{"id":6879,"date":"2022-02-01T12:13:50","date_gmt":"2022-02-01T12:13:50","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6879"},"modified":"2022-02-21T17:38:21","modified_gmt":"2022-02-21T17:38:21","slug":"dark-money","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2022\/02\/01\/dark-money\/","title":{"rendered":"Dark Money"},"content":{"rendered":"

In the last decade we\u2019ve seen four massive leaks of data from offshore financial centres: the Panama, Paradise and Pandora papers and the FinCEN files.<\/p>\n

No-one knows who leaked this information. But the data made one thing crystal-clear: the world\u2019s rich and powerful, including its wealthiest criminals, love using shell companies to hide their assets.<\/p>\n

And it\u2019s not just a few small, sunny Caribbean or Pacific islands that make these financial flows possible.<\/p>\n

It\u2019s also corporate vehicles in places like the UK, where you can set up a limited company for as little as \u00a312.<\/p>\n

In the recent Danske Bank scandal, \u20ac200bn of suspicious transactions from the former USSR flowed through the Estonian branch of the Danish bank between 2007 and 2015.<\/p>\n

the world\u2019s rich and powerful, including its wealthiest criminals, love using shell companies to hide their assets<\/p><\/blockquote>\n

In nearly all these flows, British limited companies and partnerships, owned by unknown entities, were critical in helping launder the money.<\/p>\n

In the latest New Money Review podcast, one of the world\u2019s leading experts talks about the mechanics of money laundering.<\/p>\n

Graham Barrow has worked with many banks to help combat illicit money flows.<\/p>\n

\"\"<\/p>\n

Graham Barrow<\/em><\/p>\n

He is also co-host of a brilliant podcast called the Dark Money Files<\/a>, which I spent a lot of time listening to last year.<\/p>\n

The UK, where I live, keeps saying it will crack down on the abuse of shell companies.<\/span><\/p>\n

The UK government has failed to act on its promises<\/p><\/blockquote>\n

More cynical voices argue that London is so dependent on dark money it has no real incentive to do so.<\/p>\n

So far, the cynics seem right. \u00a0The UK government has failed to act on its promises to tighten up the rules on identifying the owners of companies.<\/p>\n

But maybe all is not lost. Listen to Graham for thirty minutes and make up your own mind.<\/p>\n

In the podcast discussion, we cover:<\/p>\n