Advancing

Why dirty money is far too easy to hide

When we think of bribes and fortunes siphoned from public funds, we tend to picture henchmen in trench coats trading suitcases full of money. That, however, is rarely how things go.

“More often, it’s done by exploiting the global financial network. The way it works is through a bank or a wire transfer,” says Mark Hays of Global Witness, the anti-corruption organization co-founded byTED Prize winner Charmian Gooch and featured on 60 Minutes. “If you’re a corrupt government official, a shady business executive or a criminal operator, you generally need three things. First, a bank that’s willing to do business with you. Second, an attorney, accountant or other facilitator to broker your scheme. And third, a getaway car. Anonymous companies provide the perfect vehicle to move money without being detected.”

Tighter regulation in these three areas could make a big dent in global corruption. Below, a look at eight specific loopholes that Global Witness wants to see closed, tightened or, at the very least, examined closely. These things are, as of now, perfectly legal. Global Witness asks: should they be?
Read more here.

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