# Moneyland

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***Moneyland: The Inside Story of the Crooks and Kleptocrats Who Rule the World*** is a 2018 book by British writer [Oliver Bullough](/source/Oliver_Bullough) about 'Moneyland', which he defines as a metaphorical virtual space and secret country that is used by [kleptocratic](/source/Kleptocracy) governments and the lawless super-wealthy to steal, conceal and spend wealth with the aid of [offshore financial centres](/source/Offshore_financial_centre), [money laundering](/source/Money_laundering) and [tax evasion](/source/Tax_evasion).

Bullough argues that 'Moneyland' is key to the flow of anonymous and uncontrolled money into politics, which contributes to a broad loss of trust in democratic processes and the spread of [political instability](/source/Political_decay). He also highlights the role of Western legal and financial institutions and consultancies in enabling and obscuring these acts, and emphasises the need for greater global regulation.

*Moneyland* was well-received, garnering praise for its accessible writing and detailed insight, however some criticism was aimed at the scant discussion of solutions to the issues discussed in the book. The book was shortlisted for the 2019 Orwell Prize.[2]

The concept of 'Moneyland' has been used in reference to [state capture](/source/State_capture),[3] and the three-step process of kleptocracy ('steal-hide-spend') outlined in the book has been furthered explored in academic research.[4] The book has been cited as part of research that identifies significant faults in the efficacy of UK and US regulatory regimes aimed at preventing corruption funds from entering the international financial system.[5]

In September 2021, Angolan vice-president [Bornito de Sousa](/source/Bornito_de_Sousa) and his daughter sued Bullough and his publisher in Portugal for defamation, seeking €750,000 in legal claims. The case was dismissed in 2024.[6]

## Summary

The book begins in 2014 with the author's tour through the [Mezhyhirya Residence](/source/Mezhyhirya_Residence), the former estate of ex-Ukrainian president [Viktor Yanukovych](/source/Viktor_Yanukovych) that has been repurposed as a museum displaying Yanukovych's luxurious lifestyle. The second chapter describes the birth of Moneyland via the establishment of the [Bretton Woods system](/source/Bretton_Woods_system) and [Siegmund Warburg's](/source/Siegmund_George_Warburg) role in establishing the [Eurobond](/source/Eurobond_(external_bond)), which allowed owners to transport and redeem them anywhere while paying tax-free interest. The third chapter describes the gatekeepers of Moneyland via the author's visit to the Caribbean island of [Nevis](/source/Nevis), detailing the role of [offshore financial centres](/source/Offshore_financial_centre) in [asset protection](/source/Asset_protection), fraud, money laundering, and obstruction of financial transparency and regulatory compliance. The use of [trusts](/source/Trust_(law)) in [Jersey](/source/Jersey) is also examined.

The fourth chapter utilises the [Yury Skuratov](/source/Yury_Skuratov) scandal and his disclosure of [FIMACO](/source/FIMACO), a Jersey [shell company](/source/Shell_corporation) used by top [Russian Communist Party](/source/Communist_Party_of_the_Soviet_Union) officials, to demonstrate how the power of Moneyland is wielded at a state level. The fifth chapter describes company mills such as [Formations House](/source/Formations_House) in [London](/source/London) that create and register corporate entities for clients. The sixth chapter discusses the use of shell corporations to shield assets, using the corruption cases of ex-president of [Zambia](/source/Zambia) [Frederick Chiluba](/source/Frederick_Chiluba#Corruption), ex-president of Uzbekistan's daughter [Gulnara Karimova](/source/Gulnara_Karimova), and alleged money laundering by [Raúl Salinas](/source/Ra%C3%BAl_Salinas_de_Gortari#Alleged_money_laundering) with the aid of [Citibank](/source/Citibank).

The seventh chapter looks at [corruption](/source/Corruption_in_Ukraine#Healthcare) in Ukraine's healthcare system via interviews with mothers of child cancer patients, doctors, a [Security Service of Ukraine](/source/Security_Service_of_Ukraine) agent, and anti-corruption lawyers. The author also describes a legal case by the [U.S. Securities and Exchange Commission](/source/United_States_Securities_and_Exchange_Commission) against [Teva Pharmaceuticals](/source/Teva_Pharmaceuticals), where the company paid $519 million to settle charges alleging payments to Ukrainian officials in charge of drug procurement.

