By Michelle Ganney From Daily Mail UK

More than a fifth of Trump’s condos in the US went to unidentified buyers who paid in secret and in cash, an investigation has found
More than 1,300 Trump condominiums were bought by shell companies
Treasury Department has said these characteristics suggest the buyers may be laundering money
Over $205 million in sales were to business based in foreign countries who are notorious for keeping records and banking information confidential
These include the British Virgin Islands, Panama and the Cayman Islands
Shell companies buying the properties and all-cash deals are not considered illegal, but are practices that could indicate money laundering
Neither the White House nor the Trump Organization responded to repeated requests for comment

More than one fifth of Donald Trump’s US condominiums have been purchased by unidentified organizations in secret and in cash since the 1980s, an investigation has found.

These transactions mean buyers can hide their finances and identities and avoid legal scrutiny, according to a report by BuzzFeed.

More than 1,300 Trump condos were bought by shell companies instead of people and the deals were completed without a mortgage, records of Trump’s property deals show.

The Treasury Department says these characteristics could mean the buyer is laundering money.

The amount of money possibly being laundered, which has been calculated by BuzzFeed, totals at around $1.5 billion.

This accounts for 21 per cent of the 6,400 Trump condos sold in the US.

Shell companies buying the properties and all-cash deals are not considered illegal, and the Trump Organization has no obligation to reveal their funding sources.

But anti-corruption officials say that these practices used throughout the luxury real estate market, and in Trump’s company, could point to money laundering.

Jennifer Shasky Calvery, the Treasury Department’s former financial-crimes chief, told BuzzFeed that federal investigations ‘continue to reveal corrupt politicians, drug traffickers and other criminals using shell companies to purchase luxury real estate with cash’.

The Treasury Department also said that all-cash real-estate purchases by shell companies are ‘an attractive avenue for criminals to launder illegal proceeds while masking their identities.’

The Financial Crimes Enforcement Network say hundreds of the secretive Trump condo sales may indicate money laundering.

Over $205 million in sales were to business based in foreign countries who are notorious for keeping records and banking information confidential.

These include the British Virgin Islands, Panama and the Cayman Islands.

Other jurisdictions include Bermuda, Cayman Islands, Cyprus, Gibraltar, Guernsey, Hong Kong, Isle of Man, Jersey, Luxembourg, Monaco, Netherlands Antilles, Switzerland, and St. Vincent and Grenadines.

The State Department says the British Virgin Islands has ‘significant money laundering risks,’ Panama is ‘an attractive target for money laundering,’ and in Cayman Islands, money laundering mostly involves ‘fraud, tax evasion and drug trafficking.’

According to the report, at least 28 shell companies resold their Trump properties within six months of buying them in cash.

The National Association of Realtors says this could indicate money laundering ‘especially if the resale price is significantly higher or lower than the original purchase price.’

Stefan Cassella, a former deputy chief of the Justice Department’s Money Laundering and Asset Recovery Section, said it’s difficult to distinguish between secretive sales that are done for legal reasons from those that hide criminal activity.

‘If a money launderer is doing his job well, he’s making the transaction look legitimate,’ Cassella said.

IMAGES:
More than one fifth of Donald Trump’s US condominiums have been purchased by unidentified organizations in secret and in cash since the 1980s, an investigation has found. From left to right Ivanka Trump, Donald Trump, Eric Trump and Donald Trump Jr. are pictured at Trump Soho press conference on September 19, 2007 in New York City

According to the report, at least 28 shell companies resold their Trump properties within six months of buying them in cash. Cars are seen going past Trump Tower in Manhattan last week

Trump is seen speaking to reporters at the Trump International Golf Club at West Palm Beach. Neither the White House or his company has responded to requests for comment

The Financial Crimes Enforcement Network say hundreds of the secretive Trump condo sales may indicate money laundering. Pictured is the Trump SoHo in February 2017

More than 1,300 Trump condos were bought by shell companies and were completed without a mortgage. Pictured is the Trump International Hotel and Tower in Chicago

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