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(We Are Central PA)   Treasury wants to inspect the barn doors of all-cash real estate deals   (wearecentralpa.com) divider line
    More: Stupid, Political corruption, real estate, Joe Biden, Federal government of the United States, U.S. market, Abdullah II of Jordan, New York City, real estate market  
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765 clicks; posted to Business » on 06 Dec 2021 at 4:09 PM (23 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



Voting Results (Smartest)
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2021-12-06 5:04:18 PM  
6 votes:

Smelly Pirate Hooker: I feel certain this won't go very far. It should, but won't.


Lmao,
Next up, government to look into shell corporations and anonymous trust funds (tax evasion) in South Dakota.
And yes, I lol'd when Obama went after Americans with Swiss Bank accounts (except the Pritzkers).  All they caught were barely rich people. Swiss real estate is where the big boys hide their money, it's anonymous and owner identity is legally protected through boilerplate laws.
Buying RE in the USA where you make the first months mortgage payment then the rest in a lump sum is a favorite way to launder large amounts of cash. The government doesn't track these transactions either.  Trillions were laundered this way in the mid 2000s.
We are one of the world's biggest money laundering countries, so let's just drop the pretenses please.  It's insulting.
/Amelda Marcos approves this message, enjoying the more than $1 billion she embezzled from her home country.
 
2021-12-06 4:51:41 PM  
3 votes:
I feel certain this won't go very far. It should, but won't.
 
2021-12-06 5:08:22 PM  
2 votes:

Northern: Smelly Pirate Hooker: I feel certain this won't go very far. It should, but won't.

Lmao,
Next up, government to look into shell corporations and anonymous trust funds (tax evasion) in South Dakota.
And yes, I lol'd when Obama went after Americans with Swiss Bank accounts (except the Pritzkers).  All they caught were barely rich people. Swiss real estate is where the big boys hide their money, it's anonymous and owner identity is legally protected through boilerplate laws.
Buying RE in the USA where you make the first months mortgage payment then the rest in a lump sum is a favorite way to launder large amounts of cash. The government doesn't track these transactions either.  Trillions were laundered this way in the mid 2000s.
We are one of the world's biggest money laundering countries, so let's just drop the pretenses please.  It's insulting.
/Amelda Marcos approves this message, enjoying the more than $1 billion she embezzled from her home country.


Yep, and a lot of that money was Russian..and in NY and FL.
 
2021-12-06 5:13:22 PM  
1 vote:
But these aren't literally "cash" purchases, are they? I always assumed they just didn't involve a mortgage. But the money transfer still happens via bank wire or cashier's check, doesn't it? So I'd expect that to be where laundering money is still difficult - moving the money into a bank where it can be paid to a real estate seller. If the money is already in a bank like that, isn't it pretty well laundered already?

I haven't sold any real estate, but I think I'd strongly object to a buyer proposing to show up to closing with a suitcase full of cash.
 
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