Secret companies allow corrupt cash to flood key real estate markets

ROME/BERLIN: The governments of Australia, Canada, the UK and the US need to close glaring legal loopholes to prevent the corrupt elite from laundering the proceeds of grand corruption in their local real estate markets, a major anti-corruption watchdog urges.

The Berlin-based Transparency International (TI), a global anti-corruption movement working in over 100 countries, on March 29 issued a new report, Doors Wide Open: Corruption and Real Estate in Key Markets, in which it identifies the 10 main problems related to real estate and money laundering in those four countries and makes recommendations on how to address them.