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session<00:00:09.440><c> of</c><00:00:09.599><c> the</c><00:00:09.760><c> day</c><00:00:10.280><c> well</c><00:00:10.599><c> done</c><00:00:11.080><c> I</c><00:00:11.160><c> think</c><00:00:11.280><c> you</c>

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session of the day well done I think you
 

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session of the day well done I think you
guys<00:00:11.599><c> should</c><00:00:11.880><c> all</c><00:00:12.120><c> give</c><00:00:12.280><c> yourself</c><00:00:12.639><c> a</c><00:00:12.759><c> round</c><00:00:12.960><c> of</c>

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guys should all give yourself a round of
 

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guys should all give yourself a round of
applause<00:00:13.599><c> for</c><00:00:13.799><c> making</c><00:00:14.040><c> it</c><00:00:14.160><c> to</c><00:00:14.280><c> the</c><00:00:14.440><c> day</c><00:00:14.759><c> three</c>

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applause for making it to the day three
 

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applause for making it to the day three
last<00:00:16.080><c> session</c><00:00:16.720><c> well</c><00:00:17.000><c> done</c><00:00:17.640><c> awesome</c><00:00:18.640><c> my</c><00:00:18.800><c> name</c>

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last session well done awesome my name
 

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last session well done awesome my name
is<00:00:19.080><c> Mark</c><00:00:19.640><c> Englishman</c><00:00:20.080><c> living</c><00:00:20.320><c> in</c><00:00:20.640><c> New</c><00:00:20.840><c> Zealand</c>

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is Mark Englishman living in New Zealand
 

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is Mark Englishman living in New Zealand
we<00:00:21.519><c> got</c><00:00:21.640><c> any</c><00:00:21.800><c> kiwis</c><00:00:22.519><c> here</c><00:00:23.000><c> no</c><00:00:23.199><c> kiwis</c><00:00:24.080><c> no</c>

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we got any kiwis here no kiwis no
 

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we got any kiwis here no kiwis no
they've<00:00:24.439><c> all</c><00:00:24.560><c> gone</c><00:00:25.119><c> home</c><00:00:26.119><c> okay</c><00:00:26.439><c> last</c><00:00:26.640><c> session</c>

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they've all gone home okay last session
 

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they've all gone home okay last session
we've<00:00:27.240><c> got</c><00:00:27.760><c> we're</c><00:00:27.880><c> going</c><00:00:27.960><c> to</c><00:00:28.039><c> talk</c><00:00:28.160><c> about</c>

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we've got we're going to talk about
 

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we've got we're going to talk about
corruption<00:00:28.800><c> kyc</c><00:00:29.359><c> and</c><00:00:29.480><c> the</c><00:00:29.560><c> cost</c><00:00:29.759><c> of</c>

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corruption kyc and the cost of
 

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corruption kyc and the cost of
compliance<00:00:30.960><c> so</c><00:00:31.279><c> Jared</c><00:00:31.720><c> hope</c><00:00:32.200><c> co-founder</c><00:00:32.719><c> of</c>

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compliance so Jared hope co-founder of
 

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compliance so Jared hope co-founder of
status<00:00:33.520><c> and</c><00:00:34.000><c> logos</c><00:00:35.000><c> welcome</c>

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[Applause]

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[Applause]
 

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Jared<00:00:47.960><c> cool</c><00:00:48.320><c> all</c><00:00:48.440><c> right</c><00:00:48.600><c> well</c><00:00:48.800><c> yeah</c><00:00:48.960><c> thanks</c>

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Jared cool all right well yeah thanks
 

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Jared cool all right well yeah thanks
for<00:00:49.280><c> making</c><00:00:49.480><c> it</c><00:00:49.600><c> to</c><00:00:49.760><c> the</c><00:00:49.879><c> end</c><00:00:50.239><c> I'm</c><00:00:50.320><c> sure</c><00:00:50.480><c> you're</c>

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for making it to the end I'm sure you're
 

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for making it to the end I'm sure you're
hungry<00:00:51.120><c> I'm</c><00:00:51.199><c> sure</c><00:00:51.360><c> you're</c><00:00:51.600><c> tired</c><00:00:52.239><c> I</c><00:00:52.359><c> am</c><00:00:52.600><c> too</c><00:00:53.520><c> um</c>

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hungry I'm sure you're tired I am too um
 

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hungry I'm sure you're tired I am too um
so<00:00:53.800><c> I'm</c><00:00:53.960><c> here</c><00:00:54.039><c> to</c><00:00:54.120><c> talk</c><00:00:54.239><c> to</c><00:00:54.320><c> you</c><00:00:54.440><c> about</c>

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so I'm here to talk to you about
 

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so I'm here to talk to you about
corruption<00:00:55.399><c> kyc</c><00:00:55.840><c> and</c><00:00:55.920><c> the</c><00:00:56.039><c> cost</c><00:00:56.199><c> of</c>

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corruption kyc and the cost of
 

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corruption kyc and the cost of
compliance<00:00:57.600><c> um</c><00:00:57.960><c> and</c><00:00:58.879><c> I</c><00:00:58.920><c> mean</c><00:00:59.079><c> I</c><00:00:59.160><c> think</c><00:00:59.280><c> a</c><00:00:59.359><c> lot</c>

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compliance um and I mean I think a lot
 

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compliance um and I mean I think a lot
of<00:00:59.559><c> people</c><00:00:59.719><c> in</c><00:00:59.960><c> intuitively</c><00:01:00.359><c> don't</c><00:01:00.559><c> like</c><00:01:00.840><c> kyc</c>

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of people in intuitively don't like kyc
 

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of people in intuitively don't like kyc
when<00:01:01.399><c> it's</c><00:01:01.559><c> applied</c><00:01:01.879><c> to</c><00:01:02.079><c> them</c><00:01:02.600><c> um</c><00:01:02.760><c> but</c><00:01:02.879><c> don't</c>

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when it's applied to them um but don't
 

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when it's applied to them um but don't
really<00:01:03.399><c> have</c><00:01:03.680><c> never</c><00:01:03.920><c> really</c><00:01:04.159><c> kind</c><00:01:04.239><c> of</c><00:01:04.320><c> looked</c>

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really have never really kind of looked
 

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really have never really kind of looked
into<00:01:04.760><c> it</c><00:01:04.879><c> or</c><00:01:05.080><c> maybe</c><00:01:05.280><c> some</c><00:01:05.439><c> other</c><00:01:05.640><c> alternate</c>

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into it or maybe some other alternate
 

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into it or maybe some other alternate
narratives<00:01:07.200><c> uh</c><00:01:07.320><c> so</c><00:01:07.520><c> I'm</c><00:01:07.759><c> here</c><00:01:08.080><c> to</c><00:01:08.240><c> give</c><00:01:08.360><c> you</c>

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narratives uh so I'm here to give you
 

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narratives uh so I'm here to give you
another<00:01:08.920><c> narrative</c>

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another narrative
 

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another narrative
form<00:01:11.680><c> so</c><00:01:12.680><c> uh</c><00:01:13.400><c> let's</c><00:01:13.600><c> Ryme</c><00:01:13.920><c> back</c><00:01:14.080><c> the</c><00:01:14.240><c> clock</c>

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form so uh let's Ryme back the clock
 

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form so uh let's Ryme back the clock
back<00:01:14.640><c> to</c><00:01:14.840><c> September</c><00:01:15.200><c> the</c><00:01:15.280><c> 10th</c><00:01:15.640><c> 2011</c><00:01:16.560><c> pay</c>

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back to September the 10th 2011 pay
 

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back to September the 10th 2011 pay
attention<00:01:17.080><c> to</c><00:01:17.280><c> this</c><00:01:17.479><c> date</c><00:01:17.840><c> it</c><00:01:17.960><c> might</c><00:01:18.159><c> look</c>

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attention to this date it might look
 

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attention to this date it might look
familiar<00:01:18.759><c> to</c><00:01:18.920><c> you</c><00:01:19.320><c> right</c><00:01:19.680><c> Donald</c><00:01:20.000><c> Rumsfeld</c>

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familiar to you right Donald Rumsfeld
 

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familiar to you right Donald Rumsfeld
the<00:01:20.720><c> defense</c><00:01:21.040><c> secretary</c><00:01:21.640><c> of</c><00:01:21.960><c> um</c><00:01:22.079><c> the</c><00:01:22.159><c> United</c>

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the defense secretary of um the United
 

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the defense secretary of um the United
States<00:01:23.439><c> uh</c><00:01:23.560><c> had</c><00:01:23.759><c> held</c><00:01:23.960><c> a</c><00:01:24.079><c> press</c><00:01:24.360><c> conference</c><00:01:25.000><c> in</c>

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States uh had held a press conference in
 