The eighth chapter examines how corruption originates in developing countries and [former colonies](/source/Colony#More_modern_historical_examples), citing statesman [S. Rajaratnam](/source/S._Rajaratnam), sociologist [Stanislav Andreski](/source/Stanislav_Andreski), Nigerian author [Chinua Achebe](/source/Chinua_Achebe), and political theorist [Francis Fukuyama](/source/Francis_Fukuyama). Using the corruption of Equatoguinean [President Obiang](/source/Teodoro_Obiang_Nguema_Mbasogo) and his use of Western lawyers and bankers as an example, the author highlights that Westerners are not only passive observers of corruption, but active enablers.

The ninth chapter focuses on [immigrant investor programs](/source/Immigrant_investor_programs) as the author visits a conference organised by [Henley & Partners](/source/Henley_%26_Partners), the company that pioneered the industry of selling citizenship and passports. The tenth chapter looks at the use of [diplomatic immunity](/source/Diplomatic_immunity) as a way to gain [legal immunity](/source/Legal_immunity) through the case of Saudi businessman [Walid Juffali](/source/Walid_Juffali). Other notable holders of diplomatic immunity include Nigerian oil minister [Diezani Alison-Madueke](/source/Diezani_Alison-Madueke) (Dominican dipomatic credentials) and Chinese billionaire [Xiao Jianhua](/source/Xiao_Jianhua) (Antigua and Barbuda diplomatic passport).

The eleventh chapter explains the use of [English defamation law](/source/English_defamation_law) for "libel tourism", a defence mechanism of Moneyland that enables claimants to protect against public exposure of questionable behaviour. Examples given include the book *[Putin's Kleptocracy](/source/Putin's_Kleptocracy)* and an unsuccessful defamation case against financier [Bill Browder](/source/Bill_Browder). The chapter also describes a "reputation laundering" industry in the UK comprising PR agencies, law firms and consultancies.

The twelfth chapter describes attempts to pursue and return stolen money to countries that were or are ruled by [kleptocrats](/source/Kleptocracy), specifically focusing on Ukraine after the 2014 [Revolution of Dignity](/source/Revolution_of_Dignity).The thirteen chapter uses the death of [Alexander Litvinenko](/source/Alexander_Litvinenko) as an example of the extreme methods that Moneylanders can use to defend themselves, i.e. by preventing information on financial misconduct by killing whistleblowers.

The fourteenth and fifteenth chapter examines how money from Moneyland is spent, beginning with an episode of [Say Yes to the Dress](/source/Say_Yes_to_the_Dress) featuring Angolan politician [Bornito de Sousa's](/source/Bornito_de_Sousa) daughter Naulila Diogo who spent $200,000 on bridal dresses, and continuing with luxury property such as [15 Central Park West](/source/15_Central_Park_West), [Indian Creek, Florida](/source/Indian_Creek,_Florida), and [Turnberry Ocean Club Residences](/source/Turnberry_Ocean_Club_Residences). The sixteenth chapter discusses the effect of [plutonomy](/source/Plutonomy) (defined as economies where the wealthy have a disproportionate share of the assets) on global markets. It also described how graft crackdowns such as the 2012 [Chinese anti-corruption campaign](/source/Anti-corruption_campaign_under_Xi_Jinping) led to declines in sales of luxury goods.

The seventeenth chapter examines the effects of the 2007 [Birkenfeld Disclosure](/source/UBS_tax_evasion_controversies#Birkenfeld_Disclosure:_2007) alleging suspected tax evasion by Swiss bank [UBS](/source/UBS). Due to the revelations and other similar scandals, the [Foreign Account Tax Compliance Act](/source/Foreign_Account_Tax_Compliance_Act) was passed. The eighteenth chapter describes tax havens in the United States such as in [Delaware](/source/Delaware) and [Nevada](/source/Nevada), and the final chapter documents the various efforts of different jurisdictions in corporate regulation aimed to fight tax dodging and corruption. The author concludes that "the tension between democratic sovereignty in nation states and the need for international cooperation to control financial flows – will not go away, and will remain a point of opportunity for anyone keen to develop and expand Moneyland".[7]

## Reception

[The Economist](/source/The_Economist) called the book a "devastating exposé" and named it the politics and current affairs book of the year.[8][9] In [The Guardian](/source/The_Guardian), Tim Adams described it as "meticulously researched and fantastically disturbing".[10] In the same publication, Andy Beckett stated *Moneyland* was "concise, confident...full of such jaw-dropping examples...far more entertaining than you’d expect of a work on this subject", concluding that "if you still have any illusions about the wonders of liberated capitalism, *Moneyland* will probably cure you."[11] [The Times](/source/The_Times) similarly praised the book for its detailed insight.[12] However, both reviewers criticised the scant discussion of solutions to the topics raised in the book.

