How New York Real Estate Became a Dumping Ground for the World’s Dirty Money

Many walk a fine line between showing off and staying on the down-low. Instead of putting property in their own names, they may arrange to put the names of their spouses, children, lawyers or other proxies on property deeds. Often, the buyer of record isn’t a flesh-and-blood person—it’s a limited liability company set up in a US state, or an offshore company established in the British Virgin Islands or some other overseas haven.

Not much different than the cocaine money that built the Miami skyline in the 1980s and 90s.