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States uh had held a press conference in
which<00:01:25.320><c> he</c><00:01:25.520><c> admitted</c><00:01:26.119><c> that</c><00:01:26.640><c> $2.3</c>

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which he admitted that $2.3
 

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which he admitted that $2.3
trillion<00:01:29.439><c> um</c><00:01:29.600><c> of</c><00:01:30.159><c> like</c><00:01:30.520><c> of</c><00:01:30.759><c> the</c><00:01:31.159><c> uh</c><00:01:31.799><c> uh</c>

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trillion um of like of the uh uh
 

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trillion um of like of the uh uh
pentagon's<00:01:32.560><c> budget</c><00:01:33.159><c> was</c><00:01:33.399><c> completely</c>

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pentagon's budget was completely
 

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pentagon's budget was completely
unaccounted<00:01:34.280><c> for</c><00:01:34.720><c> had</c><00:01:34.960><c> no</c><00:01:35.200><c> idea</c><00:01:35.439><c> what</c><00:01:35.560><c> it</c><00:01:35.640><c> was</c>

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unaccounted for had no idea what it was
 

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unaccounted for had no idea what it was
spent<00:01:36.040><c> on</c><00:01:36.680><c> right</c><00:01:37.479><c> in</c><00:01:37.640><c> fact</c><00:01:38.119><c> in</c><00:01:38.280><c> that</c><00:01:38.479><c> press</c>

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spent on right in fact in that press
 

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spent on right in fact in that press
conference<00:01:39.640><c> he</c><00:01:39.759><c> went</c><00:01:39.920><c> to</c><00:01:40.079><c> say</c><00:01:40.360><c> that</c><00:01:40.560><c> the</c><00:01:41.040><c> the</c>

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conference he went to say that the the
 

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conference he went to say that the the
the<00:01:41.399><c> adversary</c><00:01:41.960><c> wasn't</c><00:01:42.479><c> terrorists</c><00:01:43.439><c> in</c><00:01:43.640><c> fact</c>

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the adversary wasn't terrorists in fact
 

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the adversary wasn't terrorists in fact
it<00:01:44.040><c> was</c><00:01:44.399><c> closer</c><00:01:44.719><c> to</c><00:01:44.880><c> home</c><00:01:45.399><c> it</c><00:01:45.520><c> was</c><00:01:45.719><c> the</c>

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it was closer to home it was the
 

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it was closer to home it was the
Pentagon

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bureaucracy<00:01:49.840><c> now</c><00:01:50.240><c> the</c><00:01:50.360><c> following</c><00:01:50.759><c> year</c><00:01:51.280><c> Jim</c>

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bureaucracy now the following year Jim
 

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bureaucracy now the following year Jim
miny<00:01:52.200><c> uh</c><00:01:52.320><c> took</c><00:01:52.479><c> it</c><00:01:52.799><c> on</c><00:01:53.000><c> himself</c><00:01:54.000><c> uh</c><00:01:54.159><c> to</c><00:01:54.560><c> track</c>

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miny uh took it on himself uh to track
 

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miny uh took it on himself uh to track
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down just $300 million of this right he
 

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down just $300 million of this right he
traveled<00:01:58.719><c> all</c><00:01:58.799><c> over</c><00:01:58.960><c> the</c><00:01:59.039><c> United</c><00:01:59.360><c> States</c>

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traveled all over the United States
 

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traveled all over the United States
um<00:02:00.680><c> and</c>

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um and
 

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um and
unfortunately<00:02:02.640><c> couldn't</c><00:02:02.920><c> find</c><00:02:03.119><c> it</c><00:02:03.600><c> uh</c><00:02:03.719><c> he</c>

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unfortunately couldn't find it uh he
 

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unfortunately couldn't find it uh he
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said his own quote saying we know it's
 

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said his own quote saying we know it's
gone<00:02:06.159><c> but</c><00:02:06.280><c> we</c><00:02:06.360><c> don't</c><00:02:06.520><c> know</c><00:02:06.640><c> what</c><00:02:06.719><c> they</c><00:02:06.840><c> spent</c>

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gone but we don't know what they spent
 

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gone but we don't know what they spent
it<00:02:07.200><c> on</c><00:02:08.119><c> kind</c><00:02:08.239><c> of</c><00:02:08.360><c> a</c><00:02:08.560><c> problem</c>

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right<00:02:12.480><c> now</c><00:02:12.760><c> fast</c><00:02:13.000><c> forward</c><00:02:13.280><c> to</c>

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right now fast forward to
 

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right now fast forward to
2015<00:02:15.040><c> right</c><00:02:15.480><c> Katherine</c><00:02:15.879><c> Austin</c><00:02:16.280><c> Fitz</c><00:02:17.000><c> who</c><00:02:17.160><c> is</c>

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2015 right Katherine Austin Fitz who is
 

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2015 right Katherine Austin Fitz who is
the<00:02:17.680><c> assistant</c><00:02:18.040><c> secretary</c><00:02:18.440><c> for</c><00:02:18.560><c> the</c><00:02:18.640><c> Housing</c>

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the assistant secretary for the Housing
 

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the assistant secretary for the Housing
Department<00:02:19.280><c> of</c><00:02:19.440><c> Housing</c><00:02:19.680><c> and</c><00:02:19.840><c> Urban</c>

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Department of Housing and Urban
 

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Department of Housing and Urban
Development<00:02:21.200><c> um</c><00:02:21.720><c> looked</c><00:02:22.000><c> into</c><00:02:22.280><c> her</c><00:02:22.440><c> own</c>

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Development um looked into her own
 

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Development um looked into her own
Department<00:02:23.400><c> as</c><00:02:23.519><c> well</c><00:02:23.680><c> as</c><00:02:24.239><c> uh</c><00:02:24.720><c> the</c><00:02:25.200><c> Department</c>

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Department as well as uh the Department
 

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Department as well as uh the Department
of<00:02:25.720><c> Defense</c><00:02:26.480><c> and</c><00:02:26.680><c> found</c><00:02:27.239><c> for</c><00:02:27.560><c> the</c><00:02:27.920><c> year</c><00:02:28.680><c> of</c>

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of Defense and found for the year of
 

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of Defense and found for the year of
2015

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2015
 

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2015
$6.5

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$6.5
 

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$6.5
trillion<00:02:33.239><c> was</c><00:02:33.800><c> uh</c><00:02:34.319><c> known</c><00:02:34.599><c> as</c><00:02:34.800><c> unsupported</c>

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trillion was uh known as unsupported
 

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trillion was uh known as unsupported
adjustments<00:02:36.239><c> right</c><00:02:37.160><c> this</c><00:02:37.319><c> was</c><00:02:37.680><c> $54</c><00:02:38.800><c> times</c><00:02:39.800><c> the</c>

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adjustments right this was $54 times the
 

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adjustments right this was $54 times the
actual<00:02:40.519><c> approved</c><00:02:41.040><c> spend</c><00:02:41.720><c> for</c><00:02:42.080><c> the</c><00:02:42.280><c> the</c><00:02:42.760><c> dod</c><00:02:43.760><c> um</c>

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actual approved spend for the the dod um
 

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actual approved spend for the the dod um
authorized<00:02:44.640><c> by</c><00:02:44.760><c> Congress</c><00:02:45.080><c> which</c><00:02:45.200><c> was</c><00:02:45.360><c> 122</c>

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authorized by Congress which was 122
 

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authorized by Congress which was 122
billion<00:02:47.920><c> um</c><00:02:49.360><c> now</c><00:02:50.360><c> uh</c><00:02:50.599><c> okay</c><00:02:50.840><c> Mark</c><00:02:51.080><c> Skidmore</c><00:02:51.920><c> not</c>

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billion um now uh okay Mark Skidmore not
 

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billion um now uh okay Mark Skidmore not
sure<00:02:52.239><c> why</c><00:02:52.319><c> he's</c><00:02:52.440><c> not</c><00:02:52.599><c> appearing</c><00:02:52.920><c> there</c><00:02:53.040><c> but</c>

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sure why he's not appearing there but
 

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sure why he's not appearing there but
he's<00:02:53.480><c> he</c><00:02:53.599><c> has</c><00:02:53.720><c> a</c><00:02:53.879><c> face</c><00:02:54.800><c> um</c><00:02:55.080><c> thought</c><00:02:55.319><c> that</c><00:02:55.519><c> this</c>

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he's he has a face um thought that this
 

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he's he has a face um thought that this
might<00:02:55.800><c> have</c><00:02:55.920><c> been</c><00:02:56.080><c> some</c><00:02:56.239><c> kind</c><00:02:56.319><c> of</c><00:02:56.480><c> typo</c><00:02:57.159><c> right</c>

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might have been some kind of typo right
 