[The New Statesman](/source/New_Statesman) reviewed *Moneyland* positively and described the book as a model for telling a gripping story about a complex subject, but noted its pessimistic conclusion despite its subtitle, stating that "You cannot understand power, wealth and poverty without knowing about Moneyland."[13] The *[New York Times](/source/New_York_Times)* commended the book for its investigative research, but questioned Bullough's assertion that Moneyland represented an existential threat to democracy, stating that "Like all polemics, this one is strong on passion, but even with ample examples, the assertion that Moneyland is a fatal rot does not make it so."[14]

*Moneyland* has been listed among the key works covering illicit financial flows, with academics noting that despite the global scale of the problem, the majority of work examining these issues were from NGOs and small groups of investigative journalists and activists, rather than governments or international agencies.[15] An academic analysis of refugees and wealth refuges argued that *Moneyland,* alongside *[No Friend But the Mountains](/source/No_Friend_But_the_Mountains)* and *[Treasure Islands](/source/Treasure_Islands)*, "exemplify the journalism of exposure that does important work to counter the conceptual distance between the average citizen and the super-rich or refugee, and between mainland decision-making and islands of refuge."[16]

The book was shortlisted for the 2019 Orwell Prize.[2]

## Defamation lawsuit

On 29 September 2021, [Press Gazette](/source/Press_Gazette) reported that Angolan vice-president [Bornito de Sousa](/source/Bornito_de_Sousa) and his daughter Naulila Diogo had sued Bullough and his Portuguese publisher 20/20 Editora in Portugal for libel, seeking €525,000 with an additional €225,000 from the publisher, totaling €750,000 in legal claims. The author and his UK publisher Profile Books had previously received a threat of legal action in March 2021, which Bullough's lawyer dismissed as having no merit.[17]

On 9 January 2024, the [Sintra](/source/Sintra) Central Civil Court acquitted Bullough and his publisher on the ground that the plaintiffs "were unable to prove that the [book] was not based on concrete and objective facts."[18] De Sousa and his daughter appealed the decision, which was dismissed by the Lisbon Court of Appeal on 12 September 2024, with the plaintiffs ordered to pay the legal costs.[6]

## See also

- *[Kleptopia](/source/Kleptopia)* (2020)
- [Russian money in London](/source/Russian_money_in_London)

## References

1. [""Moneyland" is an urgent exposé of the world of mega-wealth"](https://www.economist.com/books-and-arts/2018/09/13/moneyland-is-an-urgent-expose-of-the-world-of-mega-wealth). *The Economist*. 2018-09-13. [ISSN 0013-0613](https://www.worldcat.org/issn/0013-0613). Retrieved 2026-05-28.

1. ["Moneyland | The Orwell Foundation"](https://www.orwellfoundation.com/political-writing/moneyland/). *www.orwellfoundation.com*. Retrieved 2026-05-28.

1. David-Barrett, Elizabeth (December 2021). ["State capture and inequality."](https://cic.nyu.edu/wp-content/uploads/1662/65/cic_pathfinders_state_capture_inequality-2021.pdf). *New York: NYU Center on International Cooperation*

1. Heathershaw, John; Cooley, Alexander; Mayne, Tom; Michel, Casey; Prelec, Tena; Sharman, Jason; Soares de Oliveira, Ricardo (December 2021). ["The UK's kleptocracy problem: How servicing post-Soviet elites weakens the rule of law."](https://ore.exeter.ac.uk/articles/report/The_UK_s_kleptocracy_problem_How_servicing_post-Soviet_elites_weakens_the_rule_of_law/29790902?file=56828468). *Chatham House*. University of Exeter.

1. Haberly, Daniel; Shipley, Thomas; Barrington, Robert (June 2023). ["Corruption, shell companies, and financial secrecy: providing an evidence base for anti-corruption policy."](https://giace.org/wp-content/uploads/2023/06/GI-ACE_FinancialSecrecyReport_Haberly.pdf). *Centre for the Study of Corruption*. University of Sussex.

1. Lito, Raquel (2024-12-05). ["Ex-vice-presidente angolano e filha perdem recurso. Editora portuguesa e autor absolvidos"](https://www.sabado.pt/portugal/detalhe/ex-vice-presidente-angolano-e-filha-perdem-recurso-editora-portuguesa-e-autor-absolvidos) [Former Angolan vice-president and daughter lose appeal. Portuguese publisher and author acquitted.] (in pt-pt). *Sábado*. Retrieved 2026-05-28.

