Motley Fool Money Money Laundering 101
Jun 26, 2022
Oliver Bullough, an author known for his insightful work on global corruption, joins the discussion. He unpacks the alarming ease of money laundering and how interconnected global elites use super yachts and offshore havens to shield their wealth. Bullough highlights the significant roles both the U.S. and U.K. play in fostering corrupt practices and the alarming rise of financial fraud affecting ordinary citizens. The conversation pushes for heightened transparency and reforms to combat these issues, all woven with a touch of humor.
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Defining Corruption
- Defining corruption by who receives bribes misrepresents the issue.
- The UK and US enable corruption by accepting and laundering stolen money, though they don't take bribes directly.
Money Laundering Process
- Money laundering involves a three-stage process: stealing, moving/obscuring, and spending.
- UK shell companies are popular due to their low cost, respectable appearance, and lack of ownership verification.
Putin's Superyacht
- Alexei Navalny's team exposed Putin's ownership of the superyacht Scheherazade.
- The crew was primarily Russian Secret Service, except for the British captain.