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might have been some kind of typo right
uh<00:02:57.959><c> surely</c><00:02:58.400><c> it</c><00:02:58.560><c> can't</c><00:02:58.800><c> point</c><00:02:59.080><c> six</c><00:02:59.360><c> and</c><00:02:59.680><c> uh</c><00:02:59.920><c> 6</c>

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uh surely it can't point six and uh 6
 

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uh surely it can't point six and uh 6
and<00:03:00.120><c> a</c><00:03:00.239><c> half</c><00:03:00.400><c> trillion</c><00:03:00.840><c> dollar</c><00:03:01.480><c> surely</c>

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and a half trillion dollar surely
 

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and a half trillion dollar surely
Katherine<00:03:02.400><c> meant</c><00:03:02.920><c> 6</c><00:03:03.120><c> and</c><00:03:03.239><c> a</c><00:03:03.400><c> half</c><00:03:03.599><c> billion</c><00:03:04.560><c> so</c>

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Katherine meant 6 and a half billion so
 

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Katherine meant 6 and a half billion so
he<00:03:05.040><c> got</c><00:03:05.360><c> together</c><00:03:06.319><c> um</c><00:03:07.319><c> with</c><00:03:07.799><c> with</c><00:03:08.000><c> Katherine</c>

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he got together um with with Katherine
 

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he got together um with with Katherine
and<00:03:08.920><c> uh</c><00:03:09.080><c> they</c><00:03:09.280><c> really</c><00:03:09.519><c> dove</c><00:03:09.879><c> into</c><00:03:10.200><c> it</c><00:03:10.879><c> um</c><00:03:11.640><c> what</c>

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and uh they really dove into it um what
 

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and uh they really dove into it um what
they<00:03:12.040><c> found</c><00:03:12.920><c> is</c><00:03:13.480><c> uh</c><00:03:13.640><c> through</c><00:03:14.040><c> through</c><00:03:14.239><c> their</c>

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they found is uh through through their
 

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they found is uh through through their
research<00:03:14.959><c> is</c><00:03:15.080><c> that</c><00:03:15.200><c> there</c><00:03:15.319><c> was</c><00:03:15.480><c> actually</c><00:03:15.799><c> $21</c>

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research is that there was actually $21
 

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research is that there was actually $21
trillion<00:03:17.799><c> unaccounted</c><00:03:18.480><c> for</c><00:03:19.400><c> uh</c><00:03:19.519><c> between</c><00:03:19.840><c> the</c>

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trillion unaccounted for uh between the
 

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trillion unaccounted for uh between the
period<00:03:20.319><c> of</c><00:03:20.480><c> 1998</c><00:03:21.360><c> and</c>

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period of 1998 and
 

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period of 1998 and
2015

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2015
 

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2015
right<00:03:25.000><c> oh</c><00:03:25.440><c> okay</c><00:03:25.720><c> there</c><00:03:25.799><c> he</c>

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right oh okay there he
 

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right oh okay there he
is<00:03:28.680><c> um</c><00:03:29.480><c> now</c><00:03:29.799><c> none</c><00:03:29.959><c> of</c><00:03:30.080><c> this</c><00:03:30.200><c> would</c><00:03:30.360><c> have</c><00:03:30.480><c> been</c>

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is um now none of this would have been
 

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is um now none of this would have been
this<00:03:30.760><c> is</c><00:03:30.920><c> old</c><00:03:31.200><c> new</c><00:03:31.439><c> old</c><00:03:31.680><c> news</c><00:03:32.400><c> uh</c><00:03:32.519><c> for</c><00:03:32.720><c> Franklin</c>

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this is old new old news uh for Franklin
 

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this is old new old news uh for Franklin
spinny<00:03:33.720><c> right</c><00:03:33.879><c> he</c><00:03:34.000><c> was</c><00:03:34.159><c> a</c><00:03:34.400><c> a</c><00:03:34.519><c> 1983</c><00:03:35.400><c> military</c>

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spinny right he was a a 1983 military
 

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spinny right he was a a 1983 military
whistleblower<00:03:37.120><c> um</c><00:03:37.480><c> who</c><00:03:38.120><c> had</c><00:03:38.319><c> already</c><00:03:38.680><c> come</c>

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whistleblower um who had already come
 

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whistleblower um who had already come
out<00:03:39.040><c> in</c><00:03:39.239><c> Time</c><00:03:39.920><c> Magazine</c><00:03:40.920><c> trying</c><00:03:41.280><c> to</c><00:03:41.480><c> alert</c><00:03:41.879><c> the</c>

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out in Time Magazine trying to alert the
 

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out in Time Magazine trying to alert the
public<00:03:42.560><c> of</c><00:03:42.959><c> this</c><00:03:43.159><c> kind</c><00:03:43.319><c> of</c><00:03:43.519><c> spending</c><00:03:44.319><c> right</c>

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public of this kind of spending right
 

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public of this kind of spending right
he's<00:03:45.080><c> on</c><00:03:45.280><c> quote</c><00:03:45.519><c> saying</c><00:03:45.799><c> the</c><00:03:45.920><c> books</c><00:03:46.080><c> are</c>

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he's on quote saying the books are
 

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he's on quote saying the books are
cooked<00:03:46.480><c> routinely</c><00:03:47.080><c> year</c><00:03:47.360><c> after</c><00:03:47.680><c> year</c><00:03:48.319><c> so</c><00:03:48.519><c> this</c>

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cooked routinely year after year so this
 

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cooked routinely year after year so this
isn't<00:03:48.920><c> something</c><00:03:49.159><c> that</c><00:03:49.280><c> happened</c><00:03:49.599><c> just</c><00:03:49.920><c> that</c>

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isn't something that happened just that
 

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isn't something that happened just that
that<00:03:50.200><c> period</c><00:03:50.760><c> it's</c><00:03:50.920><c> been</c><00:03:51.120><c> happening</c><00:03:51.519><c> for</c><00:03:51.799><c> a</c>

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that period it's been happening for a
 

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that period it's been happening for a
long

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long
 

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long
time<00:03:54.439><c> in</c><00:03:54.599><c> fact</c><00:03:54.760><c> it's</c><00:03:54.959><c> still</c><00:03:55.319><c> happening</c><00:03:56.319><c> right</c>

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time in fact it's still happening right
 

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time in fact it's still happening right
so<00:03:57.200><c> here</c><00:03:57.360><c> is</c><00:03:57.519><c> something</c><00:03:57.799><c> that's</c><00:03:58.000><c> from</c><00:03:58.200><c> this</c>

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so here is something that's from this
 

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so here is something that's from this
year<00:03:58.840><c> where</c><00:03:59.040><c> 8.</c><00:03:59.959><c> billion</c><00:04:00.640><c> of</c><00:04:00.840><c> improperly</c>

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year where 8. billion of improperly
 

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year where 8. billion of improperly
valued<00:04:01.920><c> material</c><00:04:02.480><c> went</c><00:04:02.640><c> to</c><00:04:02.879><c> Ukraine</c><00:04:03.879><c> right</c>

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valued material went to Ukraine right
 

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valued material went to Ukraine right
again<00:04:04.959><c> no</c><00:04:05.239><c> idea</c><00:04:05.640><c> what</c><00:04:05.840><c> that</c><00:04:06.000><c> material</c><00:04:06.560><c> was</c><00:04:07.319><c> it</c>

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again no idea what that material was it
 

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again no idea what that material was it
just<00:04:07.840><c> the</c><00:04:07.959><c> money</c><00:04:08.280><c> got</c>

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just the money got
 

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just the money got
spent<00:04:10.920><c> um</c><00:04:11.480><c> and</c><00:04:11.720><c> here</c><00:04:12.079><c> is</c><00:04:12.760><c> uh</c><00:04:12.879><c> Senator</c><00:04:13.280><c> Chuck</c>

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spent um and here is uh Senator Chuck
 

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spent um and here is uh Senator Chuck
Grassley<00:04:14.040><c> of</c><00:04:14.200><c> 2024</c><00:04:15.079><c> unquote</c><00:04:15.959><c> saying</c><00:04:16.280><c> that</c>

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Grassley of 2024 unquote saying that
 

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Grassley of 2024 unquote saying that
when<00:04:16.560><c> it</c><00:04:16.680><c> comes</c><00:04:16.880><c> to</c><00:04:17.079><c> catching</c><00:04:17.440><c> fraud</c><00:04:18.199><c> the</c>

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when it comes to catching fraud the
 

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when it comes to catching fraud the
Department<00:04:18.720><c> of</c><00:04:18.840><c> Defense</c><00:04:19.160><c> internal</c><00:04:19.560><c> controls</c>

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Department of Defense internal controls
 

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Department of Defense internal controls
are<00:04:20.160><c> a</c><00:04:20.320><c> complete</c><00:04:21.079><c> failure</c><00:04:22.079><c> we've</c><00:04:22.280><c> known</c><00:04:22.520><c> it</c>

