A senior U.S. Treasury official openly called on Congress to curtail the use of shell companies, citing their role in organized crime and terror financing. A new report revealed how shell companies are used to steal from the U.S. military procurement budget.
Putin’s cronies control one-fifth of Russia’s economy. Alexei Navalny accused Igor Shuvalov, Russia’s Deputy PM, of using an undeclared $62 million private jet. Spanish authorities arrested 11 Russian and Ukrainian individuals for money laundering.
Donald Trump was named in a $250 million tax fraud lawsuit against Russian mobster, Felix Sater.
Increased scrutiny of all-cash transactions helped slow NYC’s luxury real estate market. British MPs say measures to prevent £100 billion being laundered through UK property annually are “totally inadequate.” The Canadian government launched a probe into illicit foreign cash in Vancouver’s housing market. China’s state-owned enterprises were ordered to invest in Australian property.
China censors removed online references to a rare beetle named after President Xi Jinping, in honor of his anti-corruption campaign.