How today’s despots and kleptocrats hide their stolen wealth


Yang Xiuzhu is escorted from a plane upon arriving at the Beijing Capital International Airport. The former vice mayor and China’s most-wanted fugitive is accused of corruption and was arrested after returning from the United States. (Yin Gang/Xinhua/AP)

On Oct. 27, the vice president and heir apparent to the tiny oil-rich West African state of Equatorial Guinea was convicted in a Paris court of money laundering and embezzlement. At stake is Vice President Teodorin Obaing’s $200 million Paris mansion, a 220-foot yacht and a fleet of luxury cars, which according to the French authorities represent the proceeds of corruption from his country’s oil wealth. A week later, a massive data-dump from the offshore firm Appleby, the “Paradise Papers,” exposed the financial dealings of thousands of firms and individuals in small island tax havens from the Caribbean to the South Pacific.

Together, the Obiang case

... read more at: https://www.washingtonpost.com/news/monkey-cage/wp/2017/11/14/theres-a-dirty-little-secret-behind-western-condescension-toward-foreign-kleptocrats/

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