A recent jury in New York ruled that the government can seize a skyscraper in Midtown Manhattan that it says is controlled by Iran.
This ruling magnifies the importance of identifying the beneficial owners. It also indicates that the days are numbered for transaction investigation teams that are performing low-level audit work, as real thinking and credible investigations will be expected moving forward.
I expect to see a trend in increased regulatory pressure on real estate and legal professionals involved in these high-end deals.
The government can seize a skyscraper in Midtown Manhattan that it says is controlled by Iran, a jury concluded on Thursday, allowing federal prosecutors to complete what they called the largest terrorism-related civil forfeiture in United States history.