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From Ukraine to Tunisia and Brazil, large-scale cases of grand corruption in recent years have involved the acquisition of luxury property, vehicles and goods. This report examines the risk of luxury goods and assets being used to launder the proceeds of corruption, including in the art world and the marketplaces for super-yachts, precious stones and jewels, high-end apparel and accessories, and real estate.
From fixing the gaps in international standards and national legislation to increasing the number of suspicious reports being submitted to authorities by luxury sector businesses, much remains to be done to reduce the scope for individuals using the proceeds of corruption to acquire and enjoy high-value goods and property, and to use these assets as a vehicle for laundering their ill-gotten gains.
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The Opacity in Real Estate Ownership (OREO) Index reveals gaps that make global property markets vulnerable to corrupt money flows.
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Despite strong early pledges following the invasion of Ukraine, G7 and other leading economies are not sufficiently equipped to bring Russia's kleptocrats to justice, report finds.
