From the 10th floor of an office block in the New Zealand city of Hamilton, a small team at a financial services provider called Worldclear transferred millions of dollars for high-risk clients.
Leaked documents from inside the firm show how Worldclear sent money to and from mainstream banks for its customers, despite some of them having previous convictions or being under investigation for financial crimes.
One of the firm’s minority partners was convicted in Panama for money laundering while Worldclear was operating, but continued to hold shares for years afterwards.
The Worldclear files give a rare glimpse into the world of high-risk financial services and raise questions about whether New Zealand authorities could have taken more action against Worldclear – and whether aspects of the country’s financial regulations are open to abuse.
A leak from inside a financial services provider called Worldclear shows the firm processed payments for clientele ranging...