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are a complete failure we've known it
 

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are a complete failure we've known it
for<00:04:23.040><c> decades</c><00:04:24.040><c> and</c><00:04:24.199><c> he's</c><00:04:24.440><c> looking</c><00:04:24.720><c> quite</c>

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for decades and he's looking quite
 

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for decades and he's looking quite
grumpy<00:04:25.280><c> about</c><00:04:25.479><c> it</c><00:04:26.320><c> and</c><00:04:26.400><c> the</c><00:04:26.520><c> reason</c><00:04:26.759><c> for</c><00:04:27.000><c> that</c>

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grumpy about it and the reason for that
 

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grumpy about it and the reason for that
is<00:04:27.720><c> because</c><00:04:28.240><c> he's</c><00:04:28.520><c> basically</c><00:04:29.000><c> made</c><00:04:29.520><c> uh</c><00:04:29.840><c> most</c>

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is because he's basically made uh most
 

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is because he's basically made uh most
of<00:04:30.160><c> his</c><00:04:30.320><c> term</c><00:04:31.039><c> uh</c><00:04:31.759><c> tracking</c><00:04:32.280><c> down</c><00:04:32.600><c> this</c><00:04:32.800><c> kind</c>

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of his term uh tracking down this kind
 

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of his term uh tracking down this kind
of<00:04:33.120><c> spending</c><00:04:34.000><c> uh</c><00:04:34.080><c> so</c><00:04:34.280><c> he's</c><00:04:34.520><c> found</c><00:04:35.240><c> a</c><00:04:35.479><c> gas</c>

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of spending uh so he's found a gas
 

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of spending uh so he's found a gas
station<00:04:36.039><c> that</c><00:04:36.160><c> was</c><00:04:36.280><c> created</c><00:04:36.600><c> in</c><00:04:36.840><c> Afghanistan</c>

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station that was created in Afghanistan
 

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station that was created in Afghanistan
that<00:04:37.960><c> should</c><00:04:38.120><c> have</c><00:04:38.320><c> cost</c><00:04:38.880><c> half</c><00:04:39.039><c> a</c><00:04:39.160><c> million</c>

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that should have cost half a million
 

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that should have cost half a million
doar<00:04:40.440><c> actually</c><00:04:40.720><c> went</c><00:04:40.919><c> for</c><00:04:41.039><c> $43</c><00:04:41.919><c> million</c><00:04:42.800><c> right</c>

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doar actually went for $43 million right
 

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doar actually went for $43 million right
he's<00:04:43.360><c> found</c><00:04:43.639><c> soap</c><00:04:43.960><c> dishes</c><00:04:44.360><c> that</c><00:04:44.520><c> cost</c>

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he's found soap dishes that cost
 

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he's found soap dishes that cost
$17<00:04:46.800><c> right</c><00:04:47.440><c> hammers</c>

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$17 right hammers
 

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$17 right hammers
$400<00:04:49.800><c> pliers</c>

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$400 pliers
 

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$400 pliers
$1,000<00:04:52.360><c> right</c><00:04:52.600><c> forks</c><00:04:53.000><c> and</c><00:04:53.199><c> spoons</c><00:04:53.960><c> $57</c><00:04:54.960><c> each</c><00:04:55.280><c> I</c>

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$1,000 right forks and spoons $57 each I
 

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$1,000 right forks and spoons $57 each I
hope<00:04:55.639><c> they</c><00:04:55.720><c> were</c><00:04:55.840><c> plated</c><00:04:56.160><c> in</c><00:04:56.360><c> gold</c><00:04:57.160><c> right</c><00:04:57.680><c> but</c>

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hope they were plated in gold right but
 

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hope they were plated in gold right but
the<00:04:57.919><c> most</c><00:04:58.240><c> comical</c><00:04:58.680><c> one</c><00:04:58.919><c> is</c><00:04:59.080><c> probably</c><00:04:59.720><c> toilet</c>

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the most comical one is probably toilet
 

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the most comical one is probably toilet
seat<00:05:00.479><c> lid</c><00:05:00.759><c> covers</c><00:05:01.199><c> and</c><00:05:01.400><c> maybe</c><00:05:01.639><c> youve</c><00:05:01.800><c> remember</c>

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seat lid covers and maybe youve remember
 

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seat lid covers and maybe youve remember
this<00:05:02.440><c> maybe</c><00:05:02.600><c> you</c><00:05:02.759><c> heard</c><00:05:03.039><c> about</c><00:05:03.240><c> it</c><00:05:03.600><c> it's</c>

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this maybe you heard about it it's
 

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this maybe you heard about it it's
happened<00:05:04.039><c> a</c><00:05:04.160><c> few</c><00:05:04.479><c> times</c><00:05:05.400><c> um</c><00:05:06.320><c> once</c><00:05:06.800><c> in</c><00:05:06.960><c> the</c>

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happened a few times um once in the
 

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happened a few times um once in the
military<00:05:07.800><c> where</c><00:05:07.919><c> they</c><00:05:08.039><c> were</c><00:05:08.199><c> going</c><00:05:08.440><c> for</c>

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military where they were going for
 

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military where they were going for
roughly<00:05:09.400><c> $640</c><00:05:10.400><c> per</c><00:05:10.680><c> toilet</c><00:05:11.039><c> seat</c><00:05:11.720><c> just</c><00:05:12.039><c> the</c>

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roughly $640 per toilet seat just the
 

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roughly $640 per toilet seat just the
the<00:05:12.560><c> lid</c><00:05:13.039><c> right</c><00:05:13.199><c> like</c><00:05:13.360><c> not</c><00:05:13.520><c> the</c><00:05:13.680><c> entire</c><00:05:14.039><c> thing</c>

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the lid right like not the entire thing
 

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the lid right like not the entire thing
just<00:05:14.560><c> the</c><00:05:14.720><c> top</c><00:05:14.919><c> part</c><00:05:15.520><c> right</c><00:05:16.160><c> in</c><00:05:16.280><c> the</c><00:05:16.400><c> Air</c><00:05:16.639><c> Force</c>

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just the top part right in the Air Force
 

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just the top part right in the Air Force
recently<00:05:17.479><c> it's</c><00:05:17.639><c> gone</c><00:05:17.840><c> for</c><00:05:18.160><c> $10,000</c><00:05:19.160><c> for</c><00:05:19.319><c> each</c>

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recently it's gone for $10,000 for each
 

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recently it's gone for $10,000 for each
lid<00:05:19.960><c> it's</c><00:05:20.080><c> a</c><00:05:20.240><c> hell</c><00:05:20.360><c> of</c><00:05:20.479><c> a</c>

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lid it's a hell of a
 

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lid it's a hell of a
lid<00:05:23.280><c> so</c><00:05:23.440><c> how</c><00:05:23.600><c> does</c><00:05:23.800><c> this</c><00:05:24.000><c> happen</c><00:05:24.600><c> how</c><00:05:24.800><c> on</c><00:05:25.039><c> Earth</c>

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lid so how does this happen how on Earth
 

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lid so how does this happen how on Earth
can<00:05:25.759><c> you</c><00:05:26.120><c> spend</c><00:05:27.039><c> 54</c><00:05:27.759><c> times</c><00:05:28.080><c> your</c><00:05:28.400><c> allocated</c>

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can you spend 54 times your allocated
 

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can you spend 54 times your allocated
budget<00:05:29.280><c> for</c><00:05:29.720><c> in</c><00:05:29.800><c> a</c><00:05:29.919><c> single</c><00:05:30.319><c> year</c><00:05:30.840><c> right</c><00:05:31.520><c> well</c>

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budget for in a single year right well
 

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budget for in a single year right well
it's<00:05:31.919><c> actually</c><00:05:32.280><c> because</c><00:05:32.520><c> of</c><00:05:32.720><c> the</c><00:05:32.880><c> oldest</c>

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it's actually because of the oldest
 

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it's actually because of the oldest
living<00:05:33.720><c> program</c><00:05:34.120><c> that's</c><00:05:34.319><c> still</c><00:05:34.479><c> in</c><00:05:34.639><c> operation</c>

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living program that's still in operation
 

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living program that's still in operation
today<00:05:35.560><c> this</c><00:05:35.639><c> is</c><00:05:35.800><c> called</c><00:05:36.000><c> mocus</c><00:05:36.720><c> right</c><00:05:36.840><c> it's</c>

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today this is called mocus right it's
 

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today this is called mocus right it's
written<00:05:37.240><c> in</c><00:05:37.440><c> cobal</c><00:05:38.440><c> um</c><00:05:38.680><c> I</c><00:05:38.720><c> think</c><00:05:38.880><c> it</c><00:05:38.960><c> was</c>

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written in cobal um I think it was
 

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written in cobal um I think it was
deployed<00:05:40.120><c> uh</c><00:05:41.080><c> in</c>

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deployed uh in
 

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deployed uh in
19558<00:05:43.160><c> right</c><00:05:43.960><c> um</c><00:05:44.720><c> now</c><00:05:45.000><c> what</c><00:05:45.160><c> its</c><00:05:45.360><c> purpose</c><00:05:45.759><c> is</c>

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19558 right um now what its purpose is
 

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19558 right um now what its purpose is
for<00:05:46.280><c> is</c><00:05:46.479><c> for</c><00:05:47.360><c> uh</c><00:05:47.639><c> tendering</c><00:05:48.360><c> right</c>

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for is for uh tendering right
 

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for is for uh tendering right
procurement<00:05:49.479><c> and</c><00:05:49.639><c> so</c><00:05:49.880><c> on</c><00:05:50.759><c> uh</c><00:05:50.880><c> but</c><00:05:51.039><c> what</c><00:05:51.160><c> it</c>

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procurement and so on uh but what it
 

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procurement and so on uh but what it
also<00:05:51.639><c> happens</c><00:05:51.919><c> to</c><00:05:52.120><c> do</c><00:05:52.800><c> is</c><00:05:52.960><c> it</c><00:05:53.120><c> finds</c><00:05:53.759><c> unspent</c>

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also happens to do is it finds unspent
 

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also happens to do is it finds unspent
money<00:05:55.000><c> or</c><00:05:55.199><c> funds</c><00:05:55.880><c> in</c><00:05:56.199><c> other</c><00:05:56.520><c> programs</c><00:05:57.000><c> that</c>

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money or funds in other programs that
 

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money or funds in other programs that
have<00:05:57.280><c> kind</c><00:05:57.440><c> of</c><00:05:57.560><c> gone</c><00:05:57.840><c> stale</c><00:05:58.720><c> right</c><00:05:59.280><c> this</c><00:05:59.400><c> is</c>

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have kind of gone stale right this is
 

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have kind of gone stale right this is
completely<00:06:00.560><c> illegal</c><00:06:01.000><c> to</c><00:06:01.199><c> do</c><00:06:02.160><c> um</c><00:06:02.639><c> for</c><00:06:02.880><c> any</c>

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completely illegal to do um for any
 

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completely illegal to do um for any
other<00:06:03.280><c> governed</c><00:06:03.720><c> department</c><00:06:04.720><c> but</c><00:06:05.240><c> uh</c><00:06:05.600><c> here</c>

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other governed department but uh here
 

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other governed department but uh here
apparently<00:06:06.319><c> everyone</c><00:06:06.639><c> seems</c><00:06:06.880><c> to</c><00:06:07.039><c> look</c><00:06:07.360><c> the</c>

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apparently everyone seems to look the
 

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apparently everyone seems to look the
other

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other
 

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other
way<00:06:09.880><c> now</c><00:06:10.880><c> just</c><00:06:11.039><c> to</c><00:06:11.199><c> give</c><00:06:11.319><c> you</c><00:06:11.479><c> a</c><00:06:11.599><c> sense</c><00:06:11.759><c> of</c>

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way now just to give you a sense of
 

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way now just to give you a sense of
proportion<00:06:12.520><c> going</c><00:06:12.759><c> into</c><00:06:13.080><c> this</c><00:06:13.800><c> right</c><00:06:14.800><c> on</c><00:06:15.000><c> the</c>

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proportion going into this right on the
 

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proportion going into this right on the
on<00:06:15.680><c> the</c><00:06:15.840><c> left</c><00:06:16.120><c> hand</c><00:06:16.319><c> side</c><00:06:16.680><c> here</c><00:06:17.440><c> we've</c><00:06:17.680><c> got</c><00:06:17.880><c> the</c>

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on the left hand side here we've got the
 

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on the left hand side here we've got the
the<00:06:18.240><c> unaccounted</c><00:06:18.720><c> adjustments</c><00:06:19.120><c> I've</c><00:06:19.280><c> just</c>

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the unaccounted adjustments I've just
 

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the unaccounted adjustments I've just
been<00:06:19.800><c> talking</c><00:06:20.120><c> about</c><00:06:20.479><c> right</c><00:06:20.919><c> this</c><00:06:21.080><c> $1.2</c>

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been talking about right this $1.2
 

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been talking about right this $1.2
trillion<00:06:22.840><c> on</c><00:06:23.120><c> average</c><00:06:24.120><c> uh</c><00:06:24.280><c> for</c><00:06:24.840><c> that's</c><00:06:25.039><c> being</c>

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trillion on average uh for that's being
 

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trillion on average uh for that's being
spent<00:06:25.680><c> per</c><00:06:25.919><c> year</c><00:06:26.599><c> according</c><00:06:26.919><c> to</c><00:06:27.160><c> that</c><00:06:27.360><c> time</c>

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spent per year according to that time
 

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spent per year according to that time
span<00:06:27.960><c> of</c><00:06:28.160><c> 6</c><00:06:28.319><c> and</c><00:06:28.440><c> a</c><00:06:28.520><c> half</c><00:06:28.680><c> trillion</c><00:06:29.120><c> right</c>

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span of 6 and a half trillion right
 

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span of 6 and a half trillion right
adjusted<00:06:30.440><c> for</c><00:06:30.680><c> inflation</c><00:06:31.199><c> that</c><00:06:31.360><c> might</c><00:06:31.479><c> be</c>

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adjusted for inflation that might be
 

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adjusted for inflation that might be
around<00:06:31.840><c> two</c><00:06:32.000><c> and</c><00:06:32.479><c> uh</c><00:06:32.599><c> 2</c><00:06:33.039><c> and</c><00:06:33.160><c> a</c><00:06:33.319><c> half</c><00:06:33.599><c> trillion</c>

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around two and uh 2 and a half trillion
 

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around two and uh 2 and a half trillion
let's<00:06:34.240><c> say</c><00:06:34.680><c> right</c><00:06:35.599><c> on</c><00:06:35.800><c> the</c><00:06:36.039><c> the</c><00:06:36.160><c> other</c><00:06:36.440><c> side</c>

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let's say right on the the other side
 

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let's say right on the the other side
we've<00:06:37.599><c> got</c><00:06:38.080><c> the</c><00:06:38.240><c> United</c><00:06:38.599><c> Nations</c><00:06:39.120><c> estimates</c>

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we've got the United Nations estimates
 

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we've got the United Nations estimates
for<00:06:39.960><c> elicit</c><00:06:40.360><c> Financial</c><00:06:40.759><c> flows</c><00:06:41.120><c> on</c><00:06:41.240><c> a</c><00:06:41.440><c> given</c>

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for elicit Financial flows on a given
 

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for elicit Financial flows on a given
year<00:06:42.080><c> right</c><00:06:42.199><c> it's</c><00:06:42.360><c> somewhere</c><00:06:42.720><c> between</c><00:06:43.599><c> uh</c><00:06:44.280><c> two</c>

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year right it's somewhere between uh two
 

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year right it's somewhere between uh two
to<00:06:45.400><c> uh</c><00:06:45.680><c> they</c><00:06:45.960><c> estimate</c><00:06:46.440><c> two</c><00:06:46.680><c> and</c><00:06:47.080><c> 2%</c><00:06:47.560><c> to</c><00:06:47.759><c> 5%</c><00:06:48.440><c> of</c>

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to uh they estimate two and 2% to 5% of
 

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to uh they estimate two and 2% to 5% of
uh<00:06:48.960><c> Global</c><00:06:49.280><c> GDP</c><00:06:50.280><c> um</c><00:06:50.400><c> so</c><00:06:50.520><c> that's</c><00:06:50.639><c> the</c><00:06:50.800><c> 1.6</c>

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uh Global GDP um so that's the 1.6
 

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uh Global GDP um so that's the 1.6
trillion<00:06:51.720><c> and</c><00:06:51.880><c> the</c><00:06:52.000><c> 4</c><00:06:52.240><c> trillion</c><00:06:52.599><c> bounds</c><00:06:53.400><c> now</c>

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trillion and the 4 trillion bounds now
 

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trillion and the 4 trillion bounds now
the<00:06:53.800><c> 3.1</c><00:06:54.639><c> trillion</c><00:06:55.039><c> that's</c><00:06:55.199><c> on</c><00:06:55.400><c> on</c><00:06:55.599><c> there</c><00:06:55.800><c> this</c>

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the 3.1 trillion that's on on there this
 

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the 3.1 trillion that's on on there this
sort<00:06:56.080><c> of</c><00:06:56.199><c> middle</c><00:06:56.479><c> bracket</c><00:06:57.319><c> is</c><00:06:57.560><c> the</c><00:06:58.199><c> um</c><00:06:58.440><c> an</c>

