about construction safety.
| Nov 23, 2011
Obama signs repeal of 3% withholding on government contracts
President Obama signed a bill that repeals a law requiring governments to withhold 3% of payments over $10,000 to contractors.
