Of course all these assets should be seized.
But thanks to a tangle of factors—perpetual secrecy in trusts and shell companies, anti-money laundering loopholes for real estate and private equity, perpetually under-resourced law enforcement—we have no idea where they are.
But thanks to a tangle of factors—perpetual secrecy in trusts and shell companies, anti-money laundering loopholes for real estate and private equity, perpetually under-resourced law enforcement—we have no idea where they are.
https://twitter.com/RepCori/status/1497023501915598855
There’s this notion that all of these oligarchic assets can be seized at the drop of the hat. They can—if we know about them.
But the world of offshoring—with the US at the center—has created such webs of intractable anonymity that unwinding single networks can take *years*.
But the world of offshoring—with the US at the center—has created such webs of intractable anonymity that unwinding single networks can take *years*.
Which is why I hope—much as I can—that this Russian invasion is an inflection point for the West’s propping up of the global offshore system.
And it might be. We’ve seen early signs (Biden admin leadership, UK economic crime bill, etc). But far too early to tell.
And it might be. We’ve seen early signs (Biden admin leadership, UK economic crime bill, etc). But far too early to tell.
Because it’s not just “Londongrad” that needs to be cleaned. It’s Malta. It’s the Isle of Man. It’s South Dakota and Delaware and Wyoming. It’s Canada and Germany and Australia.
It’s all these jurisdictions that still provide these laundering tools, to whomever wants one.
It’s all these jurisdictions that still provide these laundering tools, to whomever wants one.
And it’s the law firms that make this all possible. More than the real estate industry. More than the art market. More than private equity industry.
Tackling the legal industry’s role is key. Because they are all too often at the center of these offshoring webs.
Tackling the legal industry’s role is key. Because they are all too often at the center of these offshoring webs.
Which is why sanctions are, yes, years overdue. But they are far less effective than otherwise if we don’t end anonymity in these sectors.
And if we don’t end the ability for American, British, and other Western lawyers to be foot-soldiers for despots.
And if we don’t end the ability for American, British, and other Western lawyers to be foot-soldiers for despots.
Want to learn how we got here? I wrote a whole book about the US’s transformation into this global offshoring behemoth:
Want to actually *do* something? Contact your legislator. Pressure your industry trade lobby. Talk about this with colleagues.
https://twitter.com/cjcmichel/status/1458811049273180161?s=20&t=kzGvGu5OIvgyPyTmCZdo5w
Want to actually *do* something? Contact your legislator. Pressure your industry trade lobby. Talk about this with colleagues.
Because this—Putin, and the potential destruction of Ukraine—is the end result of offshoring. It’s a billionaire nationalist, convinced the West won’t do anything because we’re too busy cycling his and his pals’ money, and taking a cut along the way.
Prove him wrong.
Prove him wrong.
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