Dec. 14: Washington DC Hudson Institute Kleptocracy Initiative
I’m on the Kleptocracy Initiative Advisory Board and will participate in an important event as part of a series called “China’s Crony Capitalism: Kleptocracy with Chinese Characteristics”
The event will be December 14 from 12 to 2 pm at the Stern Policy Center, Hudson Institute, 1201 Pennsylvania Avenue, NW Suite 400, Washington DC.
China’s anti-corruption initiative has resulted in mass jailings and seizures of assets, but has also led to a major capital flight of illicit funds by state-owned enterprises and others. Hiding assets through the purchase of condos around the world (notably London, Vancouver, Toronto, Sydney, New York, Los Angeles, San Francisco) is a preferred money laundering technique, but so is overpaying for foreign business assets a means of getting money out of the country which can then be kicked back to the Chinese culprits.
The looting of China is massive and a crackdown began in December. The RMB has fallen by 5% and the flight has contributed to the increase in the value of the U.S. dollar where most assets are being purchased.