SManalysis5 days ago
How the London drug trade is ‘distorting the Albanian economy and property market’
SManalysis
EXCLUSIVE: A local economist has explained how funds made by London drug
dealers are wreaking havoc with the Albanian economy.
By ZAK GARNER-PURKIS
12:02, Wed, Nov 22, 2023
The Daily Express
Albanian economist on drug trade wreaking havoc on economy
Cash earned by London drug dealers is distorting the Albanian economy and
causing property prices in the Balkan nation to spiral, according to a
leading local economist.
Chartered accountant Armand Mala told the Daily Express the nation’s
housing boom was being exploited by criminals due to a lack of regulation.
If you...
Chartered accountant Armand Mala told the Daily Express the
nation’s housing boom was being exploited by criminals due to a lack of
regulation.
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“The
construction sector has been a good way to invest [for criminals
because] you only prove the source of a small amount of money [when]
buying a property,” he explained. “The rest can be paid in cash without
giving a reason where [the individual] got it.
“So
this has been a good solution for those who invest money not earned [in
a legal] way abroad. [The market also helps with] money laundering
because, after a certain period, they can resell the property with a
higher price and gain a profit.”
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