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02-02: Using Land Registries to Prevent Money-Laundering
The Fight to Eliminate Fraud, Corruption, Tax Avoidance and Evasion in Land Administration
Institute of Revenues Rating and Valuation, United Kingdom
In any organisation responsible for land administration, taxation or registration, fraud, corruption and financial crime, whether it be bribery, evasion, avoidance, misappropriation, embezzlement or money laundering, operate in environments where opacity, conflict-of-interest, weak audit, lack of oversight and accountability, inadequate procedures, ineffectual and weak organisational cultures are present. This paper seeks to outline an approach to dealing with these matters.
Fraud, corruption and financial crime in land administration may be perpetrated by senior and junior management, political élites, public officials acting as ‘lone wolves’ or in subcultures and, increasingly, organised crime. The foundations of a structure to deal with these issues are created by the setting of a series of standards or principles for those participating in public life together with a range of effective operational arrangements.
Land Registries, Fraud and Money Laundering
1IPRA-CINDER (International Property Registries Association), Spain; 2ELRA (European Land Registries Association)Belgium; 3Kadaster Holland; 4Tribunal Registral de Peru; 5Colegio de Registradores Spain; 6Registro Nacional de Costa Rica
The establishment of Land Registration systems has always been linked to the prevention of fraud. As the society becomes more complex new ways of fraud arise. The interconnections, cross border relations and new technologies makes fraud a global issue.
Nowadays a challenge to all administrations, countries and international organizations is money laundering which is connected to terrorism and organised crime. This significant problem affects directly to the real estate market because the immovable property have been a shelter to all the money coming from these fraudulent activities and Land Registries as " ex ante controls" of the transactions that claim for registration and as producers of data are in an advanced position to prevent this fraud and to report or collaborate with other authorities.
But money laundering is carried out in an international context so measures adopted solely at a national or local level would have only a limited effect
Fraud And Money Laundering in the Land Registry of Costa Rica
Registro Nacional, Costa Rica
European Directives and the Role of the Land and Business Registries Against Money Laundering and Terrorism
The fight against money laundering and tax evasion is focusing the interest of the institutions of the European Union, with the poposal to amend Directive (EU) 2015/849, which constitues the main legal instrument in the prevention of the use of the Union's financial system for the purposes of money laundering and terrorist financing.
That Directive is to be transposed. Member States shall identify, understand and mitigate risks related to money laundering and terrorist financing.
It seeks the maximun possible transparency in financial transactions.
Registrars are considerated obliged entities by national regulations with duties of information comunication and it is needed the creation of mechanism to record and provide information on these real owners, as the actual beneficiaries. This is why the Land Registry of Spain has created a special office (CRAB) .
Both Land and Business Registries can collaborate as essentials tools to faigth against money laundring.
Fraud Prevention Through the Key Registries in Netherland
Dutch Cadastre, Land Registry and Mapping Agency (Kadaster), Netherlands, The
After briefly introducing Dutch Kadaster and the Dutch legal system I will sketch the shared characteristics with regard to various fraud cases. The presentation continues by explaining the role of the registrar in preventing and tracing fraud cases.
Subsequently, the introduction and functioning of the Dutch system of key registers will be described.
At the end the question will be raised whether blockchain is a means to fight fraud.
Money Laundering in Peru, Preventive Measures and Fight From the Public Registries
Superintendencia Nacional de los Registros Publicos, Peru
Since the signing in 1988 of the United Nations Convention, "money laundering" derived from the illicit trafficking in narcotic drugs and psychotropic substances was penalized, and a state agency with broad powers called "Financial Intelligence Unit of Peru" (FIU-Peru), was created through Act 27693 and incorporated as a specialized unit into the SBS, and was charged with receiving, analyzing, treating, evaluating and transmitting information for the detection of money laundering and financing of terrorism.
As to the Public Registry of Peru -whose governing body is the National Superintendence of Public Registries-, this entity does not belong to the “System for the prevention and control of money-laundering and financing of terrorism”; however, being a governmental entity that takes part in the general anti-money laundering system and against the financing of terrorism, it is obliged to provide information when it is needed for the fulfillment of the FIU-Peru’s functions.
How to Fight Fraud by Double Sales and Overlapping Registration of Real Property in A Simple Way - the Belgian Example
ELRA - European Land Registry Association, Belgium
Land registration systems should help providing security of tenure. Lately there is a consensus that these systems should deliver enough legal security in the given circumstances. It may not be necessary to seek perfection.
This opinion may result in a dualism between statutory systems of land registration and "Fit for Pupose" systems.
Statutory land registration systems, providing title, are considered to be superior but meet dificulties in registering and delivering legal security to less conventional rights, for instance from a customary origin.
Statutory systems, only archiving deeds, deliver less security but are more flexible. Due to technological changes they may become an intersting choice once more.
This presentation shows a practical example of how the risk of double sales is avoided in a simple way and how the system may be adaptable as well for safeguarding the bundle of rights covered by customary tenure.