International Criminals Exploit Dominica’s Citizenship by Investment Program
A Joint Investigation Unveils Disturbing Trend
A collaborative investigation by the Government Accountability Project, the Organized Crime and Corruption Reporting Project, The Guardian, and other media outlets has exposed a concerning trend in Dominica. The country’s citizenship by investment program is being exploited by white-collar criminals to evade sanctions and consequences.
The Scheme: A Web of Deceit and Corruption
For just $100,000, individuals can obtain a Dominican passport, granting them access to the EU and UK. However, behind this seemingly innocuous scheme lies a complex network of corruption and deceit that threatens not only Dominica but also the global community.
Lax Vetting Process: A Recipe for Disaster
The program allows applicants to pay their way into becoming Dominican citizens after a cursory background check by an offshore consulting group. However, this lax vetting process has allowed individuals with questionable pasts to slip through the cracks.
Examples of Exploitation
- Ching-Yi Hsieh and Pai-Hung Wang allegedly duped investors in Taiwan and fled with Dominican passports before they could be arrested.
- Mehdi Ebrahimi Eshratabadi, pursued by his home country of Iran and Interpol, managed to obtain a revoked passport from Cyprus under a fake name. Dominica’s lack of due diligence in its policy and vetting processes allowed him to register under the provenance of several countries.
- A fugitive couple accused of financial crimes in Nigeria defrauded investors through start-ups and Ponzi schemes, preying on multiple investors with over $1 million being just the tip of the iceberg.
Concerns about Dominica’s National Budget
The investigation has raised serious questions about Dominica’s national budget, revealing weird anomalies and apparent missing money. This suggests that money from the program may be being stolen.
Local Whistleblowers Afraid to Speak Out
Local whistleblowers and activists are afraid to speak out about program problems, implying a captured state.
Government Accountability Project Investigator: “This is Not Just a Matter of Dominica; It’s a Global Issue”
Zach Kopplin, an investigator with the Government Accountability Project, said, “This is not just a matter of Dominica; it’s a global issue. We need to expose these programs and ensure that they are held accountable for their actions.”
External Pressure May Bring Change
As the investigation continues, media outlets worldwide are commenting on Dominica’s policy, naming issues, and making recommendations. External pressure may bring Dominica’s misguided revenue strategy to heel.
Victim of Hsieh and Wang’s Schemes: “This Situation Was Very Cold-Blooded”
Lin Yu Fu, a victim of Hsieh and Wang’s schemes, stated, “This situation was very cold-blooded…I saw that the students around me got huge loans.” The true extent of this exploitation remains to be seen, but one thing is clear: Dominica’s citizenship by investment program has become a haven for white-collar criminals.