As financial advisers, we are required to comply with the Anti Money Laundering and Countering Financing Terrorism legislation (AML-CFT). This is why we regularly need proof of our clients identify, proof of residential address and proof of source of your funds. At times, it seems like a waste of time, but when you understand how corruption really does work, we realise that although we are a tiny cog in the global wheel, every little bit counts.
This four minute video from the Economist provides context, looking at the massive scale of corruption in Brazil, involving Petrobras, and Government. Well worth the time to watch it.
Is this the world’s biggest corruption scandal? An investigation which started in a car wash in Brazil has spread to 16 countries, embroiled more than 100 politicians and business leaders and put billionaires behind bars.
By Carey Church