This article needs to be updated.(May 2023) |
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]
This article needs to be updated.(May 2023) |
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]