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How Shell Companies Launder Money In Luxury Real Estate

Law360, New York (November 21, 2017, 3:34 PM EST) -- A spike in high-end residential real estate prices and associated purchases via shell companies has led to stronger Financial Crimes Enforcement Network crackdowns on dirty money schemes.

Over the past decade, we have seen dramatic increases in the average and median purchase prices of luxury residential real estate throughout the United States, specifically in the borough of Manhattan, New York, and Miami-Dade County, Florida. During this same period, the proportion of high-end residential properties purchased through shell companies also spiked significantly. Together, these factors sparked concerns...
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