This Is Why The NAR Will Never Be Prosecuted For Facilitating Money Laundering

Tyler Durden's picture

Over the past month America's ever vigilant law enforcers have taken to task not one but two foreign (domestic bank lobbies are sufficiently large to make Congress muppets perfectly eager to look the other way as noted previously) banks: HSBC and now Standard Chartered, for money laundering. Yet, when it comes to the true elephant in the room, which is not foreign and is fully domestic, they continue to ignore events such as this one just described by the Wall Street Journal: "A Florida home that originally listed for $60 million has sold for $47 million, a record for a single-family house in Miami-Dade County. The home, in Indian Creek Village, had been on the market since early 2011, when construction was still being completed. The asking price was reduced to $52 million this year." And the punchline: "The identity of the buyer, a foreigner who purchased the home in the name of a U.S.-based limited-liability company, couldn't be learned." In other words a foreigner who may or may not have engaged in massive criminal activity and/or dealt with Iran, Afghanistan, or any other bogeyman du jour at some point in their past, and is using US real estate merely as a money-laundering front perhaps? Sadly, we will never know. Why? As explained before, it is all thanks to the National Association of Realtors - those wonderful people who bring you the existing home sales update every month (with a documented upward bias every single time) - which just so happens is the only organization that actively lobbied for and received an exemption from AML regulation compliance. In other words, unlike HSBC, the NAR is untouchable, even if it were to sell a triplex to Ahmedinejad on West 57th street.

As a reminder, here is where the NAR stands on the issue of its most generous clients possibly being some of the worst criminal known to man, courtesy of Elanus Capital:

Many of you reading this will undoubtedly have spent time in an international bank and been forced to sit through countless hours of “know your client” and AML training. Fascinating to note that the National Association of Realtors lobbied for and received a waiver from such regulation. That’s right, realtors actually went to the U.S. government and said: we want to be able to help foreign business oligarchs and other nefarious business people launder money through the real estate markets of the United States – and prevailed.


Here's their official position:


"NAR supports continued efforts to combat money laundering and the financing of terrorism through the regulation of entities using a risk-based analysis. Any risk-based assessment would likely find very little risk of money laundering involving real estate agents or brokers. Regulations that would require real estate agents and brokers to adopt anti-money laundering programs may prove to be burdensome and unnecessary given the existing ML/TF regulations that already apply to United States financial institutions."


Hat’s off to the NAR – that is some serious doublespeak. My translation: We’ll support you as long as we don’t have to support you.

If after skimming the above, readers are still confused what the reason is for the luxury segment of the US housing market continuing to rise in price even as all other segments of the quadruplicate US housing market as explained here languish, we suggest rereading it as many times as necessary.

Some more on where the world's criminal come to launder their cash, with the express permission of the NAR and the US government:

The high-end market in South Florida has picked up in recent months, with a number of sales well above the $10 million mark. The previous county record was broken in March when another home on Indian Creek sold for nearly $40 million to hedge-fund manager Edward S. Lampert, according to local brokers. In May, a South Beach penthouse apartment owned by the family that controls the Birkenstock shoe company sold for $25 million, a record price for an apartment, according to local brokers.



"The market has changed dramatically for the super high end," said Jill Eber, one of the property's Miami-area listing brokers. "These are prices that we've never, ever seen before."

But why does the NAR and the government ignore the fact that some of the biggest marginal buyers are precisely those peope who HSBC and Std Chartered are being punished for transacting with? Why because by laundering their blood money, they are allowing the Fed and Congress to say that "housing has bottomed" and the US economy is now improving.

Readers should now be quite clear why the various segments of the US regulatory and enforcement authority will perpetually turn a blind eye to the one true transgressor when it comes to encouraging money laundering on US soil - the NAR, and its massive lobby - and instead will scapegoat this bank in London, or that bank in Hong Kong.

At least until such time as no readily available scapegoats are available, and the cannibalization begins.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
nathan1234's picture

"In other words, unlike HSBC, the NAR is untouchable, even if it were to sell a triplex to Ahmedinejad on West 57th street."

Actually America's terrorists sit in Wall Street with the able help and support of the Admin.. And they are also so far "Untouchable"


GMadScientist's picture

We all repatriate after our own fashion.

toomanyfakeconservatives's picture

The slimy NAR public-service infomerical on the boob tube makes me want to hurl.


