The FBI wants to clamp down on foreign corruption with a new task force in Miami, a city that’s long served as a gateway for illicit money laundering.
The squad will focus on Miami and on international corruption in South America, as reported by the Associated Press. The FBI stated it often finds people hiding their money in luxury South Florida real estate and luxury boats. And in recent months, federal authorities have uncovered several high-profile money laundering cases associated with Miami area real estate.
FBI opens Miami task force to end foreign corruption
The task force will look to locate individuals and companies who violate the Foreign Corrupt Practices Act, or those who are trying to bribe foreign officials. The federal agency stated it is also working with companies to educate them about corruption and to self-report illicit behavior, in accordance with the AP. The office will open this month and have six agents.
Recently, top Venezuelan officials allegedly siphoned money out of the country’s state oil company and into South Florida real estate properties, including two condos at Dezer Developments Porsche Design Tower and one condo at Related Groups Icon Brickell.
But developers and real estate agents have minimal obligations to perform due diligence on their buyers or exactly where the money originated from, in accordance with a Real Deal investigation last summer.
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