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Resource ID: #17071
Subject: Money Laundering
Source: New York Times Magazine
Affiliation: 
Date: 10-Dec

Description

"The remote Pacific island of Nauru couldn't make it in the global economy. So the country has found its niche by learning a different kind of trade - money laundering." Hitt looks at how a history of colonialism and strip mining of the country's only export - phosphate - devastated Nauru's ecosystem and economy, leaving it no choice but to enter into the offshore banking business.

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