|Gaddafi was just a bit overboard in the wardrobe department|
What isn't stated in this article is how many trillions in derivatives can be created from the "frozen money"... and its money they likely won't have to release for quite a while... -AK
Thursday, November 6th, 2014
Posted by Jim W. Dean
NEO – How are Frozen bank accounts used by the West?
The Way Frozen Bank Accounts are used by the West
… by Sofia Pale, … with New Eastern Outlook, Moscow
[ Editor's note: Sofia Pale takes us into the murky waters of asset confiscation and the under the radar scandal it has become. Identified and seized funds seem to remain under control of the banks holding them for their use for years and years.
When we first heard the stories of Gaddafi’s hidden stolen funds being run down by investigators, we expected a repatriation delay while the new government was going through its birthing process.
But here we are nearing the end of 2014, and we learn that the banks are still sitting on most of those billions.
An unknown part of this story is how the “non bank” assets of Mr. G have been looted via a “finders keepers” game. We first learned through our sources that entire warehouses of Gaddafi-stashed goods in France were just being grabbed by those lucky enough to get there first, with no, or “adjusted” accounting being made to the Libyan government.
Much of this was driven by a cold unfortunate reality, “If I don’t steal it, the next guy coming behind me will, so the Libyan people will never see it anyway… so better me than the other guy.” France of course might have felt they deserved to be refunded its out-of-pocket no-fly-zone expenses.
The public knows little about this, and governments and politicians like that just fine. Why?... because most of this “captured” wealth will end up in political coffers, which are always hungry, and that builds great loyalty when the loot is divided among the faithful... Jim W. Dean ]
- First published … March 5, 2014 -
Since accounts of PEPs are usually registered in the name of nominees in offshore jurisdictions, sometimes it is very difficult to track the real beneficiaries officially (i.e., true owner of the accounts).
The UK was the first to address this problem in 2012-2013, by ordering its banks to disclose all real beneficiaries in their corporate registries. Britain has always been a favourite place for concealing illegally acquired funds of foreign PEPs. Soon, other EU countries followed its example.
|Gulnara Karimova, |
and older daughter of
Being inspired by the success of appropriating illegally acquired wealth of foreign PEPs who believed in the inviolability of their deposits in safe European banks until recently, Europe did not stop at that, and went further.
Following the successful example of the UK in February 2014, the European Union also adopted provisions for the establishment of registers of ultimate owners of companies and trusts in the EU countries.
Given that, according to the Bloomberg agency, more than $1 trillion is concealed from taxes in Europe annually, the “cash crop” is going to be rich for European banks. The rules have been tightened so much that the funds on the accounts are frozen in case of “suspicious transactions” at first, and then an investigation is conducted from what source – legal or not – the money was received.