Global Money Laundering Part II

The Anti-Money Laundering Act of 2020, Beneficial Ownership and Panama Papers

  • A $2bn trail leads directly to Russian President Vladimir Putin. The President’s best friend Sergei Roldugin is shown to be at the centre of a scheme in which money from Russian state banks is laundered to offshore financial havens
  • The families of at least eight current and former members of China’s supreme ruling body, the politburo, have been found to have hidden wealth offshore
  • In the UK, six members of the House of Lords, three former Conservative MPs and dozens of donors to British political parties have had offshore assets
  • One leaked memorandum from a partner of Mossack Fonseca said: “Ninety-five per cent of our work coincidentally consists in selling vehicles to avoid taxes”
  • In Germany, police raided the offices of Deutsche Bank in November 2018 as part of a money laundering probe. The investigation was focused on determining if the bank, Germany’s biggest, was helping clients set up offshore accounts to transfer money for criminal activities
  • A measly $1.2 billion has been recouped in 22 countries as a result of these investigations

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