Date: 2024-07-17 Page is: DBtxt003.php txt00000225
AlJazeera English ... People and Power
Dirty Money ... big banks and corrupt funds
This edition of 'People and Power' addresses the issue of the wealth of powerful leaders, even where the people are very poor.
The rule of low applies to ordinary people committing crime, but a completely different set of rules is in play for the rich and powerful. This report scratches the surface of a problem that should be quite easy to solve ... but the same money laundering that is regarded as corrupt and wrong for one group is also something that is needed to hide activities of others. It is an unacceptable situation that needs to get fixed.
This edition of 'People and Power' addresses the issue of the wealth of powerful leaders, even where the people are very poor. In order for this wealth to be used, there have to be equally corrupt banking and business organizations.
There are many small organizations who have researched the problems without much help from big banks and responsible government agencies. Big money can do more or less what it wants.
The recent uprisings across the Middle East and North Africa have revolved around one common theme - a popular desire for freedom from repression.
But there has often been an economic undercurrent too. The lavish lifestyles enjoyed by dictators have fuelled widespread anger at the way national assets have been looted for the benefit of the few.
So what happens to all this wealth once it is spirited out of the country? Can it ever be recovered? And why does the international banking system make it so easy for corruption to flourish?
We asked veteran financial journalist, Steve Levinson, to look for answers.