A global study reveals that real estate remains widely used for money laundering, with gaps identified in all countries analyzed, including in France which is nevertheless positioned among good students.
Real estate always prized for money laundering
Transparency International and the Collective data anti-corruption collective (ACDC) published their first world index on the opacity of real estate markets on Wednesday. This study analyzes 24 different jurisdictions and confirms what experts have suspected for a long time: real estate constitutes a privileged vector for laundering illicit capital.
Three factors explain the attractiveness of the real estate sector for illicit capital:
- The high value of goods makes it possible to whiten significant sums in a single transaction
- Controls remain insufficient in most countries studied
- Complex legal montages (screens, trusts) facilitate the anonymity of real owners
THE numbers are revealing: in the United States, around $ 2.3 billion in real estate investments would come from illicit funds (2015-2021). In the United Kingdom, properties belonging to corruption Russians would represent nearly $ 1.9 billion.
France among good students, but progress is necessary
The Immobilier Property Opacité (OREO) opacity index places France in third position in the world ranking, behind South Africa and Singapore. This honorable performance is mainly explained by the transparency of French real estate data, in particular concerning the properties held by legal entities.
The French cadastre and the notarial databases constitute precious tools in the fight against opacity. France has also strengthened its anti-flowage system in recent years, with the obligation for many professionals to report suspicious transactions.
However, the report points to persistent flaws in the French system. Real estate promoters and goods merchants are not subject to the same obligations as notaries or real estate agents in the fight against money laundering. This exclusion creates a gray area that financial criminals can benefit from.
At the other end of the ranking, Australia, South Korea and the United States are closing. Dubai is particularly pinned like ” A real paradise for opaque transactions »»where real estate investments can serve as a refuge for capital of dubious origin.
The fight against money laundering requires reinforced international cooperation and the harmonization of transparency rules. Despite its favorable position, France must fill its regulatory shortcomings so as not to become a privileged target of criminal networks seeking alternatives to the jurisdictions now more monitored.
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