The Real Deal Miami

Money laundering abundant in South Florida real estate: VIDEO

The South Florida real estate market is rife with incidents of money laundering, with criminals like drug traffickers using ill-gotten gains to purchase condominiums in Miami and other markets. Though regulators have pressured banks and mortgage brokers to crack down on money laundering, the lack of safeguards in all-cash real estate transactions allow for a vast influx of dirty money.

Through Aug. 15, federal authorities moved to seize 77 properties in Miami-Dade County over criminal prosecutions, compared to 59 in all of 2012 and 41 in 2011, the South Florida Business Journal reported. [SF Business Journal]Hiten Samtani

  • Edward De Valle

    Interesting, but really not surprising. Frankly we don’t want these people in Miami. Developers are trying to build a city that has a unique taste for design, art, is gaining culture and finally is family oriented not drug infested. I think the government should have stricter rules of how much they allow someone to invest in cash with out knowing if the money is clean or not. Additionally they will never fit in, we dont respect people like this in Miami regardless of what people think.