Transparency International investigation raises money laundering red flags in Brazil’s biggest city
Issued by Transparency International in Brazil
An investigation by Transparency International, the global anti-corruption coalition, found that in São Paulo 3,452 properties worth at least US$2.7 billion are linked to offshore secret companies raising red flags about the use of real estate for money laundering in Brazil’s largest city.
One year on from the Panama Papers leaks that exposed the extent of corruption using offshore secret companies, this new report, São Paulo: Does corruption live next door?, shows that thousands of high-end properties are owned through 236 companies that are registered in secrecy jurisdictions and tax havens, including in the British Virgin Islands, the US state of Delaware and Uruguay.
In the Lava Jato scandal, which revealed how companies used networks of offshore companies to bribe officials, it was found that one of these companies, Odebrecht, paid bribes and laundered