that their European Passport program was driving 70% year-on-year growth at the firm. This comes after Knightsbridge was embroiled in ainvestigation that found firms brokering U.K. investment visas and European passports for foreign billionaires and millionaires had boasted of being able to sidestep government checks and safeguards for their clients.
Economic growth and political instability in emerging markets created the demand for so-called “Golden Passports,” according to Hexter. “If you got a few billion–a lot of these clients will have citizenship in one country, passports in another and residency somewhere else as a way to mitigate risk,” says Hexter
Hexter struck a defensive tone on whether the Golden Passport industry and his firm helped criminals to flee justice and hide their ill-gotten gains. The industry can “get a little bit of flack for pandering to certain unscrupulous high-net-worth individuals,” the accusation is, “as far away from the truth as can be possible.”
Ben Cowdock, senior research officer at Transparency International, challenges whether British and European money laundering and background checks are as effective in keeping corrupt business leaders and politicians.undercover investigation revealed how London’s private client professionals had talked of securing a so-called “golden visa” for a member of the former Libyan dictator Colonel Gaddafi’s family, alongside questionable applicants from Thailand, Egypt and Angola.
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