Reply To: Spanish property market 2007/2008 report discussion

#79636
katy
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US STATE DEPT REPORT TAKES SPAIN TO TASK (Town Crier)

A new report by the USA Dept of State claims that black money from drug trafficking in Spain has been feeding the real estate boom along the country’s mediterranean coasts. The 2008 international Narcotics Control strategy report dedicates a whole chapter to spain in which it claims that many local town halls preferred to ignore the origin of the money. It also says that given the huge profits obtained in the construction sector in recent years, many, coastal municipialities turned a blind eye to the illegality of construction projects in their towns. The report says that in málaga province alone, more than 200 cases of corruption linked to construction have been invesigated. The report calculates that 30% of the 500E notes in circulation are found in spain linked directly to the purchase ofproperty for money laundering purposes. It describes spain as the “grand European centre for money laundering” as well as the main door for the entry of illegal narcotics