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| The
Washing Machine: Money, Crime and
Terror in the Offshore System |
Brief
contents
When Russia cast off the Communist system, Western financial
institutions moved in with the help of Russian Mafia, oligarchs
and local corrupt institutions. American banks became conduits
for illegal money, which moved under the world's anti-money laundering
radar.
Individuals who are financially creative harness established
systems to their illicit purposes. Often brilliant schemes are
devised to deceive the authorities. Here we see the Russian genius
for deception and black wealth creation.
The terrorist may leech off the launderers' schemes. He is a
counterparty to deception, but not necessarily a deceiver himself.
The money he needs for his purposes is small and much is 'legally'
earned or donated by supporters. However, Al Qaida and the IRA
have their own money making, and money hiding schemes, described
here in detail. These may ensure longevity and additional security
risk.
Criminal gangs and cartels in Cali or the United States exploit
loopholes in the financial and legal loopholes to transport dirty
money earned from the sale of drugs and cigarettes. Vast fortunes
have accrued to those who are ruthless and cunning. The largest
players in the global market are sometimes the most apparently
prestigious. Banks are the carriers of the dirty
money, as well as clean, and the more they have explored markets
in the developing world, the more they have had to treat with
criminal elements and corrupt governments. When Blue chip bank
meets famous politician bearing gifts, the greed imperative
poisons discrimination. |
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| Politicians are reaping the fruits
of their belief in free markets. The removing of constraints
on currency controls and the opening of world markets to corporate
pressures put power into the hands of those that could not
be trusted. Breakthroughs on a political level have poisoned
trust and confidence in markets. The men who have to row back
the political tide are reactive not proactive, they are willing
policemen in small teams, under financed, under-resourced. |
Politicians saw their dependence on
these authorities in the wake of September 11. Few believe
they can hold back the tide of liberated markets and black
money.
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