Miami Real Estate Hides Dirty Foreign Money
From Ken Silverstein for The Nation, an investigation of dirty foreign money, the luxury Miami real estate it buys, and the political fight to keep the money flowing to Florida.
“…Florida’s political leaders have been spearheading the fight against a new Treasury Department rule mandating that foreign banks tell the IRS about accounts held by US taxpayers—and which would, reciprocally, require US banks to share the same information with foreign governments. Not surprisingly, Florida banks and realtors don’t like the idea of more sunlight on their lucrative dealings with foreigners. “There is a huge amount of dirty money flowing into Miami that’s disguised as investment,” said Jack Blum, a former congressional investigator and Washington attorney specializing in money-laundering cases. “The local business community sees any threat to that as a threat to the city’s