Donald Trump and Eric Trump defrauded donors to kids' cancer charities

When Eric Trump raises money for kids' cancer charities at his annual Eric Trump Foundation golf invitational, he boasts that his events are super-efficient because he holds them at his dad's Trump National Golf Club in Westchester County, New York, where "We get to use our assets 100% free of charge." He lied. Read the rest

When Theresa May called snap elections, she killed tax-haven reform

One of the consistently underreported elements of Brexit and all that's come after it is that leaving the EU will also let the UK -- the world's most prolific launderer of filthy criminal money -- escape the tightening noose of European anti-money-laundering measures. Read the rest

The IRS deliberately targeted innocents for civil forfeiture program that stole millions from Americans

Banks have to report deposits of $10,000 or more to the IRS, so some fraudsters "structure" their transactions as a string of sub-$10K payments that escape the regulatory requirement. Structuring is also illegal, and the IRS has the power to seize funds that the agency believes were part of a structuring scheme, under the discredited "civil fofeiture" process through which an inanimate object is sued for being the proceeds of a crime, and then the owner of that object has to prove that the object is "innocent." Read the rest

Australia leads the world in selling housing to money-launderers

A new Transparency International report ranks the world's most superheated urban property markets to find the most corrupt and finds that Australia is a playground for offshore criminals looking to launder their money, because "real estate agents are not subject to the provisions of the Anti-Money Laundering and CounterTerrorism Financing Act 2006," thus, "70 per cent of Chinese buyers pay in cash and they represent the largest proportion of foreign purchases in the country." Read the rest

More anti-money laundering measures hit China as top three Bitcoin exchanges freeze withdrawals

Bitcoin's spiking prices have been driven almost entirely by Chinese money-launderers trying to beat the country's currency controls -- controls that have tightened so much that it's tanking the world's real-estate markets as offshore buyers abandon their deposits and disappear. Read the rest

China's capital controls are working, and that's bursting the global real-estate bubble

More news on the Chinese crackdown on money-laundering and its impact on the global property bubble: the controls the Chinese government has put on "capital outflows" (taking money out of China) are actually working, and there's been a mass exodus of Chinese property buyers from the market, with many abandoning six-figure down payments because they can't smuggle enough money out of the country to make the installment payments. Read the rest

98% of Bitcoin trading volume over the past six months was in Chinese Renminbi

In case you were wondering why Bitcoin experienced a crazy spike recently: China's economy is a hyperinflated bubble, poised to burst and the Chinese central bank is depreciating the Renminbi -- so China's wealthy are getting their cash out of the country as fast as they can, using any means necessary: suing themselves, spending huge whacks of cash while on vacation, and converting it to Bitcoin (this is especially urgent now that the Canadian real-estate money laundry is shutting down) -- this is just the latest salvo in the Chinese capital flight story. Read the rest

China's anti-money-laundering rules could burst Canada's real-estate bubble

China has adopted stringent new anti-money-laundering rules that will make it nearly impossible for small investors -- for example, middle-class families who pool their savings -- to get their money out of the country in order to buy condos in Canada's superheated property market (not just Canada, of course!). Read the rest

July: Vancouver imposes a 15% tax on foreign real estate speculators; September: home sales drop by a third

Vancouver has been wracked by a white-hot property bubble driven primarily by offshore speculators, mostly Chinese, who have driven up the price of housing beyond the means of working Vancouverites, crippling the city's daily life as workers, students and families struggle to find somewhere -- anywhere -- to live. Read the rest

Manhattan apartment sales are down 20% in Q3

Sales of Manhattan co-ops and condos have plunged 20% in Q316, relative to the same quarter last year -- sales in excess of asking price dropped from 35% to 17%; days on market before sale increased from 67 to 72; median growth in sale price fell to 2.6% from 18%. Read the rest

China's elites appear to be exfiltrating billions while on holidays

China has a massive "tourism deficit" -- the difference between the money that tourists spend in China and the money that Chinese people spend abroad: $206B from June 2015-June 2016, up from $77B in 2013. The missing money is hard to explain, since China doesn't export that many tourists. Read the rest

Republican election officials block restrictions on foreign spending in US elections

Once I got my green card this year, I was allowed to make the same campaign contributions as any US citizen: $2700 per candidate. But thanks to the three Republican members of the Federal Election Commission, who refused to even allow an agenda item to begin discussions to commence planning for limits on wholly-foreign-owned corporations making unlimited donations to super PACs, offshore oligarchs living abroad can go on spending tens of millions to influence the outcome of US elections. Read the rest

Why did some of the richest, most powerful people in the UK support Brexit?

It's true that the vote for Brexit was carried by working-class people in some of the poorest and most excluded regions in the UK; but the actual referendum question was put before the British public thanks to a small faction of some of the richest, most powerful people in the country -- people who rely on the finance sector (which overwhelmingly supported Remain) for their privilege. Why? Read the rest

Panama Papers: New Zealand is the go-to money launderer for crooked Latin Americans

A joint report by RNZ, TVNZ and Nicky Hager accuses New Zealand of being at the heart of a gigantic money-laundering operation for the corrupt elites of Latin America. Read the rest

Former U.S. treasury secretary says $100 bills are used by too many criminals and should be eliminated

Lawrence H. Summers a former U.S. treasury secretary believes the 500 euro note and $100 bill are such strong enablers of crime and corruption they should be eliminated. His argument for doing so is rock solid: "The fact that ... in certain circles the 500 euro note is known as the 'Bin Laden' confirms the arguments against it," he writes in the Washington Post. Summers makes no mention of going after actual money launderers like HSBC, which admittedly laundered a billion dollars for Mexico's Sinaloa cartel and Colombia's Norte del Valle without any of the banking execs spending a day in prison.

Boing Boing reader Nemomen says:

Larry may be right every once in a while (perhaps by accident), but given his past support for and architecting of deregulation of the U.S financial system (including the repeal of the Glass-Steagall Act) while he was in the Clinton admin., along with support for the disastrous privatization of the economies of the Post-Soviet states that's lead to massive human suffering and political failure, as well as running a program with directors using their policy/formation to profit from the policies they advocated in Russia, as well as gambling with Harvard's endowment and losing the school $1.8 billion, triggering layoffs and budget slashing, I think we'd do well to find advice from those with a less predictable and disastrous track record. To be fair he was probably right when he called the Winklevoss twins "Assholes," though. Why does this corrupt tool get attention and respect?

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Chinese millionaire sues himself through an offshore shell company to beat currency export controls

China's millionaires, having looted their country, are anxious to get their money out of reach of the Politburo, to guard against confiscation should the political tides turn. Only one problem: the government will only let Chinese nationals move $50K/year out of the country. Read the rest