United States
- The 1MDB case, in which $1 billion was stolen from Malaysian taxpayers, is a test for the U.S. Kleptocracy Asset Recovery Initiative. A senior FBI official said that the global fight against systemic corruption is gaining momentum.
- The Clearing House Association, which represents the world’s largest commercial banks, wrote to U.S. lawmakers endorsing the end of anonymous companies.
- It is easier to register a company than obtain a library card in Nevada, the “Delaware of the West.” U.S. states are racing to attract investment in anonymous trusts.
- A Phillipines bank maintains links with major U.S. financial institutions, despite being fined $21 million for its role in the cybertheft of $81 million from Bangladesh’s central bank.
Europe
- Spanish police alleged that Alexander Torshin, a deputy head of Russia’s central bank, directed money laundering activities for the Taganskaya gang.
- AS PrivatBank, a Latvian bank 46 percent owned by Ukraine’s PrivatBank, was banned in Italy following “serious violations” of anti-money laundering regulations.
- For the translation and publication of his underperforming book in Azerbaijan, the UK international trade secretary received payments and hospitality.
- A Chinese firm with a one-third stake in plans for a new UK nuclear power plant was charged with espionage by the U.S.
- UK campaigners are launching a series of “KleptoScope” events to highlight dirty money in London.
- Malta is under pressure from the rest of the EU for failing to keep pace with anti-money laundering efforts.
Ukraine
- A former anti-corruption official’s story shows how Ukraine’s leaders continue to stymie reform. After delaying the introduction of a more transparent procurement system, officials may exploit its weaknesses to hide their wealth.
- Chinese investment may force Ukraine into a “dangerous dance” between democratic reform and economic need.
Global
- Joseph Stiglitz and Mark Pieth explain why they left the Panana Papers commission.
