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Casey Michel 🇰🇿 Profile picture
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6 Dec, 6 tweets, 2 min read
Fantastic, in many ways unprecedented, new strategy document from the White House on countering corruption/kleptocracy: whitehouse.gov/briefing-room/…
One of the clear through-lines of the new U.S. anti-corruption strategy: recognizing that the U.S. is a "significant destination for laundered proceeds of illicit activity." Specifically singles out American:

—Shell companies
—Real estate
—Private equity/hedge funds
Absolutely fantastic to see the White House specifically call out American "enabling" professionals—lawyers, accountants, trust providers, etc.

*And* the White House comes out in support of increased anti-money laundering regulations on these enablers.

whitehouse.gov/wp-content/upl…
This does feel like a watershed day in the broader fight against trans-national corruption/kleptocracy. There's never been a strategy document quite like this.

And the fact that it's coming from the White House... man. What a day.

A New Era in America’s Fight Against Corruption? hudson.org/research/17420…
This in and of itself would be a phenomenal step toward ending the U.S.'s role as a destination country for illicit finance.

Would effectively end anonymity in American real estate—a move two decades in the making.

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More from @cjcmichel

Casey Michel 🇰🇿 Profile picture
4 Dec
Some staggering numbers in this new report, on just how open the U.S. private investment/private equity/hedge fund markets are for gargantuan money laundering schemes:
The U.S. private investment market has:

—over $11 trillion dollars in assets
—~13,000 investment advisers
—minimal anti-money laundering regulations
—the "perfect confluence of factors that make it an ideal place to hide and launder the proceeds of corrupt/criminal activity"
One of the chapters of AMERICAN KLEPTOCRACY (which you can purchase now!) looks specifically at how private equity/hedge funds in the U.S. have become massive money laundering vehicles unto themselves—and which networks (and oligarchs) have taken advantage.
Read 4 tweets
Casey Michel 🇰🇿 Profile picture
18 Nov
🇬🇧UK folks: AMERICAN KLEPTOCRACY is out TODAY! Read all about how:

—The US challenged the UK for the offshoring crown
—Oligarchs have begun targeting the American heartland
—Kleptocracy has begun upending both American politics and the US-UK alliance

scribepublications.co.uk/books-authors/… Image
Total estimated private wealth now hidden in financial secrecy jurisdictions? $24-32 trillion.

If the offshoring world was a country, it would rival the US or China in terms of scope. An invisible superpower. Image
💸Huge thanks to @CFCS_RUSI, @OliviaJKearney, @keatingetom, the entire @RUSI_org team, and the great Elise Bean for hosting a talk today on my new book on modern kleptocracy—available here if you missed it: rusi.org/events/open-to…
Read 4 tweets
Casey Michel 🇰🇿 Profile picture
4 Nov
NEW: Democrats are poised to save an agency that's on life support, and that is key to unwinding the offshore world: the IRS.

newrepublic.com/article/164269…
Look at any data point, and the story is the same. Collapsing audits. Collapsing investigations. Collapsing resources. Hell, the IRS now has fewer auditors than any time since *World War II*.

The IRS is a shell of its former self. All while the offshoring world has exploded.
But the IRS didn't wilt on its own.

It was slowly gutted by congressional Republicans over the past quarter-century—even while the U.S. blossomed into a gargantuan offshore haven of its own.

newrepublic.com/article/164269…
Read 8 tweets
Casey Michel 🇰🇿 Profile picture
24 Oct
Those who fought in the Texas Revolution (or Texas Revolt) fought “to form what became the single most militant slave nation in history.” Image
This passage is maybe the clearest distillation I’ve ever seen of how central slavery—and the protection, expansion, and entrenchment of slavery—was to the Texas Revolt: Image
(These are from: npr.org/2021/06/16/100…)
Read 8 tweets
Casey Michel 🇰🇿 Profile picture
20 Oct
NEW: Franklin Graham had a one-on-one meeting with a sanctioned Russian official in Moscow earlier this year—and the only reason we know about it is the Russian government. thebulwark.com/franklin-graha…
Franklin Graham didn't post, share, or announce anything about his meeting with a sanctioned Russian official. We only know about it from a Duma readout.

In a new statement, Graham said the meeting with his sanctioned counterpart was "excellent."

thebulwark.com/franklin-graha…
Franklin Graham has now become the highest-profile American meeting with a Russian official directly sanctioned by the U.S.—and he's done so multiple times the past few years.
Read 8 tweets
Casey Michel 🇰🇿 Profile picture
18 Oct
NEW: The Pandora Papers confirmed what we've long suspected—US law firms have transformed into one-stop shops for kleptocrats around the world to launder their money, entrench their power, and so much more.

newrepublic.com/article/164029…
Look at all the services US law firms now provide kleptocrats:

—PR and lobbying
—Pushing pro-offshoring policies
—Overseeing shell companies and trusts
—Overseeing real estate purchases
—Navigating anti-money laundering exemptions
—Allowing access to law firm accounts Image
All of this in addition to the ability to argue for cloaking everything behind attorney-client privilege. (And intimidating journalists who are trying to disentangle these kleptocratic networks.)

Read 4 tweets

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