Money Laundering in The Real Estate Industry
Instructor: Stephen P. Pingree, J.D.
A new, as of September 13, 2012 three (3) unit CE course for all real estate licensees--"Money Laundering For Real Estate Professionals". Taught by and IRS Special Agent and a Criminal Defense Attorney & Real Estate Broker. Money is central to all real estate transactions, which are the favorite vehicles of laundering illegal money. The course focuses on the "Red Flags" that may occur in any real estate transaction so that the licensee may avoid becoming ensnared in "The Crime of the 21st Centurty".
Money Laundering prosecutions have become the Government's #1 priority to combat over 250 "Specified Unlawful Activities" (SUA) including terrorism. The Bank Secrecy Act and The Patriot Act impose increasingly complex laws and compliance regulations on "Financial Institutions". Real estate licensees in all their transactions are subject, in one way or another, to these laws and regulations. In the end violations of these laws cause great financial and emotional consequences for not only agents, but the Consumers.
The object of this Money Laundering in the Real Estate Industry course is not to teach the laws in great detail. The course will give the real estate licensees a familiar awareness and knowledge of the statutes and regulations, and how they effect real estate activity. The course will focus on the variety of ways, using actual Hawaii case examples, money laundering schemes are used in real estate transactions. The "walk away" objective is that the licensee will learn to recognize the "Red Flags" that alert them to potential criminal activity. Upon recognition of a Red Flag the licensee will know how to avoid becoming involved, and how to take appropriate steps to protect themselves and their clients: the Consumers.