You need look no further for evidence than the changing skyline of New York City, where much of the priciest residential real estate is being snapped up not by individuals, but by anonymous shell companies with secret owners.
There’s nothing illegal about it as long as the money’s legitimate, but there’s no way to tell, if you don’t know who the real buyers are. It is one of the reasons Global Witness, a London-based nonprofit organization that exposes international corruption, came to New York City 19 months ago. It wanted to see how helpful U.S. lawyers would be in concealing questionable funds.
See what happens when hidden cameras capture New York lawyers being asked to move highly questionable funds into the U.S. Steve Kroft reports. Here is a direct video link.