The incestuous relationship between CBI consultancies, and the officials who head the Citizenship by investment Units in the five East Caribbean States, which include the payment of substantial bribes and kickbacks, can result in dangerous and unsuitable CBI applicants being accepted. These illegal payments, which result in independent relationships, on the part of the CBI unit officials, force these government leaders to do the bidding of the international, but completely unregulated, CBI consultancy industry, whose leverage, maintained through continual "financial support," causes it to dominate the government officials that are relied upon to perform their duties without any Conflict of Interest.
One recent case will illustrate how these illicit payments have become a regular component of one CBI official's life. This individual has the UK private school tuition of a child fully paid for by the CBI consultancy; a major investment in a paramour's restaurant was made, and the amount came from an "external source", not the official's assets or income. There is an unsubstantiated rumour about, to the effect that the total sum of funds paid out by the consultancy exceeded $1m.
The problem is, the CBI unit officials get used to this extra "income." and do not want to have to return to their previous situation, where they did not have the financial means to enjoy the finer things in life. To prevent that from happening, they give in when the CBI Consultancy makes a request that causes them to break the law, or take unnecessary risks regarding the CBI program that they are responsible for supervising. No wonder there are so many unsuitable CBI applicants that end up obtaining the prized passports.
Chronicles of Monte Friesner - Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant