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Date: April 30, 2024 Tue
Time: 12:55 am
Time: 12:55 am
Results for real estate
5 results foundAuthor: Unger, Brigitte Title: Detecting Criminal Investments in the Dutch Real Estate Sector Summary: The real estate sector is a prominent candidate for money laundering and criminal abuse. Real estate objects can be used in two ways for criminal purpose. They can be traded in order to hide the origin of illicit funds on a non transparent and speculative market, or they can be used as a final investment, where criminals park their money in business or houses permanently. Given the importance of this sector in the Netherlands, both with regard to its economic size and its relevance for criminals, several studies on criminal behavior in the real estate sector have been made. Most prominently the study of the WODC by Ferwerda et al (2007), which gives a good overview over maleficent behavior in the Dutch real estate sector, and the Financial Expertise Center (FEC) report of 2008 on money laundering techniques. However, so far, no systematic study on the importance and frequency of diverse maleficent behavior constructions for money laundering in this sector has been conducted. This study tries to use all information available, to operationalize it into measurable indicators, and to systematically analyze criminal investment in the Dutch real estate sector. Details: The Hague: Dutch Ministry of Finance, Justice and Interior Affairs, 2010. 252 p. Source: Internet Resource: Accessed September 16, 2010 at: http://www.minfin.nl/dsresource?objectid=80301&type=org Year: 2010 Country: Netherlands URL: http://www.minfin.nl/dsresource?objectid=80301&type=org Shelf Number: 119823 Keywords: Financial CrimesMoney LaunderingOrganized CrimeReal Estate |
Author: Bian, Xun Title: Neighborhood Tipping and Sorting Dynamics in Real Estate: Evidence from the Virginia Sex Offender Registry Summary: Given the potential risk of recidivism, recent real estate research has found that registered sex offenders impose external costs, which are capitalized into the value and liquidity of nearby residential real estate. Several studies have shown that registered sex offenders lower nearby residential home prices significantly, in addition to lengthening time on market. These negative externalities might have lower overall costs to society if they were concentrated, or clustered, in particular areas. We demonstrate that, in theory, individuals operating within the market will sort according to their preferences and incentives, resulting in segmentation of these two groups (i.e. sex offenders vs. general populace). We predict that over time, neighborhoods will "tip" one way or another as part of the market process, resulting in clustering of registered sex offenders and segregation of these two groups. Further, we test this prediction empirically and its implications for the real estate market using GIS and other statistical/econometric techniques, exploiting a data set from Virginia that includes more than a decade of real estate transactions and a unique data set of registered sex offenders provided by the Virginia State Police. This research may help real estate academics and practitioners understand residential sorting dynamics with respect to registered sex offenders as well as the implications for the real estate market more generally. Details: Farmville, VA: Longwood University, 2013. 27p. Source: Internet Resource: Accessed April 23, 2014 at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2338223 Year: 2013 Country: United States URL: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2338223 Shelf Number: 132143 Keywords: Real EstateResidential AreasSex Offender RegistrationSex Offenders |
Author: Martini, Maira Title: Doors Wide Open: Corruption and Real Estate in Four Key Markets Summary: The real estate market has long provided a way for individuals to secretly launder or invest stolen money and other illicitly gained funds. Not only do expensive apartments in New York, London or Paris raise the social status of their owners and enhance their luxurious lifestyles, but they are also an easy and convenient place to hide hundreds of millions of dollars from criminal investigators, tax authorities or others tracking criminal behaviour and the proceeds of crime. In many such cases, property is purchased through anonymous shell companies or trusts without undergoing proper due diligence by the professionals involved in the deal. The ease with which such anonymous companies or trusts can acquire property and launder money is directly related to the insufficient rules and enforcement practices in attractive markets. The countries analysed in this study - Australia, Canada, the United Kingdom and the United States - have committed in different forums, such as through the FATF and the Group of 20 (G20), to do more to prevent and curb money laundering and terrorist-financing, including by regulating gatekeepers, such as real estate agents, lawyers and accountants, who may act as facilitators in transactions that can enable money laundering. This report identifies the main problems related to real estate and money laundering in these four countries and finds that, despite international commitments, current rules and practices are inadequate to mitigate the risks and detect money laundering in the real estate sector. Details: Berlin: Transparency International, 2017. 40p. Source: Internet Resource: Accessed April 18, 2017 at: https://www.transparency.org/whatwedo/publication/doors_wide_open_corruption_and_real_estate_in_four_key_markets Year: 2017 Country: International URL: https://www.transparency.org/whatwedo/publication/doors_wide_open_corruption_and_real_estate_in_four_key_markets Shelf Number: 145053 Keywords: Fraud and Corruption Money Laundering Proceeds of Crime Real EstateTerrorist Financing |
