Money laundering: The tag real estate can’t shake off

“Recently, a middle-aged man visited my office with €400,000 (Sh43.9 million) all in cash wanting to buy my clients’ property in Kilimani. When i insisted that the payment be made through a bank; the man and his two accomplices stormed out of my office never to come back,” a high-end property agent who only wished to be referred to as James tells Home & Away.

While laundering illicit cash in secret offshore accounts in Switzerland or the Caribbean islands is increasingly becoming unpopular due to stringent laws, corrupt individuals are opting for real estate to hide their loot.