The Phaserl


New York Real Estate a Magnet for Dirty Money, Lots of It

from Voice of Russia:

The International Consortium of Investigative Journalists published a breakthrough study today that pulls the covers off a disturbing dimension of America’s tolerance for illicit capital flows.

It turns out that it’s not just the banks that facilitate these flows; realtors are playing their own role:

“The movement of dirty money from fruit boxes in Taipei into America’s real estate capital illustrates, in vivid detail, one of New York’s dirty secrets: High-end New York real estate is an alluring destination for corrupt politicians, tax dodgers and money launderers around the globe.”

The volume of illicit capital flows has accelerated rapidly in recent years, to the point that estimates of the total amount of wealth (financial wealth alone, not property) individuals have stashed out of the reach of their home countries’ tax authorities shot from about $11 trillion in 2005 to a range of $21-32 trillion in 2010. A fair chunk of that money, inevitably, is flowing towards real estate.

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