RCom Bankruptcy: How India’s banks ran up a $7 Billion phone bill
Urgent need to connect bank databases: Shell companies have been used extensively for laundering the proceeds of crime. They thrive as bank databases are unconnected. In the Nirav Modi case, there was a Swift database, Punjab National Bank’s core banking system and the foreign exchange transactions database. All the three databases were not automatically connected.
o London’s Laundry Business: Billions of pounds of corruptly gained money has been laundered by criminals and foreign officials buying upmarket London properties through anonymous offshore front companies – making the city arguably the world capital of money laundering.
o The tax haven in the heart of London: It is the hub of a global network of tax havens sucking up offshore trillions from around the world and sending it, or the business of handling it, to London.
'Complete Streets':
Planning should factor in all people using our streets, not just
drivers. "When you
plan just for cars, you get cars, and we now have so many that traffic
is
horrendous and getting worse, it just won’t work anymore". It translates
to roads being reduced and lanes narrowed, parking spaces eliminated,
bike lanes added and the walk from curb to curb shortened.
China Is A Naval Powerhouse: China shipyards build civilian and military ships at the same time and most if not whole R&D and staff cost is dumped on civilain market. US navy shipiards not only don't do civilian ships but mostly have narrow specialization.
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