SVG Implicated in FBI’s Money Laundering Probe

1

St. Vincent and the Grenadines one of several locations allegedly used by former Trump Campaign Chief, Paul Manafort and Campaign Official, Rick Gates to stash and launder tens of millions of dollars.

In an indictment unsealed Monday, the Grand Jury for the District of Columbia has charged the pair with laundering $75 million in payments into foreign nominee companies and bank accounts, opened by them and their accomplices in nominee names and in various foreign countries, including St. Vincent and the Grenadines (SVG).

According to the indictment, Manafort and Gates owned or controlled 17 domestic entities, 12 in cyprus and two in SVG, (Global Endeavour Inc. and Jennet Ltd) which were used in the scheme.

Included in wire transfers sent by Manafort between 2008 and 2014, was a total of $1.4 million originating from SVG, described by newsweek on Sunday as a “prime money-laundering destination”. The indictment states that “Manafort did not pay taxes on this income,” which was used to make the purchases.

In particular, to minimize public disclosure of their activities, Manafort and Gates arranged for more than $2 million to be paid to US lobbying firms from offshore accounts associated with their foreign entities, including Global Endeavour Inc. in SVG. According to the indictment, both Manafort and Gates, as US citizens, failed to comply with reporting obligations to the United States in relation to foreign bank accounts over which they had authority, whether or not the accounts are set up in the names of nominees.

In the 12-count indictment, Manafort and Gates are charged with conspiracy against the United States; conspiracy to launder money; failure to file reports of foreign bank and financial accounts; acting as unregistered agents of a foreign principal; and making false and misleading statements.

They both pleaded not guilty to the charges

1 Comment

  1. I have seen statements being made that SVG should not be labeled as an offshore money laundering haven…That SVG was mentioned, and that Manafort used the “weakness” of the island’s financial accountability and oversight laws, is not coincidental! Manafort is a DC lobbyist and operative, who didn’t just stumble upon St.Vincent! For someone of stature this to have done so,indicates it is known by the criminal elements! Clearly another “black eye” for the island,yet no one will be held accountable! The questions in such a case: Was there research done before those two entities were allowed to do business on the island? Why such negligence of oversight, and who got paid? Be reminded: Offshore accounts are invariably used for tax evasion and money laundering,among other things.

%d bloggers like this: