CORRUPTION, INCOMPETENCE AND A MUSICAL: NAURU’S CURSED HISTORY

More on Nauru where the Pacific Islands Forum is being held.  The Guardian on 3rd September carried an article saying that the once-wealthy island now barely survives on income from Australia’s detention regime and is pinning its economic hopes on undersea mining backed by Glencore.  It says that a series of corrupt and incompetent governments found extravagant and spectacular ways to lose the country’s wealth built up from phosphate mining, including a flop of a London musical based on the life of Leonardo da Vinci.  In the 90s it embarked on being a money laundering haven selling banking licences and passports, including diplomatic passports, which confer immunity with customers included the Russian mafia and al-Qaida.  An estimated $70 billion in Russian mafia money went through Nauru’s banks in 1998 alone.  It was then listed by the US Treasury in 2002 and made subject to sanctions.  By 2004 Nauru had passed AML/CFT laws and the offshore banking sector seems to have disappeared as fast as it arrived.

https://www.theguardian.com/world/2018/sep/04/corruption-incompetence-and-a-musical-naurus-riches-to-rags-tale

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s