Zuhdi Shubeitah
العربية

Safe Havens for Tyrants' Money

The article examines historical cases where national funds and leaders' wealth were transferred abroad, citing examples from Iran, Haiti, and the Philippines and the role played by central banks and foreign banks.

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English translation, prepared and reviewed before publication. The Arabic text is authoritative.

Zuhdi ShubeitahBanking executive (former)
Published
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1 min read
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· From long ago — "those days" — until now — "these days" — the smuggling and expatriation of the national funds of many countries to foreign lands has not stopped..!

· In (Iran) the State Bank guaranteed the smuggling of 25 billion dollars... to the account of the late Shahanshah of Iran (ruled Iran from 1941-1979).. and this amount exceeded Iran's own budget at that time.... The Shahanshah accumulated this sum from his commissions on oil... after the fall of Mossadegh (Prime Minister of Iran in 1953, aided by the Central Intelligence Agency... and the Central Bank of Iran was harnessed to transfer the amounts monthly...! to banks in Switzerland and the United States.!.. And when the Islamic Revolution led by the late Imam Khomeini occurred, and the Iranians came to reclaim their money... from Switzerland... that neutral country asked them first to prove.. (that the Shah had not earned his money "بعرق جبيته...") !.

· As for (Haiti)... for example... President François Duvalier (ruled from 1957-1971) used to take one dollar for every sack of flour...! produced by the state, and he transferred it abroad..... without even the Minister of Economy knowing... because the President was taking it... outside Haiti... with the assistance of the Central Bank of Haiti..!

· And in (the Philippines)... the size of the thefts by President Ferdinand Marcos and his wife (ruled from 1965–1986) reached about.. 3 billion dollars.. which the Bank of the Philippines transferred abroad.. on the pretext that they were proceeds for foreign companies....!

· And we say, commenting..... "One who sees the troubles of others finds his own misfortune made lighter."....!!.. on the basis of proportion and correspondence...!

· On 14-1-2021

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Citation

Zuhdi Shubeitah, “Safe Havens for Tyrants' Money” (English translation of «الملاذات الامنه لأموال الطغاه», originally published 13 September 2022), https://www.zuhdish.co/en/articles/safe-havens-for-tyrants-money

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