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sort of middle bracket is the um an
 

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sort of middle bracket is the um an
estimate<00:06:59.240><c> of</c><00:06:59.599><c> list</c><00:06:59.759><c> at</c><00:06:59.879><c> Financial</c><00:07:00.240><c> flows</c><00:07:00.919><c> for</c>

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estimate of list at Financial flows for
 

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estimate of list at Financial flows for
last<00:07:01.639><c> year</c><00:07:02.000><c> according</c><00:07:02.400><c> to</c><00:07:02.800><c> nasdaq's</c><00:07:03.759><c> Global</c>

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last year according to nasdaq's Global
 

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last year according to nasdaq's Global
crime<00:07:05.160><c> uh</c><00:07:05.440><c> Financial</c><00:07:05.879><c> crime</c><00:07:06.160><c> report</c><00:07:06.479><c> that</c>

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crime uh Financial crime report that
 

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crime uh Financial crime report that
came<00:07:06.759><c> out</c><00:07:07.000><c> this</c><00:07:07.160><c> year</c><00:07:07.759><c> right</c><00:07:08.639><c> just</c><00:07:08.759><c> to</c><00:07:08.919><c> give</c>

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came out this year right just to give
 

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came out this year right just to give
you<00:07:09.160><c> a</c><00:07:09.240><c> sense</c><00:07:09.440><c> of</c><00:07:09.639><c> proportion</c><00:07:10.199><c> right</c><00:07:10.319><c> this</c><00:07:10.440><c> is</c>

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you a sense of proportion right this is
 

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you a sense of proportion right this is
just<00:07:10.720><c> one</c><00:07:10.919><c> government</c>

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just one government
 

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just one government
agency<00:07:12.919><c> the</c><00:07:13.120><c> entire</c><00:07:13.520><c> planet's</c><00:07:13.919><c> elicit</c>

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agency the entire planet's elicit
 

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agency the entire planet's elicit
Financial<00:07:14.639><c> flows</c>

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Financial flows
 

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Financial flows
okay<00:07:18.479><c> so</c><00:07:18.919><c> going</c><00:07:19.199><c> back</c><00:07:19.360><c> to</c><00:07:19.560><c> that</c><00:07:19.800><c> press</c>

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okay so going back to that press
 

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okay so going back to that press
conference<00:07:20.400><c> if</c><00:07:20.520><c> you</c><00:07:20.639><c> recall</c><00:07:20.960><c> at</c><00:07:21.039><c> the</c>

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conference if you recall at the
 

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conference if you recall at the
beginning<00:07:21.440><c> of</c><00:07:21.639><c> this</c><00:07:22.039><c> right</c><00:07:22.440><c> the</c><00:07:22.680><c> day</c><00:07:22.960><c> after</c>

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beginning of this right the day after
 

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beginning of this right the day after
911<00:07:24.160><c> happened</c><00:07:24.599><c> right</c><00:07:25.120><c> tragedy</c><00:07:25.840><c> absolute</c>

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911 happened right tragedy absolute
 

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911 happened right tragedy absolute
tragedy<00:07:27.240><c> uh</c><00:07:27.400><c> and</c><00:07:27.560><c> as</c><00:07:27.720><c> those</c><00:07:27.879><c> Towers</c><00:07:28.280><c> fell</c><00:07:28.639><c> and</c>

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tragedy uh and as those Towers fell and
 

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tragedy uh and as those Towers fell and
hit<00:07:29.039><c> the</c><00:07:29.160><c> ground</c>

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hit the ground
 

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hit the ground
um<00:07:30.919><c> the</c><00:07:31.080><c> world</c><00:07:31.479><c> changed</c><00:07:32.280><c> right</c><00:07:32.479><c> not</c><00:07:32.680><c> only</c><00:07:33.000><c> in</c>

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um the world changed right not only in
 

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um the world changed right not only in
terms<00:07:33.400><c> of</c><00:07:33.560><c> the</c><00:07:34.120><c> surveillance</c><00:07:35.120><c> uh</c><00:07:35.759><c> in</c><00:07:35.919><c> terms</c><00:07:36.160><c> of</c>

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terms of the surveillance uh in terms of
 

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terms of the surveillance uh in terms of
like<00:07:36.800><c> uh</c><00:07:37.199><c> our</c><00:07:37.479><c> our</c><00:07:37.960><c> Communications</c><00:07:38.960><c> uh</c><00:07:39.080><c> but</c>

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like uh our our Communications uh but
 

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like uh our our Communications uh but
also<00:07:39.680><c> the</c><00:07:39.840><c> deployment</c><00:07:40.400><c> of</c><00:07:40.639><c> financial</c>

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also the deployment of financial
 

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also the deployment of financial
surveillance<00:07:41.639><c> around</c><00:07:41.879><c> the</c><00:07:42.039><c> entire</c><00:07:42.440><c> planet</c>

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surveillance around the entire planet
 

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surveillance around the entire planet
right<00:07:44.240><c> in</c><00:07:44.479><c> just</c><00:07:44.680><c> one</c><00:07:44.960><c> month</c><00:07:45.479><c> uh</c><00:07:45.599><c> the</c><00:07:45.720><c> financial</c>

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right in just one month uh the financial
 

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right in just one month uh the financial
action<00:07:46.440><c> task</c><00:07:46.759><c> force</c><00:07:47.000><c> issued</c><00:07:47.319><c> out</c><00:07:47.560><c> the</c><00:07:47.720><c> eight</c>

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action task force issued out the eight
 

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action task force issued out the eight
of<00:07:48.000><c> their</c><00:07:48.120><c> nine</c><00:07:48.400><c> special</c>

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of their nine special
 

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of their nine special
recommendations<00:07:50.280><c> uh</c><00:07:50.560><c> and</c><00:07:51.000><c> actually</c><00:07:51.919><c> the</c><00:07:52.440><c> uh</c>

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recommendations uh and actually the uh
 

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recommendations uh and actually the uh
with<00:07:52.720><c> the</c><00:07:52.840><c> installment</c><00:07:53.280><c> of</c><00:07:53.479><c> the</c><00:07:53.800><c> Patriot</c><00:07:54.240><c> Act</c>

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with the installment of the Patriot Act
 

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with the installment of the Patriot Act
uh<00:07:55.240><c> they</c><00:07:55.400><c> have</c><00:07:55.680><c> basically</c><00:07:56.039><c> a</c><00:07:56.159><c> whole</c><00:07:56.319><c> bunch</c><00:07:56.520><c> of</c>

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uh they have basically a whole bunch of
 

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uh they have basically a whole bunch of
Provisions<00:07:57.120><c> for</c><00:07:57.360><c> kyc</c><00:07:57.800><c> and</c><00:07:57.960><c> AML</c><00:07:58.840><c> uh</c>

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Provisions for kyc and AML uh
 

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Provisions for kyc and AML uh
specifically<00:07:59.560><c> around</c><00:07:59.800><c> sections</c><00:08:00.479><c> uh</c><00:08:00.599><c> 311</c><00:08:01.280><c> 326</c>

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specifically around sections uh 311 326
 

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specifically around sections uh 311 326
351<00:08:02.759><c> and</c><00:08:03.280><c> 352</c><00:08:04.280><c> um</c><00:08:05.120><c> so</c><00:08:05.599><c> the</c><00:08:05.720><c> 311</c><00:08:06.560><c> is</c><00:08:06.919><c> about</c><00:08:07.520><c> uh</c>

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351 and 352 um so the 311 is about uh
 

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351 and 352 um so the 311 is about uh
giving<00:08:07.840><c> the</c><00:08:07.919><c> Secretary</c><00:08:08.280><c> of</c><00:08:08.319><c> Treasury</c>

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giving the Secretary of Treasury
 

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giving the Secretary of Treasury
authority<00:08:09.159><c> to</c><00:08:09.319><c> Target</c><00:08:09.759><c> specific</c><00:08:10.560><c> uh</c><00:08:10.879><c> money</c>

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authority to Target specific uh money
 

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authority to Target specific uh money
laundering<00:08:11.520><c> and</c><00:08:11.680><c> terrorist</c><00:08:12.039><c> financing</c><00:08:12.560><c> risks</c>

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laundering and terrorist financing risks
 

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laundering and terrorist financing risks
um<00:08:14.360><c> 326</c><00:08:15.000><c> is</c><00:08:15.159><c> about</c><00:08:15.479><c> establishing</c><00:08:16.199><c> uh</c><00:08:16.360><c> minimum</c>

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um 326 is about establishing uh minimum
 

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um 326 is about establishing uh minimum
standards<00:08:17.120><c> for</c><00:08:17.319><c> financial</c><00:08:17.960><c> institutions</c><00:08:18.960><c> so</c>

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standards for financial institutions so
 

