MIAMI (WSVN) — A South Florida newspaper has uncovered alarming information regarding the region’s high-end real estate market.
Millions of leaked documents from a Panama-based law firm reportedly show companies set up offshore accounts and have been using those accounts to launder money, conduct drug deals and other illegal activity.
According to the Miami Herald, eight companies who have been linked to bribery, corruption or other wrongdoing in their home countries, have bought property in South Florida.
The news comes as the U.S. government has launched a crackdown on money laundering in Miami’s luxury real estate market.