University of Kentucky
Grade Level at Time of Presentation
Senior
Major
Public Policy and Economics
KY House District #
100
KY Senate District #
18
Faculty Advisor/ Mentor
Cory Curl
Department
Martin School of Public Policy and Administration
Abstract
The United States faces threats to economic stability and legal integrity from money laundering practices in the real estate market. Legislative loopholes, complicit enablers, and aging technological systems used by government agencies allow individuals to flow ill-gotten wealth into the United States with little effort. As a result of these factors, local economies suffer job loss, once-inhabited properties lie empty in decay, and public trust in government weakens. Illegal wealth is transformed into protected assets in the form of property and can be stored to later fund terrorist organizations or influence the American people. Approximately $2.3 billion was laundered through American real estate in the last five years, yet state and local officials are often unaware of such crimes until it is too late. To address this issue, I identified policy alternatives using criteria of security, technological capability, and lasting effectiveness. I also prioritize solutions that are more likely to produce long-lasting results over temporary fixes.
Included in
Defense and Security Studies Commons, Other Public Affairs, Public Policy and Public Administration Commons, Policy Design, Analysis, and Evaluation Commons, Public Affairs Commons, Public Policy Commons
Addressing Money Laundering in the United States Real Estate Sector
The United States faces threats to economic stability and legal integrity from money laundering practices in the real estate market. Legislative loopholes, complicit enablers, and aging technological systems used by government agencies allow individuals to flow ill-gotten wealth into the United States with little effort. As a result of these factors, local economies suffer job loss, once-inhabited properties lie empty in decay, and public trust in government weakens. Illegal wealth is transformed into protected assets in the form of property and can be stored to later fund terrorist organizations or influence the American people. Approximately $2.3 billion was laundered through American real estate in the last five years, yet state and local officials are often unaware of such crimes until it is too late. To address this issue, I identified policy alternatives using criteria of security, technological capability, and lasting effectiveness. I also prioritize solutions that are more likely to produce long-lasting results over temporary fixes.