Welcome to the sixth edition of Kleptocracy, the newsletter from Hudson Institute on how corruption is reshaping global politics and security. Nate here—skipping a lengthy intro during a busy week, but you’ll still find all the latest global news, research and analysis compiled for you below!
New from KI
Making a Killing #25: Pandora Papers Fallout
Casey, Nate and Paul discuss the biggest stories emerging from Azerbaijan, Chile, Czech Republic, Pakistan and elsewhere, amid calls for heightened scrutiny of the professional enablers of transnational corruption. Why are major US law firms so frequently involved in undermining rule of law overseas?
Michael Jackson Memorabilia Bought With Dirty Money of Dictator’s Son - read the first excerpt from Casey’s forthcoming book, American Kleptocracy, on why Equatorial Guinean princeling Teodorin Obiang feverishly collected Michael Jackson memorabilia—and how US federal agents exploited this addiction to track down his dirty millions | Casey Michel, Rolling Stone
Global Britain: An American Review - Anti-Kleptocracy Initiatives - the UK gets top marks for international leadership and innovation in the fight against transnational corruption, but falls flat on poor implementation and woeful enforcement at home | Nate Sibley, Atlantic Council
Global News
Hong Kong University Hires US Law Firm to Seek Tiananmen Statue’s Removal - Mayer Brown sends letter to pro-democracy group demanding ‘Pillar of Shame’ is removed from campus | Financial Times
Creating Beneficial Ownership Registry ‘Biggest Focus’ for Treasury’s Anticorruption Push, Official Says - preventing criminals using shell companies is “among several issues that we as the federal government need to manage,” said Scott Rembrandt | Reuters
Money Laundering Evident in Collapsed Florida Condo’s Earliest Days - shell companies, cash deals, fast sales and strange buyers surrounded the building whose collapse claimed 98 lives | USA Today
Money Laundering More Prevalent in US Real Estate than Anywhere Else - and it isn’t confined to luxury properties in big gateway cities. Alaskan cities, Boston suburbs and Midwestern manufacturing towns are increasingly targeted | Miami Herald
Ping An and the Wen Family - tracing how the former Chinese premier Wen Jiabao's family concealed their multi-billion dollar stake in the insurance giant | The Wire China
Argentina Court Drops Cover-Up Claim Against Ex-President - Cristina Fernández Kirchner was accused of covering up Iran’s alleged involvement in the 1994 bombing that killed 85 people at a Jewish center in Buenos Aires. Check out KI’s recent event on Kirchner’s corruption and rising impunity. | Washington Post
VTB Bank German Unit Ordered to Fix Anti-Money Laundering Measures - Bafin has appointed a special representative to assess the Russian state-owned bank | Nasdaq
NatWest Pleads Guilty to Anti-Money-Laundering Charges - it’s the first successful prosecution under UK rules that have been in effect since 2007 | Wall Street Journal
Star Entertainment: Shares Fall on Money Laundering Claim - accusations against the Australian gambling giant echo those against embattled Crown Resorts | BBC
US Set Out to Hobble China’s Huawei, and So It Has - Washington’s campaign has used some of the most destructive tools in its arsenal | Wall Street Journal
LinkedIn's Unanswered Questions About China Censorship - US companies are cancelling fellow Americans over concerns offended authoritarian regimes will deny them market access | Axios
Turkmenistan: YouCensorship - Youtube suspended an independent news outlet’s channel after complaints by the regime | Eurasianet
Insights: Research and Analysis
Biden is Flagging on Kleptocracy - the US administration is losing focus on global corruption | Ben Judah, Foreign Policy
Five Things the United States Can Do to Stop Being a Haven for Dirty Money - we know what the problem is, and here’s how we fix it | Jodi Vittori, Carnegie
Our Most Valuable Lessons from the Pandora Papers - the stories may be new, but the lessons mostly aren’t | Gary Kalman, The Hill
Hunter Biden Complicates White House Anti-Corruption Push - questions about the First Son could detract from the president’s efforts to position himself as a global good-government crusader | Ben Schreckinger, Politico
Why the West has Itself to Blame for Russian Corruption - it is not enough to celebrate the heroism of Navalny; we must address the unindicted co-conspirators fueling Russian graft through Western institutions and professions | Toomas Hendrik Ilves, Washington Post
Stop the Kleptocrats Feasting at Our Expense - new laws are long overdue, just don’t expect globalized criminals to give up quickly | Ed Lucas, The Times
For China’s Banks, Corruption is Only Half the Problem - Beijing will snare some bad apples in its latest rectification campaign, but the rot at the core of the financial sector still needs stronger medicine | Nathaniel Taplin, Wall Street Journal
How Corruption Played a Role in the Demise of the Afghan Government | Wahidullah Azizi, The Diplomat
Why the Combating Global Corruption Act Matters | Brad Brooks-Rubin, The Sentry
Anti-Money Laundering Act is a Wake-Up Call for Compliance Officers | Tobias Schweiger, International Banker
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