Kleptocracy tour explained

Kleptocracy tour refers to tours of cities where financial flows[1] from kleptocracies are being used to purchase residential property as a means of money-laundering.[2]

The concept was founded by anti-corruption campaigners, started in London in February, 2016 and was modelled on the 'Beverly Hills-type tours of the homes of the stars'.[3] The first tour focussed on properties owned by Russian, Ukrainian and Kazakh klepto-oligarchs[4] congruent with the founders original area of expertise and awareness. The tour garnered widespread press coverage [5] [6] [7] and sparked strong interest in subsequent tours in London and abroad.

The tours began in early February 2016,[8] after the campaign for a public registry documenting the ultimate beneficial owners of London's offshore companies was rejected.[9] They are organised by the campaign group ClampK which highlights both the local economic distortions [10] caused by these capital inflows and the implicit corruption implied by facilitating this money-laundering by foreign kleptocrats. The tour is planned for expansion in Miami and New York City.[9]

See also

Notes and References

  1. News: Jamie McGeever. UK draws billions in unrecorded inflows, much from Russia. 12 February 2016. Reuters. 10 March 2015.
  2. Web site: Private Eye Magazine | Official Site - the UK's number one best-selling news and current affairs magazine, edited by Ian Hislop.
  3. News: Henry Williams. Move over Royal Family. London's oligarchs are the new tourist attraction. 12 February 2016. The Spectator. 9 February 2016. 6 March 2016. https://web.archive.org/web/20160306121016/http://blogs.spectator.co.uk/2016/02/move-over-royal-family-londons-oligarchs-are-the-new-tourist-attraction/. dead.
  4. News: Sally Hayden . Sally Hayden . On Board the Russian Dissidents' 'Kleptocracy' Bus. 12 February 2016. Vice News. 5 February 2016.
  5. News: Russians in London: Government in exile. 12 February 2016. The Economist. 12 February 2016.
  6. News: Luke Harding. Mega-rich homes tour puts spotlight on London's oligarchs. 12 February 2016. The Guardian. 5 February 2016.
  7. News: London's newest sightseeing tour shows homes of Russian and Ukrainian oligarchs. 12 February 2016. Ukraine Today. 10 February 2016.
  8. News: David Brown. On the trail of suspicious money: it's the 'kleptocracy tour' of London. 12 February 2016. The Times. 5 February 2016.
  9. Web site: Linda Kinstler. London's Latest Tourist Attraction: Russian Oligarchs. Fortune. 12 April 2016. 26 March 2016.
  10. News: Roman Borisovich. 'Kleptocracy tours' expose state failure to stop dirty money buying up London. 2 March 2016. The Guardian. 2 March 2016.

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