December 3 2019
In his book MoneyLand: Why Thieves And Crooks Now Rule The World And How To Take It Back, financial journalist Oliver Bullough talks about Moneyland as, “a legal construct that is divorced from any place on the map.” He says that money in Moneyland, “isn’t just drug money, or stolen money, or bribes” but includes “money, which has dodged taxes, regulations, and been stashed offshore to avoid detection.” He adds, there is also money shipped out of countries like Russia, China or Venezuela just to avoid it being seized by governments. The International Monetary Fund estimates such illicit financial flows could amount to as much as $2.6 trillion annually. This tidal wave of insidious ‘flight capital’ is sloshing around worldwide looking for safe havens.
