Hawaii real esate broker pleads guilty to money laundering

An East Oahu real estate broker has been sentenced to 20 days in jail, two years of probation, and fined $10,000 after pleading guilty to one count of money laundering.

Judy Jakobovits allegedly agreed to launder $200,000 in a home transaction for a client who, it turned out, was cooperating with FBI and IRS investigators.

Residential real estate is commonly used to launder money, particularly in markets that are attractive to international buyers like New York City and Miami.

The Financial Action Task Force (FATF) — an intergovernmental body established in 1989 to combat money laundering and financing of terrorist groups — is expected to issue updated guidance next year that could direct agents to conduct due diligence on both buyers and sellers. Source: hawaiireporter.com.


Comments