News

Real estate professionals in France were ordered Thursday to begin thoroughly vetting parties involved in property acquisitions to account for a higher likelihood for illicit finance amid the novel coronavirus pandemic. The country's financial intelligence unit, Tracfin, warned financial institutions in a 4-page notice to screen for healthcare-related payment diversions and phony charitable donations, and advised real estate professionals to continue screening for the usual red flags of money laundering, including straw buyers and persons seeking to sell properties notably above or below their market value. In an unprecedented move, Tracfin also ordered real estate agents and notaries to apply...