Why the U.S. is the Kleptocrats’ Preferred Destination to Launder Billions
We begin with Tuesday’s FBI raid on the Washington D.C. mansion of a Oleg Derepaska, an oligarch close to Putin, and discuss the broader issues of why the U.S. is the preferred destination for dirty overseas kleptocratic riches that are laundered through prestigious law firms like Baker McKenzie using shell companies in Delaware, Nevada and South Dakota to end up cleaned as investments in luxury real estate etc. Joining us is Casey Michel, a journalist who is a member of the advisory council for the Hudson Institute’s Kleptocracy Initiative, and has contributed research pertaining to kleptocracy, offshoring, illicit finance, and foreign interference to the German Marshall Fund, the Human Rights Foundation, and others. He is the author of the new book, out soon, American Kleptocracy: How the U.S. Created the World’s Greatest Money Laundering Scheme in History, and he has an article at The New Republic, “American Law Firms Are Enabling Foreign Kleptocrats.” We examine recent legislation like the ENABLERS Act which would force American lawyers to comply with basic anti–money laundering regulations in order to deal with the world of dirty offshore money that comprises about 10% of global GDP, and bipartisan efforts by Senators Menendez and Cotton to staunch the flow of ill-gotten gains into the United States.
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