Author: C4ADS Title: Sandcastles: Tracing Sanctions Evasion Through Dubai's Luxury Real Estate Market Summary: Executive Summary Illicit actors, whether narcotics traffickers, nuclear proliferators, conflict financiers, kleptocrats, large-scale money launderers, or terrorists, all share a common need: they must move the proceeds of their criminal endeavors from the illicit marketplace into the licit financial system in order to use them effectively. Luxury real estate has become a significant pathway for this conversion, facilitated by imperfect information regarding ownership and the details behind these substantial financial transactions. This vulnerability affects major real estate markets around the world, including, but not limited to, London, Toronto, Hong Kong, New York, Singapore, Doha, Sydney, and Paris. Dubai, the largest city in the United Arab Emirates (UAE), has become a favorable destination for these funds due in part to its high-end luxury real estate market and lax regulatory environment prizing secrecy and anonymity. While the UAE has taken steps to address this issue, its response thus far has failed to fully confront the underlying drivers enabling the manipulation of its real estate market. The permissive nature of this environment has global security implications far beyond the UAE. In an interconnected global economy with low barriers impeding the movement of funds, a single point of weakness in the regulatory system can empower a range of illicit actors. Our research shows that lax regulatory and enforcement environments – in Dubai, but also in other financial centers – have attracted criminal capital from around the world and offered a pathway into the international financial system for illicit actors and funds. In this report, we examine seven individuals and organizations, their associated corporate networks, and their real estate holdings. We identify 44 properties worth approximately $28.2 million directly associated with sanctioned individuals, as well as 37 properties worth approximately $78.8 million within their expanded networks. Each of these people has been sanctioned by the United States (US), and many have also been designated by the European Union (EU) and EU member states. These networks are, therefore, deserving of particularly intense regulatory scrutiny. However, our research reveals that they have invested millions of dollars in luxury UAE real estate while continuing to engage in illicit activity within the last few years. Details: Washington, DC: 2018. 58p. Source: Internet Resource: Accessed January 18, 2019 at: https://www.c4reports.org/sandcastles/ Year: 2018 Country: United Arab Emirates URL: https://static1.squarespace.com/static/58831f2459cc684854aa3718/t/5b1fd4bf575d1ff600587770/1528812745821/Sandcastles.pdf Shelf Number: 154241 Keywords: Conflict FinanciersDubaiFinancial CrimeIllicit ActorsIllicit NetworksLuxury Real EstateMoney LaunderingReal EstateTerroristsUAE |
Author: Cigdem-Bayram, Melek Title: How do Crime Rates Affect Property Prices? Summary: In this paper we take the first steps to providing parameters capturing the wider impacts of crime when performing cost benefit analysis of investments in justice infrastructure. Specifically, we provide the first set of estimates of the wider impacts of crime for metropolitan Melbourne and regional Victoria. We estimate the effects of two different types of crime on households applying a hedonic regression model to a three year dataset of house prices and characteristics, distances to local amenities and crime rates. We find while an increase in the per capita rate of crime against persons reduces property prices in regional Victoria, it has no such effect in Melbourne. And we find no significant relationship between crimes against property and property prices in either Melbourne or regional Victoria. This implies that when investing in justice infrastructure to deliver services in regional Victoria that are expected to reduce crime against persons, the impact on the broader community (as captured through effects on property prices) should be taken into account in a cost-benefit analysis. Details: Melbourne, Victoria, Australia: Infrastructure Victoria, 2018. 46p. Source: Internet Resource: Accessed February 23, 2019 at: https://econpapers.repec.org/paper/invtpaper/201802.htm Year: 2018 Country: Australia URL: http://repec.infrastructurevictoria.com.au/RePEc/inv/tpaper/IVT201802.pdf Shelf Number: 154362 Keywords: Australia Cost-Benefit Analysis Crime Rates Crime Reduction Hedonic Regression Model Property Prices Real Estate |