A new report on money laundering in the United States has revealed that more than $2.3 billion was laundered through U.S. real estate in the last five years .
Additional information made available to The Guardian revealed that African countries where the illicit money came from include Nigeria, Guinea, Gambia, and the Republic of the Congo. Also, more than half of the U.S. cases involved politically exposed persons , with Nigeria in the top five places of origin.
It revealed that 60.71 per cent of U.S. cases involved properties in one or more non-Geographic Targeting Order countries, demonstrating the limitations of this location-specific regulatory tool. The report stated that 82 per cent of U.S. cases involved the use of a legal entity to mask ownership, highlighting the importance of implementing a robust beneficial ownership registry under the Corporate Transparency Act.
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