{"id":6587,"date":"2021-09-15T15:38:06","date_gmt":"2021-09-15T15:38:06","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6587"},"modified":"2021-10-05T17:16:14","modified_gmt":"2021-10-05T17:16:14","slug":"fighting-the-enablers-of-financial-crime","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2021\/09\/15\/fighting-the-enablers-of-financial-crime\/","title":{"rendered":"Fighting the enablers of financial crime"},"content":{"rendered":"

It\u2019s time to target the enablers of large-scale financial crime, including law firms, accountants and the jurisdictions allowing corporate secrecy, says the son of murdered Maltese journalist Daphne Caruana Galizia.<\/p>\n

Caruana Galizia was assassinated by a car bomb in October 2017<\/a> as she prepared to publish articles revealing corruption at the highest levels of Malta\u2019s government.<\/p>\n

In July this year, a public enquiry in Malta found<\/a> that the country\u2019s government had created a \u2018favourable climate\u2019 for anyone who wanted to \u2018eliminate\u2019 the controversial journalist and blogger, and that the state should shoulder responsibility for her assassination.<\/p>\n

According to Daphne Caruana Galizia\u2019s son, Matthew, the institutional enablers of illicit money flows are equally responsible for her death.<\/p>\n

\u201cThere are no legitimate reasons for corporate secrecy\u201d<\/p><\/blockquote>\n

\u201cThere are underground rivers of money that most people can\u2019t see. They don\u2019t even know that they exist,\u201d Matthew Caruana Galizia said at today\u2019s Dark Money conference<\/a>.<\/p>\n

Matthew Caruana Galizia is a Pulitzer Prize-winning journalist and software engineer.<\/p>\n

He worked at the International Consortium of Investigative Journalists (ICIJ) for five years, where he founded the organisation\u2019s Data and Research Unit and was involved in six major investigations, including the Panama Papers<\/a> leak of over 11.5 million financial and legal records.<\/p>\n

Speaking today of his work with the ICIJ, Caruana Galizia said:<\/p>\n

\u201cWe realised that one of the worst things driving this secrecy was serious crime, including murder.\u201d<\/p>\n

\u201cThere are no legitimate reasons for corporate secrecy,\u201d he went on, \u201ceven in cases where the people who wanted secret offshore companies from firms like Mossack Fonseca said that they feared kidnapping or blackmail.\u201d<\/p>\n

\u201cThat fear turned out just to be an excuse,\u201d he said. \u201cWhat people really wanted offshore companies for was to hide something that they didn\u2019t want the world to know about. 99.9% of the time there was a bad reason for that.\u201d<\/p>\n

At today\u2019s conference, Matthew Caruana Galizia described how he and his late mother had found out about high-level corruption in Malta through the Panama Papers.<\/p>\n

\u201cWe uncovered that two of Malta\u2019s most senior officials, who were directly responsible for awarding billions of dollars in public funds to private companies, had set up secret companies in Panama and secret offshore trusts in New Zealand, that no one except them, their enablers and co-conspirators would ever know about, just five days after being elected in 2013,\u201d he said.<\/p>\n

\u201cThe damage they are doing is simply not quantifiable\u201d<\/p><\/blockquote>\n

\u201cThese were the same officials that my mother had been investigating for years,\u201d Matthew Caruana Galizia said, \u201cwith her suspicion increasing with every new deal they struck.\u201d<\/p>\n

Earlier this year, a man was sentenced to 15 years in prison for Daphne Caruana Galizia\u2019s murder<\/a>, while another suspect, Maltese businessman Yorgen Fenech, was indicted for her murder in August.<\/p>\n

However, according to the victim\u2019s son, there\u2019s a much longer list of guilty parties.<\/p>\n

\u201cThe damage to society is caused not just by the people who planned my mother\u2019s murder,\u201d Matthew Caruana Galizia said earlier today, \u201cbut also by the enablers of the corruption that my mother was investigating.\u201d<\/p>\n

Those enablers include the many jurisdictions that allow financial secrecy, the accountants, the corporate service providers and the government officials involved in the illicit schemes, he said.<\/p>\n

\u201cThese are enemies of transparency. The damage they are doing is simply not quantifiable. It\u2019s too enormous to even imagine,\u201d Matthew Caruana Galizia said.<\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

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Companies and partnerships launder most dirty money<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s time to target the enablers of large-scale financial crime, including law firms, accountants and the jurisdictions allowing corporate secrecy, says the son of murdered Maltese journalist Daphne Caruana Galizia. 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