6 ms·
> subject of a suspicious activity report OH come on. Bank tellers file suspicious activity reports for any arbitrary reason. The only people these SARs ensna
by gammateam 8y ago
> subject of a suspicious activity report
OH come on.
Bank tellers file suspicious activity reports for any arbitrary reason. The only people these SARs ensnare are poor-ish people that accidentally structured a cash transaction and it looked like they were trying to avoid the $10,000 reporting threshold. I've read enough appeals court cases to see that it doesn't catch actual money laundering from illicit sources.
And with the real estate industry successfully lobbying Congress from an exemption to anti-money laundering laws, I don't think these wealthy people will ever be investigated from a "Suspicious Activity Report" since there isn't a legal framework to further investigate.
- drawkbox 8y agoAgreed on messing with small players and real estate getting favorable treatment, but did you miss the part where they were in million+ properties with shell corporations? > Treasury this week expanded and extended a program targeting luxury real estate deals in New York, Miami, Los Angeles and other big markets to prevent the use of real estate for money-laundering by overseas buyers. The program was designed to prevent buyers from using shell company's or LLC's to hide the identities of the real buyers.
- gammateam 8y agoYeah I remember when that article came out. Did it work? The federal government doesn't regulate what kind of business entities their states offer. And you can always use a lawyer on the incorporation forms if that state asks for more info and have your whole entity protected by client attorney privilege. There's no probable cause to raid the lawyer, and the money is magically clean in the property now.