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by orangepurple 1067 days ago
American cities are huge money laundering fronts using real estate.

https://www.fincen.gov/resources/advisories/fincen-advisory-...

  Criminals can use all-cash purchases to make payments in full for properties and evade scrutiny—on themselves and the origin of their wealth—that is regularly performed by financial institutions in transactions involving mortgages.9 All-cash transactions account for nearly one in four residential real estate purchases, totaling hundreds of billions of dollars nationwide, and are particularly exposed to abuse.10 All-cash transactions account for an even larger stake in some U.S. markets.    For instance, nearly 50 percent of residential real estate sales in Miami-Dade County were all-cash transactions in 2015 and 2016.11 Many all-cash transactions are routine and legitimate, however, they also present significant opportunities for exploitation by illicit actors.
1 comments

Shades of Tommy Wiseau.