For a time in the late 1990s, Nauru was the titular “home” to roughly four hundred phantom banks that were utterly unencumbered by monitoring, oversight, taxes, and regulation. Nauru-registered shell banks were particularly popular among Russian gangsters, who reportedly laundered a staggering $70 billion of dirty money through the island nation (to put that in perspective, Nauru’s entire GDP is $72 million, according to most recent figures).
