From The New York Daily News:
A real estate deal from the early 1990s is the earliest instance of President Trump’s name appearing in the Panama Papers, the massive trove of leaked documents detailing the ways in which the world’s richest people hide their business dealings from scrutiny and taxation.
The discovery, first flagged by investigative reporter Jake Bernstein on Friday afternoon, involves the purchase and subsequent sale of a condo at the newly constructed Trump Palace on the Upper East Side in the 1990s.
The deal involved a mysterious Panamanian company called Process Consultants, Inc., which bought a 16th floor condo at the Trump skyscraper in 1991.
Process Consultants was owned through so-called bearer shares, which can be used to transfer assets with complete anonymity. Such shares are popular among money launderers.
Three years after the purchase, Process Consultants put the Trump Palace unit up for sale, with the Trump Corporation as its exclusive broker. A woman from Hong Kong, whose name has appeared in other leaked documents, appears to have bought the apartment for $355,000, according to a contract.
As has been the case with most Panama Papers revelations, there’s no indication of who is actually behind Process Consultants or where that person’s money came from.
While using bearer shares doesn’t prove that Process Consultants was involved in something dubious, the quick condo flip is characteristic of money laundering.
Watch the stories about money laundering through condo sales.