MBF Discusses Impact of Federal Anti-Money Laundering Laws on South Florida Real Estate

The Gold Coast Master Brokers Forum (MBF), a networking group comprised of South Florida’s top residential real estate agents, recently held a special reception in the home of noted local developer Gordon Deckelbaum. The event featured tours of the exquisite listing, and an expert presentation on the impact of recent federal anti-money laundering actions on South Florida real estate.

More than 70 Master Brokers attended the event, which opened with a welcome from Gold Coast MBF chair Carolyn Block Ellert; an update on the Deckelbaum family’s new Riva condominium (currently under development on Ft. Lauderdale’s Middle River) from Bradley Deckelbaum; and an overview of the 7,200 square-foot, two-story penthouse from its listing agent, Liz Caldwell.

This was followed by a presentation from attorney Louis Archambault on the Financial Crime Enforcement Network’s recent Geographic Targeting Order (GTO), which aims to fight money laundering in Miami by forcing title companies to identify the “natural persons” behind shell companies that purchase $1 million-plus properties using cash. Archambault, a partner and board certified real estate expert with the Miami law firm of Pathman Lewis, explained his belief that the GTO was initiated to “send a message” about the seriousness of U.S. anti-money laundering efforts; particularly in foreign buyer-heavy neighborhoods such as Miami Beach and Sunny Isles Beach. He advised the Master Brokers present to follow its guidelines carefully (with the thought that it may expand into Broward at a future date); however, he did not expect the GTO to have a dramatic impact on either county’s real estate market.

The Gold Coast Master Brokers Forum, comprised of top real estate professionals from Broward and Palm Beach County, is generously supported by Wells Fargo.

Phil Keagy, Jill Johns, and Mike Briche

Phil Keagy, Jill Johns, and Mike Briche

Kenny Borden, Mike Briche, Gayle Borden, Rachel Herbert, and Ruth Papuchis

Kenny Borden, Mike Briche, Gayle Borden, Rachel Herbert, and Ruth Papuchis

Matthew Bobby and Liz Caldwell

Matthew Bobby and Liz Caldwell

Bradley Deckelbaum and Louis Archambault

Bradley Deckelbaum and Louis Archambault

Tim Singer and Barbara Wall

Tim Singer and Barbara Wall

Carolyn Block Ellert and Louis Archambault

Carolyn Block Ellert and Louis Archambault

 

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