Since 2011, more than $1 trillion has left developing countries annually in illicit financial outflows. A 2016 study found that $12 trillion had been siphoned out of developing economies.[15]
In a 2011 forensic study of grand corruption cases, the World Bank found the United States was the leading victim of illegal incorporation of entities involved in money laundering schemes.[24] The Department of the Treasury estimates that $300 billion is laundered annually in the United States in violation of US law.[25]
This kleptocratic financial system flourishes in the United States by illegally abusing the United States’ liberal economic structure for two reasons.
First, the United States does not have a beneficial ownership registry, and kleptocrats take advantage of this privacy benefit.[26]
Second, kleptocrats take advantage of incorporation agents, lawyers, and realtors to unknowingly launder their money.
Yeah that sounds about right. Probably conservative estimates, to boot.
Yeah that sounds about right. Probably conservative estimates, to boot.
So this is what capitalists mean by “innovation”.
Inventing new, clever ways to grift people!
It was about to but then Trump cancelled it before it came in. Shocker.