What has Morrison done? He’s left two Russian Oligarch’s investments in Australia alone. In fact he simply ignored the Panama and Pandora papers when they came out. Money laundering and tax evasion are still a hugely lucrative business for the banks and accounting firms in Australia.
The first step in fixing the hidden wealth system is ownership transparency—requiring disclosure of beneficial ownership in real estate, trusts, and companies and corporations. Cities like Los Angeles are exploring municipal-level disclosure of real estate ownership so they can know who is buying the neighborhood. But we should sign a spotlight on the enabling wealth defense industry. Days after the release of the Pandora Papers, U.S. lawmakers introduced the ENABLERS Act, to require such attorneys, wealth managers, real estate professionals and art dealers to report suspicious activity. The attention on Russian oligarchs has revived interest in this legislation. If the U.S. wants to clamp down on Russian oligarchs, the first step is to get our own house in order.