GTO Miami Real Estate

GTO: Regulators’ crackdown on laundered money invested in U.S. real estate

In 2015, The New York Times published a shocking piece naming several wealthy foreigners who had purchased United States real estate for many multiple millions of dollars. Among others, the article named Vitaly Malkin, a former Russian politician and banker involved in a variety of financial scandals—barred from entering Canada because of suspected connections to…

Stricter Anti-Money Laundering Regime for Caribbean Banking Industry

Latin American Advisor, Financial Services asks: Are Stricter Bank Regulations a Major Hinderance in the Caribbean? Q: Royal Bank of Canada in the Caribbean in recent months has closed wealth-management offices across the Caribbean. The closures come amid growing pressure on the Caribbean banking industry by regulators who are fighting money laundering in the region.…

Federal Law Enforcement in Miami Showdown With Trade-Based Money Launderers

By Robert Targ The business district that surrounds Miami International Airport (MIA) in Miami, Florida is host to hundreds of legitimate businesses in the electronics and cellular phone export trade. But now, following numerous local investigations, they are also part of some 700 Miami-based businesses involved in a U.S. Department of Treasury, Financial Crimes Enforcement…

Q&A: Should Mexico Impose New Regulations on ‘Sofipos’?

Q: Mexico’s financial regulator, CNBV, is considering new rules for popular financial societies, or Sofipos, following the government’s seizure of Ficrea SA, whose collapse amid an alleged fraud led to losses for some 6,000 savers. New regulations could include changes to asset concentration limits, CNBV’s vice president said earlier this month. Do consumers face increased…

Money Laundering in Latin America Continues to Grow

Latin America: Money Laundering Grows Growing crime and weak enforcement boost money laundering in Latin America. By Joachim Bamrud First published Latinvex. November 24, 2014 Reprinted with permission. Money laundering is growing in Latin America despite growing enforcement by both US and Latin American authorities, experts say. “Money laundering has grown and will continue to…