Corruption/ Real estate & shell companies
This week the New York Times is running a series of
hard-hitting investigative reports into who is buying luxury apartments in a single
skyscraper overlooking Central Park in New York City, called Time Warner
Center, and how they are doing it. It has highlighted a dubious bunch of big
spenders allegedly enjoying the proceeds of corruption, including criminals and
tax evaders.
What the reporting
illustrates is that it is very easy for people to hide the origins of their
wealth: more than half the luxury apartments in Time Warner Center are not
officially owned by individuals but by people concealing their identity through
shell companies.
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