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Real Estate: A Popular Choice for Money Launderers

  Money laundering is the process of making illegally-gained proceeds (i.e. "dirty money") appear legal (i.e. "clean"). One way criminals launder money is through real estate. One method is to purchase properties using illicit funds and then reselling them at a higher price, making it appear as though the profits were obtained through legitimate means. This can be done by inflating the value of the property through false appraisals or by making improvements to the property using illegal funds. Another way to launder money through real estate is to use shell companies or trusts to purchase properties. These entities can be used to hide the true ownership of the property and make it difficult for law enforcement to trace the funds used to purchase the property. Criminals also use real estate as a way to park their ill-gotten money and use it later. They would buy an expensive property and then rent it out. They would use the rental income to pay for the mortgage. This

The Pandora Papers: A Global Scandal with Far-Reaching Consequences

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Keywords: ICIJ -  Sam Bankman-Fried   -  Mikko Pakkanen - E-bros Finland - Uhuru Kenyeatta - Mikko Pertti Juhani Pakkanen - Hugo Sluimer - RESTINVER INVESTMENTS LTD - SWISS BOULEVARD INVESTMENTS S.A - FTX -  Catherine De Bolle. The International Consortium of Investigative Journalists “ ICIJ ” published a final batch of 9,000 offshore companies, trust and foundations this year in addition to the 11.9 million records already leaked.   In total, 35 current and former national leaders appear in the leaked documents, alongside 400 officials from nearly 100 counties, more than 100 billionaires, and 29,000 offshores accounts.   The pandora papers leaks amounted to 2.94 terabytes of corruption, tax evasion, illicit money laundering and there are of course legitimate cases included. Families like Kenya’s President Uhuru Kenyatta secretly owned a network of offshore companies for decades.   Europol’s pandora paper report warns of “parallel underground system” exploited by criminal netwo

The Panama Papers: A Global Look into Offshore Financial Activity

  The Panama Papers is the name given to a massive leak of financial and legal documents from the Panamanian law firm Mossack Fonseca. The papers, which were leaked in 2016, contain information about more than 214,000 offshore companies, including the names of the individuals and organizations associated with them. One of the key findings of the Panama Papers was the high number of individuals and companies from certain countries that were mentioned in the documents. The countries with the highest number of individuals and companies mentioned in the papers include: China - Over 22,000 individuals and companies from China were mentioned in the Panama Papers. This includes many wealthy and powerful individuals, as well as state-owned companies. Russia - More than 18,000 individuals and companies from Russia were mentioned in the papers. This includes many wealthy businesspeople, as well as members of the Russian government and political elite. Hong Kong - More than 14,000 individuals and

Money Laundering in the Dominican Republic: A Problem Persists despite Government Efforts

 Money laundering is the process of disguising the proceeds of illegal activities as legitimate funds. In the Dominican Republic, it is a major issue that has been linked to organized crime, drug trafficking, and corruption. According to a report by the Financial Action Task Force (FATF), the Dominican Republic has a "moderately high" level of money laundering activity. The country's strategic location, proximity to drug-producing countries, and weak institutions make it a prime destination for illicit money. One of the main methods used for money laundering in the Dominican Republic is the use of exchange houses, also known as "casa de cambio." These businesses are often used to transfer large sums of cash into the country and convert it into foreign currency, which can then be sent abroad to other countries. Exchange houses are also often used to purchase real estate and other assets, making it difficult to trace the origin of the money. Another method commonl

The Pardora Papers: Finland outraged leads to calls for action

  Finland was one of the countries implicated in the Pandora Papers leak. The documents revealed that several Finnish individuals had used offshore tax havens, such as the British Virgin Islands and the Bahamas, to evade taxes and hide assets. Leaked documents reveal that some individuals from Finland, with criminal records for crimes including assault, drug offenses, child sexual abuse, and murder, also have established companies in tax havens. The Pandora Papers leak caused outrage in Finland and led to calls for greater transparency in the country's financial system. In the aftermath of the leak, the Finnish government introduced new measures to crack down on tax evasion and improve financial transparency. These measures included stricter reporting requirements for offshore activities and increased penalties for those found to be evading taxes. Despite these efforts, the Pandora Papers leak remains a controversial and divisive issue in Finland. While some have praised the govern

Strauss-Kahn Named in Pandora Papers Investigation

  French authorities are investigating former International Monetary Fund (IMF) chief Dominique Strauss-Kahn over his alleged involvement in tax fraud and money laundering. The investigation comes as a result of revelations made in the Pandora Papers, a collection of 12 million leaked documents from 14 offshore financial service companies that revealed how over 300 politicians and officials used shell companies in secrecy jurisdictions to evade taxes or protect their wealth from authorities and public scrutiny. Strauss-Kahn is suspected of using a Moroccan company, Parnasse International Sarlau, to receive millions of dollars in consulting fees from clients such as the Russian state-owned oil company Rosneft and Chinese aviation conglomerate HNA Group, while avoiding paying taxes on much of the income. After the tax exemptions for Parnasse International Sarlau expired, Strauss-Kahn established another consulting firm, Parnasse Global Ltd, in the United Arab Emirates in 2018. The compan

The Dark Side of Miami Real Estate: How Money Laundering is Tainting the Market

  Money laundering is a serious problem in Miami and other parts of South Florida. It is the process of disguising the proceeds of illegal activity as legitimate funds, and it can take many forms. One way that money laundering can occur is through the use of real estate. In Miami, there have been reports of individuals and organizations purchasing properties with illicit funds and then selling them for a profit, in order to cleanse the money and make it appear legitimate. This type of money laundering can have serious consequences for a community. It can drive up property values and contribute to gentrification, which can lead to the displacement of long-time residents and the erosion of a community's cultural identity. It can also distort the housing market, making it more difficult for ordinary people to afford to buy a home. Moreover, money laundering can have broader societal impacts. It can undermine the integrity of financial systems and create opportunities for other illegal