Increasing US attention to kleptocracy cases has galvanized other governments. In the 1MDB case, Singapore and Switzerland – both countries with a history of financial secrecy – appear to have worked closely with the US, freezing millions believed to be linked to the scam.
Shruti Shah, vice president of programs and operations at Transparency International in the US, notes the US still offers many dark channels allowing dirty money to move unseen. While it “would be even better… to prevent these assets from being stolen (in the first place),” she said, “we need to do something about intermediaries – bankers, lawyers and the real estate industry.” Read more