Money Laundering in the Real Estate Sector

Unger, Brigitte; Ferwerda, Joras

doi:10.4337/9781781000915

Cited by 29 publications

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“…because of less trade based money laundering in ketchup), so that the bell shape becomes narrower, with the new margins lying between $1 and $2, then 10% of the transactions would still be counted as suspicious. Transactions, which under the old distribution were classified unsuspicious, would suddenly become suspicious, though the true reason might simply be attributed to a reduction in trade-based money laundering and not an increase 7 Zdanowicz's method inspired Unger and Ferwerda [36] to expand it and to apply it to measuring money laundering in the real estate sector. 7 I owe this point to Joras Ferwerda Money laundering in the real estate sector…”

Section: Trade Based Money Launderingmentioning

confidence: 99%

“…They also checked whether there were suspect persons, which the top down indicator approach had missed. In Part Three Unger and Ferwerda [36] combined the economic and criminological experiences and analyzed which characteristics of an object (unusual purchasing sum, foreign ownership, no mortgage, etc.) are useful indicators for identifying conspicuous objects and their owners' suspect of money laundering.…”

Section: Trade Based Money Launderingmentioning

confidence: 99%

“…Unger and Ferwerda [36] used these findings about money laundering techniques in real estate and the behavior of criminals in the real estate sector and combined this information with economic data on unusual developments of economic variables.…”

Section: Trade Based Money Launderingmentioning

confidence: 99%

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Water always finds its way: Identifying new forms of money laundering

Unger

Hertog

2012

Crime Law Soc Change

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Money laundering regulations have become stricter over time and involve more and more actors. This means that the accountability of laundering regulation will become more important; theoretically, money laundering should have decreased with the implementation of new regulations. However, as this paper shows, it is difficult to estimate even the sign of the trend in the proceeds of crime and of laundering over time with particular reference to the drug trade. There seems to be a substitution from hard to softer drugs, and no substantial decline in the proceeds of crime and likewise no substantial decline in money laundering. Criminals seem to switch from the more controlled banking sector into still less controlled parts of financial markets, and from financial markets to other sectors. These new sectors include electronic payments, trade and real estate. The paper shows how one can empirically approach the latter two by using economic information of unusual prices and other characteristics in order to identify the amount of laundering in these sectors. Combining economic information with criminological data facilitates the development of a new tool for identifying money laundering in some important sectors.

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Section: Trade Based Money Launderingmentioning

confidence: 99%

Section: Trade Based Money Launderingmentioning

confidence: 99%

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Water always finds its way: Identifying new forms of money laundering

Unger

Hertog

2012

Crime Law Soc Change

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“…A combination was made to address the mentioned limitations, which might otherwise result in an overflow of false-positive hits (Unger and Ferwerda, 2011). The team identified 25 theoretical red-flags through a literature search.…”

Section: The Initial Modelmentioning

confidence: 99%

“…The study was divided in an economic phase, a criminological phase and an econometric phase (Unger and Ferwerda, 2011). The economic phase focused on the analysis to detect real estate objects at risk of being abused for money laundering purposes.…”

Section: Introductionmentioning

confidence: 99%

Mapping “infected” real estate property

Ritzen

2011

Journal of Money Laundering Control

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Access to this document was granted through an Emerald subscription provided by emerald-srm:320271 [] For AuthorsIf you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation. AbstractPurpose -In 2009, the research team of Unger and Nelen was requested to study the scale of entwinement between money laundering activities and the Dutch real estate sector. For this, the team developed a data mining framework to detect real estate property at risk of being part of a money laundering scheme. Part of this study involved a criminological testing of the developed framework which resulted in the statement that improvements and alterations are necessary to increase the framework's validity and reliability. This paper aims to review this framework and generate refinements. Design/methodology/approach -This paper is concerned with a review -on the basis of data mining theory -with respect to the original framework in order to generate refinements for a future model. Findings -In general, three major shortcomings were identified, being: the use of unspecified detection clusters; the theoretical nature of some of the risk indicators in combination with data integrity issues; and the use of speculative/arbitrary risk indicators. Originality/value -Addressing these shortcomings in a future data mining framework will very likely increase its effectiveness and so, increase the ability of law enforcement agencies to counter money laundering activities more effectively and efficiently.

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When Criminals Invest in Businesses: Are We Looking in the Right Direction? An Exploratory Analysis of Companies Controlled by Mafias

Riccardi

2013

Organized Crime, Corruption and Crime Prevention

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Money Laundering in the Real Estate Sector

Cited by 29 publications

References 0 publications

Water always finds its way: Identifying new forms of money laundering

Water always finds its way: Identifying new forms of money laundering

Mapping “infected” real estate property

When Criminals Invest in Businesses: Are We Looking in the Right Direction? An Exploratory Analysis of Companies Controlled by Mafias

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