“Gnomes Of Zurich” In Panic As Saudi Corruption Crackdown Sparks Flood Of Money Laundering Inquiries

There are two divergent views on the crackdown on corruption by Saudi Arabia’s crown prince, Mohammed bin Salman (MBS), which led to the arrest and detention of 200 princes, ministers and former ministers.
On one hand, it was a masterstroke which will earn political capital with the Saudi people and catalyse an Arab Spring in which MBS is a modernizing reformer who will liberalise Islam.
On the other, it was nothing other than a cynical and desperate attempt to tighten his grip on power and weaken competing clans within the ruling family (especially sons of former King Abdullah) as the nation risks splitting apart due to political and economic fissures. Last week, we noted that former head of the National Guard and senior member of the Abdullah clan, Prince Miteb bin Abdullah, purchased his freedom for a cool $1 billion.
If you put yourself in the position of being a Saudi prince or wealthy Saudi official, whatever your opinion of MBS’s motivation, you would be forgiven for taking additional measures to make it harder for his henchmen to seize your wealth if you found yourself in the crosshairs.

This post was published at Zero Hedge on Dec 5, 2017.

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