Couldn’t happen to a nicer group of people: ultra-rich criminals, drug dealers, despots and the mafia globally. I’m being sarcastic, of course.
It seems the greatest scheme for international money laundering is rapidly coming to an end and it couldn’t come soon enough. Unfortunately, this will have some negative effects on real estate in the super-expensive cities across the county because buying of high-priced condos for cash in places like New York, Miami, L.A. and San Francisco is going to come to a screeching halt.
Did you know that the National Association of Realtors gets a major exemption from Anti-Money-Laundering provisions?! That’s something I read about only recently in a Zero Hedge article. And it’s another fine example of our perverted special interests-driven political system!
It’s disgraceful that all a foreign government official or ultra-rich and shady business person has to do to buy an expensive condo without scrutiny is get cash into the U.S. (legally or illegally, on their private plane or strapped to a mule’s chest). When they finally flip it, they’ve successfully laundered money in the world’s reserve currency.
Well, cracks are appearing in the ultra-luxury market that these bad guys move in…
via Goodbye Money Laundering: The Slide In Luxury Real Estate | Seeking Alpha.
