Dictators Without Borders by Alexander A. Cooley

Author:Alexander A. Cooley
Language: eng
Format: epub
ISBN: 9780300208443
Publisher: Yale University Press

Step three: banking the profits

Maxim’s standing, and that of the regime, was dependent on a third element which was crucial for the Bakiyevs’ corruption. Seizing assets and centralising control mean little without being able to bank them in a reputable institution, thus laundering your monies and moving them offshore. All this dirty money was all very well but without a sophisticated cleaning service it would be stuck denominated in Kyrgyz som. Corruption, at the grand scale, never exists without money laundering, and therefore only exists through the international financial system headquartered in London and New York. So for the regime, the most important thing was not making money (an easy thing for a ruling family in Central Asia) but transferring it offshore in order to clean it up and keep it safe. Tellingly, the next most important person at Maxim’s summer 2009 party was a man who was central to his business operations: Mikhail Nadel, head of Asia Universal Bank (AUB). According to Litzenberger’s account, Nadel ‘acted like the second host of the party, loudly toasting with the men and making advances at the women’.53

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