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If you buy property in the uk the money will have to be handled by a solicitor who does checks for money laundering. In the US any property can be owned by an
by dangerface 7y ago
If you buy property in the uk the money will have to be handled by a solicitor who does checks for money laundering.
In the US any property can be owned by an anonymous business which you own through deeds.
- hdfbdtbcdg 7y agoPerfectly legal (but not smart) to do conveyancing yourself.
- Scoundreller 7y agoHow does the solicitor check? Gut feeling? What resources does a solo firm that specializes in real estate have? If they think the money is suspicious, do they have to report to anyone, or the suspicious person can just find another lawyer that will handle it without the new lawyer knowing about the last’s suspicion? Canadian lawyers are exempt from a lot of reporting requirements, and I’m not confident in their ability to suss out international criminal money laundering out of their 1 person office...
- elliekelly 7y ago> If they think the money is suspicious, do they have to report to anyone Yes, a Suspicious Activity Report. But in my experience the report is filed into a black hole. I've filed SARs (unrelated to real estate but I believe the process is the same) with the UK Government before. Guess how many times they followed up? Zero.