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
via The Real Deal Miami http://feedproxy.google.com/~r/trdnews_miami/~3/yHhTJ9y8nfE/
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