Clean money

Because of loopholes in disclosure laws for large cash transactions, real estate is a great way to launder money. So if you’ve got a million dollars in illegally obtained cash lying around, a luxury Manhattan apartment is a good place for it.

How To Hide A Million Dollars In Plain Sight – Planet Money

There are apartments in cities around the world where the lights do not go on at night. The apartment is empty. And it’s hard to tell who owns it or where the money to buy the apartment came from.

And that’s because some of that money is from questionable origins. If you have a lot of money to hide, you can park that cash in real estate. You hide the money in plain sight. You turn a fancy apartment into a giant piggy bank or secret vault.

On today’s show, the international quest to try answer a simple question: Who owns Apartment 5B?

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