NY Times: The City of London Is Hiding the World’s Stolen Money (October 11, 2021)

Nicholas Shaxson in his New York Times article, discusses the Pandora Papers and how it has exposed Britain’s role in money laundering. His article, “The City of London Is Hiding the World’s Stolen Money”, begins as follows:

In 1969, two years after the Cayman Islands, a British territory, passed its first law to allow secretive offshore trusts, an official government report struck an ominous note. A tide of glossy propositions from private developers, it warned, was washing through the islands. Cayman was fast becoming a state captured by shady finance.

Those were the pungent beginnings of a modern system brought to light by the Pandora Papers, an enormous data leak coordinated by the International Consortium of Investigative Journalists. The papers exposed a smorgasbord of secretive and questionable financial dealings by more than 330 politicians and public officials from over 90 countries and territories — and over 130 billionaires from Russia, the United States and elsewhere. On display was a dizzying array of chicanery and wealth hoarding, often by the very people who should crack down on it.

The revelations, published on Oct. 3, are global in scope. But if there is one country at the system’s heart, it is Britain. Taken together with its partly controlled territories overseas, Britain is instrumental in the worldwide concealment of cash and assets. It is, as a member of the ruling Conservative Party said last week, “the money laundering capital of the world.” And the City of London, its gilded financial center, is at the system’s core.

To see the full article, click: “The City of London Is Hiding the World’s Stolen Money”

Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal

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