Silver as an investment

On Laundering Black Money – And Gold?

Screen Shot 2013-02-02 at 8.38.17 AM / By Bruce Krasting / February 2, 2013

Switzerland started off the money laundering year with a bang. Three big cases in just a month:

– The Swiss accounts of Sergei Magnitsky have been frozen as a result of an ongoing corruption case in Moscow. This case is interesting as Magnisky died in 2009 (He died in prison – supposedly of natural causes – but he was only 37…)

The Russian’s have made this claim:

Prosecutors accuse Magnitsky and his former client, London-based investor William Browder, of a $230 million tax fraud carried out through subsidiaries of Browder’s company, Hermitage Capital Management.

I have no idea what this case is really about (it looks political) but whatever it is, it stinks to high heaven.

-The accounts of Malaysia’s Taib clan were frozen after a criminal complaint was filed in Kuala Lumpur.. The filing read:

“Taib abused his public office in a spectacular way.”

Of interest (to me) is that the revelations about the Swiss accounts came as the result of a divorce proceeding – an angry ex-wife blew the whistle. The talk is that this mess may top $20B! (link)

– The most embarrassing revelation for the month was the release of information that Luis Barcenas, a Spanish politician implicated in a corruption scandal, had 22m Euros ($30m) stashed in a private Swiss account.