Banks are supposed to have all of these compliance controls, but like most things money related, if you have enough there seems to be a way to circumvent. Unless, the lowly teller in a branch is doing their job...perhaps the only one doing their job.
"The teller saw the balance of $500 million in the account and alerted her superiors who realized that three weeks prior, officials at the central bank of Angola had transferred $500 million to a small accounting company in a rough London neighbourhood that is run out of a tiny office between a cafe and barber shop."
It is worth a read to see how leaders of countries try to enrich themselves. It sounds like there are similarities to the 1MDB heist. It sounds like many corrupt leaders and their accomplices have learned that these 'development/wealth funds' are a way to loot the countries they are supposed to be guiding to prosperity.
How to:
- Step 1) Run a country. (Most difficult step, depending on where you live.)
- Step 2) Set up a development/wealth fund.
- Step 3) Loot said country.
Read: How an international conspiracy to defraud Angola of $500m in 2017 was foiled in London