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standards for financial institutions so
like<00:08:19.360><c> this</c><00:08:19.479><c> is</c><00:08:19.720><c> why</c><00:08:19.879><c> you</c><00:08:20.039><c> have</c><00:08:20.159><c> to</c><00:08:20.360><c> like</c><00:08:20.479><c> hold</c>

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like this is why you have to like hold
 

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like this is why you have to like hold
your<00:08:21.440><c> passport</c><00:08:21.840><c> up</c><00:08:22.000><c> and</c><00:08:22.120><c> take</c><00:08:22.280><c> a</c><00:08:22.360><c> photo</c><00:08:22.639><c> of</c>

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your passport up and take a photo of
 

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your passport up and take a photo of
yourself<00:08:23.120><c> whenever</c><00:08:23.479><c> you</c><00:08:23.879><c> sign</c><00:08:24.120><c> up</c><00:08:24.240><c> for</c><00:08:24.360><c> an</c>

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yourself whenever you sign up for an
 

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yourself whenever you sign up for an
exchange<00:08:24.919><c> or</c><00:08:25.080><c> so</c><00:08:25.280><c> on</c><00:08:26.280><c> um</c><00:08:27.080><c> 351</c><00:08:28.039><c> is</c><00:08:28.240><c> immunity</c><00:08:28.759><c> for</c>

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exchange or so on um 351 is immunity for
 

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exchange or so on um 351 is immunity for
anyone<00:08:29.560><c> likes</c><00:08:29.759><c> to</c><00:08:29.879><c> squeal</c><00:08:30.560><c> right</c><00:08:30.759><c> so</c>

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anyone likes to squeal right so
 

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anyone likes to squeal right so
reporting<00:08:31.639><c> and</c><00:08:31.800><c> if</c><00:08:31.919><c> there's</c><00:08:32.039><c> any</c><00:08:32.200><c> issues</c>

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reporting and if there's any issues
 

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reporting and if there's any issues
around<00:08:32.680><c> reporting</c><00:08:33.000><c> they're</c><00:08:33.240><c> kind</c><00:08:33.360><c> of</c><00:08:33.479><c> immune</c>

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around reporting they're kind of immune
 

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around reporting they're kind of immune
if<00:08:34.080><c> it's</c><00:08:34.240><c> in</c><00:08:34.360><c> the</c><00:08:34.560><c> name</c><00:08:34.839><c> of</c><00:08:35.039><c> this</c><00:08:35.240><c> particular</c>

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if it's in the name of this particular
 

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if it's in the name of this particular
goal<00:08:36.560><c> and</c><00:08:37.000><c> uh</c><00:08:37.240><c> 352</c><00:08:38.240><c> is</c><00:08:38.599><c> basically</c><00:08:39.000><c> the</c><00:08:39.200><c> mandate</c>

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goal and uh 352 is basically the mandate
 

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goal and uh 352 is basically the mandate
to<00:08:40.080><c> uh</c><00:08:40.200><c> for</c><00:08:40.440><c> financial</c><00:08:41.080><c> institutions</c><00:08:42.080><c> to</c>

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to uh for financial institutions to
 

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to uh for financial institutions to
implement<00:08:43.360><c> the</c><00:08:43.560><c> program</c>

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implement the program
 

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implement the program
right<00:08:46.120><c> now</c><00:08:46.279><c> I</c><00:08:46.360><c> say</c><00:08:46.560><c> this</c><00:08:46.680><c> goes</c><00:08:46.880><c> around</c><00:08:47.080><c> the</c>

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right now I say this goes around the
 

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right now I say this goes around the
globe<00:08:47.880><c> because</c><00:08:48.880><c> uh</c><00:08:49.160><c> it</c><00:08:49.320><c> was</c><00:08:49.480><c> felt</c><00:08:49.959><c> in</c><00:08:50.240><c> Asian</c>

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globe because uh it was felt in Asian
 

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globe because uh it was felt in Asian
Banks<00:08:51.320><c> right</c><00:08:51.959><c> so</c><00:08:52.680><c> uh</c><00:08:52.839><c> according</c><00:08:53.200><c> to</c><00:08:53.560><c> the</c><00:08:53.640><c> Lexus</c>

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Banks right so uh according to the Lexus
 

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Banks right so uh according to the Lexus
nus<00:08:54.320><c> resolutions</c><00:08:55.240><c> the</c><00:08:55.320><c> true</c><00:08:55.560><c> cost</c><00:08:55.800><c> of</c><00:08:56.240><c> uh</c>

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nus resolutions the true cost of uh
 

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nus resolutions the true cost of uh
anti-money<00:08:56.880><c> laundering</c><00:08:57.240><c> compliance</c><00:08:57.640><c> survey</c>

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anti-money laundering compliance survey
 

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anti-money laundering compliance survey
in<00:08:58.120><c> 2015</c>

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in 2015
 

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in 2015
um<00:08:59.880><c> even</c><00:09:00.160><c> though</c><00:09:00.360><c> local</c><00:09:00.680><c> regulations</c><00:09:01.320><c> were</c>

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um even though local regulations were
 

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um even though local regulations were
CIT<00:09:01.720><c> as</c><00:09:01.880><c> the</c><00:09:02.000><c> most</c><00:09:02.160><c> frequently</c><00:09:02.560><c> as</c><00:09:02.680><c> having</c><00:09:02.880><c> the</c>

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CIT as the most frequently as having the
 

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CIT as the most frequently as having the
greatest<00:09:03.320><c> impact</c><00:09:04.079><c> it</c><00:09:04.200><c> was</c><00:09:04.360><c> known</c><00:09:04.800><c> that</c><00:09:04.920><c> the</c><00:09:05.079><c> US</c>

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greatest impact it was known that the US
 

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greatest impact it was known that the US
regulation<00:09:05.920><c> embodied</c><00:09:06.399><c> by</c><00:09:06.519><c> the</c><00:09:06.640><c> Patriot</c><00:09:07.120><c> Act</c>

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regulation embodied by the Patriot Act
 

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regulation embodied by the Patriot Act
which<00:09:07.720><c> was</c><00:09:07.959><c> actually</c><00:09:08.279><c> what</c><00:09:08.560><c> enforced</c><00:09:09.560><c> the</c>

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which was actually what enforced the
 

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which was actually what enforced the
these<00:09:10.360><c> particular</c><00:09:11.160><c> uh</c><00:09:11.279><c> implementations</c><00:09:11.959><c> of</c>

00:09:14.630 --> 00:09:14.640 align:start position:0%
 
 

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policy

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policy
 

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policy
now<00:09:17.640><c> we've</c>

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now we've
 

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now we've
established<00:09:19.600><c> agency</c><00:09:20.320><c> elicit</c><00:09:20.680><c> Financial</c>

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established agency elicit Financial
 

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established agency elicit Financial
flows<00:09:21.640><c> just</c><00:09:21.760><c> to</c><00:09:21.920><c> give</c><00:09:22.000><c> you</c><00:09:22.079><c> a</c><00:09:22.160><c> sense</c><00:09:22.320><c> of</c>

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flows just to give you a sense of
 

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flows just to give you a sense of
proportion<00:09:23.200><c> right</c><00:09:23.920><c> now</c><00:09:24.160><c> we've</c><00:09:24.360><c> also</c><00:09:24.560><c> seen</c>

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proportion right now we've also seen
 

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proportion right now we've also seen
that<00:09:24.920><c> it</c><00:09:25.040><c> was</c><00:09:25.200><c> implemented</c><00:09:25.680><c> in</c><00:09:25.760><c> the</c><00:09:25.920><c> name</c><00:09:26.240><c> of</c>

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that it was implemented in the name of
 

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that it was implemented in the name of
terrorism<00:09:28.440><c> can</c><00:09:28.600><c> you</c><00:09:28.800><c> see</c><00:09:29.160><c> on</c><00:09:29.560><c> here</c><00:09:30.480><c> the</c><00:09:30.680><c> amount</c>

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terrorism can you see on here the amount
 

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terrorism can you see on here the amount
that<00:09:31.760><c> has</c><00:09:31.959><c> gone</c><00:09:32.200><c> to</c>

00:09:35.430 --> 00:09:35.440 align:start position:0%
 
 

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terrorism

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terrorism
 

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terrorism
yet<00:09:38.720><c> maybe</c>

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yet maybe
 

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yet maybe
oh<00:09:41.240><c> there</c><00:09:41.440><c> we</c><00:09:41.680><c> go</c><00:09:42.240><c> right</c><00:09:42.480><c> 11.5</c><00:09:43.240><c> billion</c><00:09:43.600><c> doll</c>

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oh there we go right 11.5 billion doll
 

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oh there we go right 11.5 billion doll
have<00:09:44.000><c> gone</c><00:09:44.160><c> to</c><00:09:44.320><c> terrorism</c><00:09:44.800><c> financing</c>

