UK private schools, hovercraft, crocodile handbags: eye-popping spending habits of corrupt super-rich revealed

The spending habits of corrupt members of the global super-rich – including 421 luxury homes, three superyachts, seven private jets as well as elite private school fees and even hovercraft – have been revealed in a groundbreaking analysis of more than 400 money laundering and corruption cases.

Research by Transparency International, an anti-corruption campaign group, found more than £300 billion (US$387,700) of suspect funds have been funnelled through the UK banks, law firms and accountants before being spent on a £1 million Cartier diamond ring, masterpiece art works from Sotheby’s, and a £50,000 Tom Ford crocodile-skin jacket with matching crocodile-skin handbag from Harrods.

The suspect cash – which often comes from corrupt officials’ embezzlement of hundreds of millions of pounds from poor countries’ state coffers – was also found to have been spent on a £200,000 Bentley Bentayga driven by the 22-year-old son of the former prime minister of Moldova.

His father, Vlad Filat, had been sentenced to nine years in prison for his role in the “theft of the century”.

In its forensic analysis of more than 400 global bribery, corruption and money laundering cases in 116 countries, Transparency International’s At Your Service report found 582 UK firms or individuals had helped rich people bring suspect funds into the country.

The money was paid through some 17,000 shell companies, 1,455 of which were registered to at the same serviced office above a wine bar in Birmingham.