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Casey Michel Profile picture
@cjcmichel
Jan 1, 2021 • 16 tweets • 5 min read • Read on X
THE U.S. JUST BANNED ANONYMOUS SHELL COMPANIES nytimes.com/2021/01/01/us/…
Pardon the all-caps, but the Senate's veto override today means that the U.S. A) just eliminated the primary building block in America's transformation into an offshore haven, and B) passed the most sweeping counter-kleptocracy reforms in decades—potentially ever.
Incredible news, and an incredible way to start 2021. What a moment.
Huge boost to American credibility in the fight against modern kleptocracy. Huge blow to those who'd turned to the U.S. time and again for their laundering needs, and those U.S. states that had transformed into money laundering havens of their own.

Just phenomenal news.
Again, this is a massive testament to all those who exposed the rot these anonymous shell companies led to, especially the journalists who exposed the laundering networks and civil society activists pressuring legislators to make this change (when it seemed next to impossible).
The fight against anonymity, and these American kleptocratic building blocks, is hardly over. Trusts, real estate, private equity, hedge funds, art houses, auction houses... much work remains.

But today is absolutely a day to celebrate.
One other thing: This was not only a clear rebuke to Trump (and the first veto override!), but it was absolutely a bipartisan endeavor. The legislation banning shell companies couldn't have been passed without a broad, broad base of support and stakeholders, across the aisle.
Shameless self-plug, but if you're interested in how the anonymous American shell company industry first developed, and how it helped transform the U.S. into money laundering nirvana—why today is such a huge deal—you can pre-order my book here:
Statement from Transparency International U.S. (@transparencyUSA) on today's landmark passage:

'This is the first significant update to our anti-money laundering laws in twenty years, and one of the most important anti-corruption measures ever passed by the U.S. Congress.' Image
This is exactly right from Josh. Today's legislation is the biggest US anti-money laundering move *at least* since the Patriot Act. Given the magnitude of crimes anonymous US shell companies are involved in, it could end up being the most important ever.
Banning anonymous U.S. shell companies is obviously huge, huge news—but it's not the only anti-corruption/counter-kleptocracy win today. For example:
'It’s a huge step forward in fighting illicit finance at home and around the globe.' independent.co.uk/news/world/ame…
Yesterday's move to ban anonymous U.S. shell companies was a massive counter-kleptocracy victory, and is a huge boost for all that remains to be done—some of which I laid out here for the new Biden administration: newrepublic.com/article/160461…
Banning anonymous U.S. shell companies is 'the single most important step we could have taken to better protect our financial system from abuse.' wsj.com/articles/defen…
One other exciting bit of the NDAA: It mandates new studies on the money laundering threat posed by American trusts. vox.com/22188223/congr…
Remarkable thread here, and anyone interested in financial secrecy/transparency should be following Clark:

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More from @cjcmichel

Casey Michel Profile picture
Oct 27, 2023
What do you know about Russia's colonization of Alaska? What do you know of what Russian colonizers did to Alaska Natives?

And why is it still so ignored by so many Americans?

My essay in @POLITICOMag on this ongoing blank spot, and Russian colonialism: politico.com/news/magazine/…
Spending decades ignoring Russian brutality against Alaska Natives is bad enough.

But overlooking the topic meant Americans missed an opportunity to understand more about Russian colonialism—and the outright imperialism still driving Russia.
politico.com/news/magazine/…
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Enslavement. Massacres. Hostage-taking and sexual violence—and clear signs of genocide. All in the name of stripping Alaska Natives of their wealth.

Russia’s conquest of Alaska was as colonial as it comes. And it was no better, or worse, than other European colonialism.

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Read 4 tweets
Casey Michel Profile picture
Apr 2, 2023
I'd forgotten that Jim Mattis was a military advisor to the UAE *before* he was appointed Defense Secretary—and never publicly disclosed that relationship.

Wild that that wasn't a bigger scandal.

cnn.com/2017/08/02/pol…
'The most prominent American cheerleader of the Emirati armed forces is former defense secretary Jim Mattis... [Mattis] again extolled Sheikh Mohamed and downplayed concerns about human rights in the UAE' washingtonpost.com/investigations…
The UAE's operations in DC is one of the—maybe *the*—most successful foreign influence and infiltration operation of the past decade.

An adviser as defense secretary, and another Trump insider as an agent. Millions saturating think tanks and universities. An army of lobbyists.
Read 4 tweets
Casey Michel Profile picture
Feb 24, 2023
We're starting to see the contours of how the Russian elite is going to pin this (ongoing, eventual) loss in Ukraine on Putin. (See: ft.com/content/800025…)

It is, to pick a term, bullshit. They were all fully on board with Russia's initial invasion, and moves to carve Ukraine.
The only reason gullible Westerners may buy this line—"It was Putin, it wasn't us!"—is because there's still a failure to recognize this invasion began not a year ago, but in 2014.

Russia's invasion began when troops rolled into southern Ukraine, and first stole Ukrainian land.
And guess what? The Kremlin's invasion was **insanely popular in Russia**. Putin's new social contract laid its cornerstone on this invasion (the "Crimean Consensus").

Beginning to carve up Ukraine was arguably the single most popular thing Putin ever did.
Read 7 tweets
Casey Michel Profile picture
Feb 22, 2023
A year into this war, Western policymakers are finally realizing one thing: for Ukraine—and Europe—to be at peace, Kyiv must regain control of Crimea.

My latest for @POLITICOMag on how things have shifted, and why Crimea is now in play.

politico.com/news/magazine/…
There are three major reasons Western views have shifted on Ukraine retaking Crimea:

1) Military necessity. So long as Russia retains Crimea, it will be a forward operating base for Russian troops to rest and resupply—a dagger aimed directly at the rest of Ukraine.
2) Economic reconstruction. So long as Russia retains Crimea, it can effectively suffocate a rebuilding Ukrainian economy—all while destabilizing Black Sea maritime security.

As @general_ben told me, “Crimea is decisive for this war.”
Read 7 tweets
Casey Michel Profile picture
Feb 20, 2023
This sure reads like Navalny has, for the first time, come out and said Crimea must be returned to Ukraine.
For more context on how Navalny’s views on Crimea have evolved: newrepublic.com/article/167944…
Between Navalny calling to respect Ukraine’s 1991 borders (Crimea!) and Khodorkovsky gesturing at potential independence for the North Caucasus, been one of the most interesting few days for Russian opposition in… some time.

Read 4 tweets
Casey Michel Profile picture
Feb 17, 2023
All of these concerns about Putin being replaced by someone “more hawkish” are faintly ridiculous.
If Putin goes because of this war, it will come after rolling military defeats, accelerating economic stagnation, spiraling internal divisions, etc.

Any successor will be immediately inundated in domestic crises. Do people really think they’ll, what, invade NATO? Launch a nuke?
Western officials need to stop buying into Putin’s “apres moi, le deluge” framing.

And they need to stop worrying about—and stop calibrating—what effect arming Ukraine will have on Russia internally. Just do whatever it takes to evict Russia from every inch of Ukraine.
Read 4 tweets

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