Oh, and don't forget the imminent MASS ARESSTS, the dissolution of the FED, and the virtual dissolution of the U.S. federal government...

thorgodofthunder's picture

Whole post is nothing but cynicsm, & jealousy. Pathetic.

Me_Myself_and_I's picture

Corrupt... all corrupt.

I'm just glad the silver market is free from corruption.  One needs an island of purity every now and then.

145's picture

What is the  cheap women griffey shoes   clothing materials? Clothing is essential in peoples lives, "clothing, food, shelter, line it griffey shoes in first place, and its importance. What is clothing? Narrowly speaking, the clothing is just referring to the clothes worn, pants, skirts, etc.; Broadly nike air max griffey fury 2012 speaking, the clothing is coated with the substance of all parts of the body, including a variety of decorations. In this way, we can a definition of clothing materials: the materials used to make clothing. Not only refers to the production of clothing materials, including materials used in women griffey shoes other parts of the production. So, what clothing materials, specifically referring to is what is it? cheap women griffey shoes Ancient times, textile technology is not yet invented, our ancestors on the nike air max shoesskins, leaves, feathers, as women ken griffey shoes their clothes, fabric, stone, shell as clothing accessories. Contemporary with the development of textile technology, we not only can cotton, silk, wool textile fabrics, synthetic nature of chemical fiber, woven into the fabric of a variety of excellent. For fashion designers, clothing materials much more. In their eyes, ho no exaggeration to say: things are clothing materials. Looking through griffey shoes these years, the fashion magazine, it is easy, whether it is avant-garde avant-garde designers at home and abroad almost can imagine are moved to the model body: plastic, paper, wood, steel and so on. With the rapid development of modern science and technology, the fabric of clothing is not only spinning and weaving, the wide range of high-tech fabrics are emerging. As a fashion designer should be nike air max griffey fury 2012   aware of the material in various related fields, in order ken griffey shoes to find greater expression to the design concept for their own materials. What are the basic performance of the clothing materials? In general, the basic performance of the clothing materials: 1. Moisture absorption. The moisture absorption is one nike air max shoes of the necessary basic performance of the clothing materials. Good moisture absorption can make wearing comfortable, in a timely manner to absorb body sweat to regulate body temperature. From the organizational structure of the clothing materials, knitted materials cheap griffey shoes can be good moisture absorption than woven materials, which the warp knitting is the best. In actual use, the hygroscopicity of the coat material should be worse than the hygroscopicity of the underwear material. (2) thermal insulation properties. The insulation is one of the essential basic performance of the clothing materials. More women griffey shoes textile fibers  contained in the still air, the stronger the thermal insulation properties. For example, griffey shoes wool is more fluffy than cotton, better insulation. The loose texture of the fabric texture close fabric insulation, such as: insulation of woolen worsted fabric. In addition, natural fiber, chemical fiber insulation. (3) flexibility and  strength. Resilience is the clothing material by compressional deformation restitution. In general, the elasticity of the natural fiber is better, but restitution is also weak. Synthetic fibers, especially polyester, its women ken griffey shoes restitution strong, clothing made of more crisp. The intensity refers to the use of fastness extent. In general, synthetic fibers, the intensity of strength is much greater than the natural fibers, not damaged. (4) air permeability. The air permeability is the regulation of human comfort, performance, and closely related to human health. Permeability, strong or weak, depending on the density, thickness and shape of the surface of the material organization, the choice should be based on design intent, and carefully selected. 5 ken griffey shoes soft performance. The soft performance of the clothing material refers to material soft and have a certain impact on the psychological and physiological. Soft performance and the thickness of the fiber, the texture soft griffey shoes and hard directly. More materials selected soft, made of clothing to wear more  cheap griffey shoes comfortable.

dunce's picture

Define criminal please, The world is full of economic refugees seeking to escape corrupt ,inept, bankrupt socialist governments like Greece,Spain, and France that are trying to balance their budget with extortionate tax schemes. Many of the regulations are capital flight controls of socialists that criminalize behaviors to preserve wealth in the same way that the east Germans built walls to control the liberty of people that sought to escape their clutches. Would they shoot you for trying to escape ? Of course, they always have, their schemes can not prosper without productive people and capital. They look at these wealth producing people as the geese that lay golden eggs that their survival deprnds on, they must be caged or they will lay their eggs outside the area of their control.

Raymond K Hessel's picture

I thought there was a law that says you cannot make an all cash purchase for amounts higher than $10,000.