Hidden in Plain Sight: New York Just Another Island Haven for Money Laundering into Real Estate

Michael Hudson, Ionut Stanescu and Samuel Adler-Bell, Secrecy for Sale: Inside the Global Offshore Money Maze: Hidden in Plain Sight: New York Just Another Island Haven. International Consortium of Investigative Journalists. 3 July 2014. “Lax U.S. rules and real estate industry’s no-questions-asked approach make it easy for dodgy characters to funnel wealth through high-end Manhattan apartments…. Government officials and their families and associates in ChinaAzerbaijan, Russia, Canada, Pakistan, the Philippines, Thailand, Mongolia and other countries have embraced the use of covert companies and bank accounts. The mega-rich use complex offshore structures to own mansions, yachts, art masterpieces and other assets, gaining tax advantages and anonymity not available to average people.” Winner of the 2014 George Polk Award for Business Reporting.

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