Although technically a President of the USA is not supposed to be in the business when he is elected as the President.
However, there is a choice as given by the law where the President can disclose his income from business and ensure it does not include the government businesses.
As per a latest investigation President Donald Trump seems to have made 10 million dollars by letting the drug cartels and launders to launder money through the Trump organisation from Panamanian licensing deal has allegedly sold property to people.
This is disclosed as per the report by the anti-corruption organization Global Witness.
The report published by Reuters and NBC, claims that the early success of the Ocean Club may have drawn on the basis of the laundered drug money from David Eduardo Helmut Murcia Guzmán, more commonly known as David Murcia, a notorious con artist.
It has been estimated by the Global Witness that by the year 2010 itself, the Trump family business would have made $74.5 million from the project in Panama.
During the year 2000, Trump had faced some financial issues and it is expected that that’s how the laundering business participation would have begun by the family which is consistent till the recent times.
Trump family business may have earned almost $74.5 million from the project in Panama. The project was paid a licensing fee of $1.2 million for making use of the Trump name. It has the right to a 1% cut off apartment pre-sales. The reports claim that some of those commission fees came from illegal money, but the Trumps likely can’t be punished of any crime for accepting it.
During pre-sales were going through from 2007, real estate brokers in Panama weren’t necessary to assess their clients’ personality, or to examine whether their money came from criminal activities or was laundered. Criminals frequently bought properties using uncommunicative shell companies that are nominally owned by a “director”. Besides, the actual owner’s identity remains secretive.
Many of the Russian buyers at Trump Ocean Club utilized these designs. Panamanian law didn’t order the brokers to reveal who they were.
Global Witness’s Anti-Money Laundering head Mark Hays said that the Trumps could be accountable to criminal charges in the US only if they were aware or surmised that their buyers paid with laundered money.
“We’re not saying they had knowledge but that given all these red flags it appears that they at very least turned a blind eye, and may have actively worked to avoid knowing what’s going on,” Hays alleges.
In George W. Bush administration he passed the Patriot Act that was supposed to supress illegal money coming into the US, but it provided the real estate sector what was signified to be a short-term exemption.
According to a 2015 New York Times investigation, 16 years later, the government has performed a little to alter regulations in spite of the fact that half of costly residential properties in the US are owned through shell companies. In New York, because of a due conscientiousness necessity supposedly helped another Trump deal, letting one past Kazakh cabinet minister to launder $3.1 million via Trump Soho complex.
