Biden unveils anti-corruption strategy ahead of democracy summit
President Biden announced an anti-corruption strategy Monday that targets cash transactions for real estate that might be used to hide ill-gotten wealth and calls on hedge funds to watch out for money laundering.
The administration estimated that $2.3 billion was laundered through the U.S. real estate market from 2015 to 2020.
“The U.S. real estate market has become a significant destination for the laundered proceeds of illicit activity, including corruption,” the White House said in a 38-page strategy that follows Mr. Biden’s June order to draft ideas. “We will make it harder to hide the proceeds of ill-gotten wealth in opaque corporate structures, reduce the ability of individuals involved in corrupt acts to launder funds through anonymous purchases of U.S. real estate, and bolster asset recovery and seizure activities.”
Supply-Chain Snarls Deliver Windfalls to Wall Street
This post was originally published on this siteHedge funds are cashing in through appreciating stakes in container-ship companies and sales of vessels.