1. Bullough, Oliver (2018). *Moneyland: why thieves and crooks now rule the world and how to take it back*. London: Profile Books. p. 578. ISBN 9781781257937.

1. [""Moneyland" is an urgent exposé of the world of mega-wealth"](https://www.economist.com/books-and-arts/2018/09/13/moneyland-is-an-urgent-expose-of-the-world-of-mega-wealth). *The Economist*. 2018-09-13. [ISSN 0013-0613](https://www.worldcat.org/issn/0013-0613). Retrieved 2026-05-28.

1. ["The Economist's books of the year"](https://www.economist.com/books-and-arts/2018/12/01/the-economists-books-of-the-year). *The Economist*. [ISSN 0013-0613](https://www.worldcat.org/issn/0013-0613). Retrieved 2026-05-28.

1. Adams, Tim (2018-09-09). ["Moneyland: Why Thieves and Crooks Now Rule the World and How to Take It Back – review"](https://www.theguardian.com/books/2018/sep/09/moneyland-oliver-bullough-review-wealth-corruption-oligarchs). *The Guardian*. [ISSN 0261-3077](https://www.worldcat.org/issn/0261-3077). Retrieved 2026-05-28.

1. Beckett, Andy (2018-09-07). ["Moneyland by Oliver Bullough review – the shadow world of the super-rich"](https://www.theguardian.com/books/2018/sep/07/moneyland-oliver-bullough-review). *The Guardian*. [ISSN 0261-3077](https://www.worldcat.org/issn/0261-3077). Retrieved 2026-05-27.

1. Arlidge, John (2018-09-02). ["Review: Moneyland: Why Thieves and Crooks Now Rule the World & How to Take It Back by Oliver Bullough — can we stop the world's biggest kleptocrats?"](https://www.thetimes.com/uk/article/review-moneyland-why-thieves-and-crooks-now-rule-the-world-how-to-take-it-back-by-oliver-bullough-can-we-stop-the-worlds-biggest-kleptocrats-0xh9lm7gs). *The Sunday Times*. Retrieved 2026-05-28.

1. Kuper, Simon (2018-08-29). ["Moneyland: how the super-rich looted their own countries to create an elite global haven"](https://www.newstatesman.com/culture/2018/08/moneyland-how-super-rich-looted-their-own-countries-create-elite-global-haven). *New Statesman*. Retrieved 2026-05-28.

1. Karabell, Zachary (28 May 2019). ["How Hidden Billions Are Making the Rich Richer"](https://www.nytimes.com/2019/05/28/books/review/oliver-bullough-moneyland.html). *The New York Times*. Retrieved 27 May 2026.

1. Morgan, Kevin & Kinossian, Nadir (2023-06-07). ["Dismantling Londongrad: the dark geography of dirty money"](https://www.tandfonline.com/doi/full/10.1080/09654313.2023.2221283#abstract). *European Planning Studies*. **32** (1). – via Taylor & Francis Online.

1. Kennedy, Melissa (2022-04-05). ["Exposing Islands of Refuge"](https://www.tandfonline.com/doi/full/10.1080/1369801X.2022.2054014). *International Journal of Postcolonial Studies*. **25, 2023** (1: Island Narratives of Persistence and Resistance): 64–80. [doi:10.1080/1369801X.2022.2054014](https://doi.org/10.1080/1369801X.2022.2054014). – via Taylor & Francis Online.

1. Tobitt, Charlotte (2021-09-29). ["UK journalist faces €525,000 libel claim in Portugal filed by vice-president of Angola"](https://pressgazette.co.uk/news/oliver-bullough-libel-moneyland-angola-vice-president/). *Press Gazette*. Retrieved 2026-05-28.

1. ["Editora portuguesa absolvida de difamação a ex-vice-presidente de Angola e sua filha - Angola24Horas - Portal de Noticias Online"](https://angola24horas.com/sociedade/item/28830-editora-portuguesa-absolvida-de-difamacao-a-ex-vice-presidente-de-angola-e-sua-filha) (in Brazilian Portuguese). *Angola24Horas*. 2024-01-31. Retrieved 2026-05-28.

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Adapted from the Wikipedia article [Moneyland](https://en.wikipedia.org/wiki/Moneyland) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Moneyland?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.