Business integrity in real estate: Tackling illicit financial flows

Overview

The UN estimates as much as $1.6 trillion each year (2.7% of global GDP) is lost to money laundering. Beyond the economic damage associated with the loss of financial resources for social programmes and infrastructure development, cross-border transfers of funds derived from corruption and other illegal activities severely impact society. This impact is evident in weakened trust in public institutions, reduced regulatory certainty, and unsafe or poor-quality infrastructure, leading to disastrous outcomes for human lives.

The World Economic Forum’s Partnering Against Corruption Initiative (PACI) unites real estate stakeholders and experts in a new initiative designed to equip professionals with the tools and best practices to effectively counter illicit financial flows (IFFs). As professional services providers and intermediaries, real estate and financial professionals occupy a strategic role as gatekeepers, fostering transparency and scrutinizing client and property transactions for signs of illicit activities.

In this webinar, in collaboration with World Economic Forum’s Partnering Against Corruption Initiative, key stakeholders from PACI’s initiative will explore the most effective measures and approaches to manage IFFs in real estate, particularly in the face of advancing technology. The panel will also discuss the evolving role and responsibilities of gatekeepers and examine the central role countering IFFs plays in any real estate sustainability strategy.