Quotessence
Home / Books / Secrecy World: Inside the Panama Papers Investigation of Illicit Money Networks and the Global Elite

Secrecy World: Inside the Panama Papers Investigation of Illicit Money Networks and the Global Elite

Book by Jake Bernstein · 1 quotes · Boredom, Claiming Not To Know, Dick Cheney

Filter quotes by topic

AllBoredomClaiming Not To KnowDick CheneyDue DiligenceFreemasonsIllicitMicromanagingScandal

Secrecy World: Inside the Panama Papers Investigation of Illicit Money Networks and the Global Elite Quotes

“Mossfon subscribed to a Google-like paid search service called World-Check to help identify PEPs ["politically exposed person"] and criminals. It also, not for the first time, sent a letter to its professional clients requesting that they conduct a customer review. There was little follow-up. It was a question of incentives. When scandals sporadically came to light, they always seemed to resolve themselves without undue harm to the firm. Meanwhile, business was booming. In 2005, the firm tripled the number of shell companies it created on behalf of banks. By the end of the year, Mossfon had more than seventy thousand active companies. To do the necessary due diligence on all of them would have been prohibitively expensive, and sometimes impossible. In a business predicated on secrecy, no one wanted to produce the information.”

BoredomScandalDue DiligenceIllicit
Book:Secrecy World: Inside the Panama Papers Investigation of Illicit Money Networks and the Global Elite
Create image