Spanish police seized at least 83 million euros (about 124 million U.S. dollars) worth of buildings and bank deposits owned by drug traffickers in 2007, the police said Sunday.
The buildings may actually be worth much more, as the police used public registry prices and not market prices to value them, a police statement said.
Buying real estate has become one of the fastest ways to launder drug money through front companies, which develop two or three buildings to get the recognition that allows them to camouflage themselves.
Drug traffickers also send money abroad via small transfers from money changers, banks or individuals carrying cash. The main investment destinations for ill-gotten gains are Colombia, the Caribbean and the U.S. city of Miami.
Heroin income also tends to be sent to the United Arab Emiratescity of Dubai, the main banking center in that country.
Source:Xinhua
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