FATF: RISK-BASED APPROACH GUIDANCE FOR THE REAL ESTATE SECTOR

On 26 July, FATF published a report saying that real estate is a popular choice for investment, but it also attracts criminals who use real estate in their illicit activities or to launder their criminal profits.  FATF assessments show that the real estate sector often has poor understanding of these risks and regularly fails to mitigate them.  The revised guidance highlights the importance for the sector to increase its understanding of the money laundering and terrorist financing risks it faces. Vulnerabilities include exploitation by PEP, the purchase of luxury real estate, the use of virtual assets, the use of anonymous companies and gatekeepers as instruments to launder the proceeds of crime.  FATF has updated its guidance for a risk-based approach for the real estate sector with input from the private sector, including through a public consultation in March-April 2022 (a summary of responses is also published).

http://www.fatf-gafi.org/media/fatf/documents/recommendations/RBA-Real-Estate-Sector.pdf

http://www.fatf-gafi.org/publications/fatfrecommendations/documents/summary-public-consultation-rba-real-estate.html

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