WASHINGTON — Money laundering is not common in the residential real estate industry and most of those involved in the practice are not affiliated with real estate-related business, according to a U.S. Treasury Department report.
About 20% of the complaints contained in suspicious activity reports filed with the department involved money laundering or structuring. Of those 20%, 11% involved other illicit activities such as tax evasion, fraud and identity theft.
Reports of suspicious activities flattened in the last year, after increasing from 2002-2005, according to the report by the department's Financial Crimes Enforcement Network. The analysis attributes the earlier rise to the increase in residential real estate activity, stemming from lower mortgage rates.
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