Value of Real Estate Increase in Miami Linked to Illegal Transactions
Value of Real Estate Increase in Miami Linked to Illegal Transactions
Washington, Apr 6 (Prensa Latina) The increase in value of real estate in Miami, Florida, is linked to investments made by clients of Mossack Fonseca - the firm at the center of the Panama Papers scandal.
The scandal surrounds the leaking of more than 11 million documents made public on April 3rd, which named 140 politicians and officials from around the world, 12 of them active or retired world leaders.
Part of these confidential files have been obtained by the Miami Herald newspaper, in association with the International Consortium of Investigative Journalists.
According to the newspaper, which has published several articles on the topic in the past few days, the documents show that Miami has had a long history of money-laundering and that their financial institutions report more suspicious activity than any other large American city, besides New York and Los Angeles.
According to Peter Zalewski, a condominium market analyst living in Miami, illicit money has propped up the local market since the 1980s.
More:
http://www.plenglish.com//index.php?option=com_content&task=view&id=4764661&Itemid=1
