Dirty money in disguise


How do banks handle the trail of dirty money by corrupt politicians and businessmen? Do they bother to look behind the veil of shell companies, proxies, ‘commissions’ and off-shore tax havens?

Tell me again, why exactly do we need off-shore tax havens? Do they add to transparency, accountability and good governance in the banking system? Duh…

In the video above, note the French non-profit legal outfit, Sherpa. That’s the same outfit reportedly representing Suaram in the Scorpene inquiry in France. Lawyer William Bourdon is attached to the group.

Thanks to blog reader Phua Kai Lit for the video link.

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Corrupt politicians have allegedly (perception is reality to majority now) siphoned billions of ringgits into offshore accounts. Bolt-holes are awaiting them should they flee the country. Malaysians will however, demand that the key people in corruption and financial scandals are brought to justice.


Syed Mokhtar’s group of companies has a combined debt of RM34.3 billion or more than 10 per cent of all local corporate bonds as of 2011 with only RM7.8 billion cash as of May 2012.
The government must guarantee “Malaysian taxpayers that in the event of default, their money will not again be used to pay for the follies of Barisan Nasional cronies.”

Gerakan K

A bank is a bank. What are the roles of banks ???


A bank to you is for siphoning monies (quietly, discreetly).
A bank to us people in the streets is to give us good interest & to guarantee protection of our savings & safe deposits from itchy hands of relatives or gomen.
But not all banks are doing a good job, like some I call O’Blady banks. Who can bank on them?


Your story reminds me of that ex-MB who brought dirty money (in cash notes) to Australia. He must be living off the gains to retire comfortably?