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have gone to terrorism financing
 

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have gone to terrorism financing
according<00:09:45.800><c> to</c><00:09:45.959><c> the</c><00:09:46.120><c> latest</c><00:09:46.760><c> NASDAQ</c><00:09:47.399><c> Global</c>

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according to the latest NASDAQ Global
 

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according to the latest NASDAQ Global
Financial<00:09:48.240><c> crime</c><00:09:48.680><c> report</c><00:09:49.680><c> um</c><00:09:50.480><c> that's</c><00:09:50.640><c> what</c><00:09:50.720><c> we</c>

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Financial crime report um that's what we
 

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Financial crime report um that's what we
sold<00:09:51.120><c> out</c><00:09:51.200><c> our</c><00:09:51.399><c> civil</c><00:09:51.600><c> liberties</c><00:09:52.000><c> for</c><00:09:52.920><c> just</c><00:09:53.040><c> to</c>

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sold out our civil liberties for just to
 

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sold out our civil liberties for just to
give<00:09:53.399><c> you</c><00:09:53.640><c> just</c><00:09:53.760><c> to</c><00:09:53.880><c> give</c><00:09:53.959><c> you</c><00:09:54.079><c> an</c><00:09:54.200><c> idea</c><00:09:54.480><c> of</c>

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give you just to give you an idea of
 

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give you just to give you an idea of
that<00:09:55.040><c> right</c><00:09:56.040><c> now</c><00:09:56.320><c> of</c><00:09:56.480><c> course</c><00:09:57.399><c> you</c><00:09:57.600><c> might</c><00:09:57.760><c> look</c>

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that right now of course you might look
 

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that right now of course you might look
at<00:09:58.000><c> that</c><00:09:58.120><c> and</c><00:09:58.240><c> go</c><00:09:58.480><c> well</c><00:09:58.760><c> you</c><00:09:58.880><c> know</c><00:09:59.040><c> it's</c><00:09:59.480><c> been</c>

00:10:00.110 --> 00:10:00.120 align:start position:0%
at that and go well you know it's been
 

00:10:00.120 --> 00:10:02.870 align:start position:0%
at that and go well you know it's been
two<00:10:00.320><c> and</c><00:10:00.440><c> a</c><00:10:00.600><c> half</c><00:10:00.839><c> decades</c><00:10:01.600><c> since</c><00:10:01.959><c> then</c><00:10:02.399><c> surely</c>

00:10:02.870 --> 00:10:02.880 align:start position:0%
two and a half decades since then surely
 

00:10:02.880 --> 00:10:05.110 align:start position:0%
two and a half decades since then surely
we've<00:10:03.160><c> solved</c>

00:10:05.110 --> 00:10:05.120 align:start position:0%
we've solved
 

00:10:05.120 --> 00:10:08.870 align:start position:0%
we've solved
terrorism<00:10:06.120><c> well</c><00:10:07.040><c> actually</c><00:10:08.040><c> if</c><00:10:08.160><c> you</c><00:10:08.360><c> roll</c><00:10:08.680><c> back</c>

00:10:08.870 --> 00:10:08.880 align:start position:0%
terrorism well actually if you roll back
 

00:10:08.880 --> 00:10:10.550 align:start position:0%
terrorism well actually if you roll back
the<00:10:09.040><c> clock</c><00:10:09.320><c> and</c><00:10:09.480><c> look</c><00:10:09.600><c> at</c><00:10:09.760><c> some</c><00:10:09.880><c> of</c><00:10:10.040><c> the</c><00:10:10.399><c> the</c>

00:10:10.550 --> 00:10:10.560 align:start position:0%
the clock and look at some of the the
 

00:10:10.560 --> 00:10:12.030 align:start position:0%
the clock and look at some of the the
estimates<00:10:11.040><c> of</c><00:10:11.279><c> what</c><00:10:11.440><c> that</c><00:10:11.600><c> terrorism</c>

00:10:12.030 --> 00:10:12.040 align:start position:0%
estimates of what that terrorism
 

00:10:12.040 --> 00:10:13.990 align:start position:0%
estimates of what that terrorism
financing<00:10:12.560><c> looks</c><00:10:12.839><c> like</c><00:10:13.399><c> uh</c><00:10:13.519><c> the</c><00:10:13.600><c> World</c><00:10:13.839><c> Bank</c>

00:10:13.990 --> 00:10:14.000 align:start position:0%
financing looks like uh the World Bank
 

00:10:14.000 --> 00:10:16.470 align:start position:0%
financing looks like uh the World Bank
and<00:10:14.120><c> the</c><00:10:14.240><c> IMF</c><00:10:14.800><c> basically</c><00:10:15.399><c> viewed</c><00:10:15.839><c> the</c><00:10:16.279><c> uh</c>

00:10:16.470 --> 00:10:16.480 align:start position:0%
and the IMF basically viewed the uh
 

00:10:16.480 --> 00:10:18.550 align:start position:0%
and the IMF basically viewed the uh
terrorism<00:10:17.000><c> financing</c><00:10:17.640><c> organizations</c><00:10:18.360><c> for</c>

00:10:18.550 --> 00:10:18.560 align:start position:0%
terrorism financing organizations for
 

00:10:18.560 --> 00:10:21.910 align:start position:0%
terrorism financing organizations for
the<00:10:18.680><c> entire</c><00:10:19.079><c> year</c><00:10:19.519><c> of</c><00:10:19.880><c> 2001</c><00:10:20.399><c> to</c><00:10:20.560><c> be</c><00:10:21.000><c> less</c><00:10:21.279><c> than</c>

00:10:21.910 --> 00:10:21.920 align:start position:0%
the entire year of 2001 to be less than
 

00:10:21.920 --> 00:10:23.949 align:start position:0%
the entire year of 2001 to be less than
half<00:10:22.120><c> a</c><00:10:22.240><c> billion</c><00:10:22.640><c> dollars</c><00:10:23.279><c> right</c><00:10:23.720><c> just</c><00:10:23.839><c> to</c>

00:10:23.949 --> 00:10:23.959 align:start position:0%
half a billion dollars right just to
 

00:10:23.959 --> 00:10:25.829 align:start position:0%
half a billion dollars right just to
give<00:10:24.079><c> you</c><00:10:24.160><c> a</c><00:10:24.240><c> sense</c><00:10:24.399><c> of</c><00:10:24.560><c> proportion</c><00:10:25.079><c> here</c><00:10:25.720><c> um</c>

00:10:25.829 --> 00:10:25.839 align:start position:0%
give you a sense of proportion here um
 

00:10:25.839 --> 00:10:28.069 align:start position:0%
give you a sense of proportion here um
in<00:10:26.160><c> 2005</c><00:10:26.760><c> Rand</c><00:10:27.240><c> found</c><00:10:27.480><c> that</c><00:10:27.600><c> al-qaeda's</c>

00:10:28.069 --> 00:10:28.079 align:start position:0%
in 2005 Rand found that al-qaeda's
 

00:10:28.079 --> 00:10:29.790 align:start position:0%
in 2005 Rand found that al-qaeda's
annual<00:10:28.320><c> budget</c><00:10:28.640><c> was</c><00:10:28.800><c> between</c><00:10:29.040><c> 30</c><00:10:29.320><c> $</c><00:10:29.440><c> to</c><00:10:29.480><c> $50</c>

00:10:29.790 --> 00:10:29.800 align:start position:0%
annual budget was between 30 $ to $50
 

00:10:29.800 --> 00:10:32.710 align:start position:0%
annual budget was between 30 $ to $50
million<00:10:30.760><c> in</c><00:10:31.120><c> 2015</c><00:10:32.120><c> uh</c><00:10:32.200><c> the</c><00:10:32.279><c> Department</c><00:10:32.600><c> of</c>

00:10:32.710 --> 00:10:32.720 align:start position:0%
million in 2015 uh the Department of
 

00:10:32.720 --> 00:10:34.710 align:start position:0%
million in 2015 uh the Department of
Treasury<00:10:33.160><c> estimated</c><00:10:33.600><c> that</c><00:10:33.800><c> Isis</c><00:10:34.160><c> generated</c>

00:10:34.710 --> 00:10:34.720 align:start position:0%
Treasury estimated that Isis generated
 

00:10:34.720 --> 00:10:38.310 align:start position:0%
Treasury estimated that Isis generated
roughly<00:10:35.279><c> a</c><00:10:35.480><c> billion</c><00:10:35.920><c> dollar</c><00:10:36.920><c> and</c><00:10:37.200><c> in</c><00:10:37.480><c> 2016</c>

00:10:38.310 --> 00:10:38.320 align:start position:0%
roughly a billion dollar and in 2016
 

00:10:38.320 --> 00:10:40.550 align:start position:0%
roughly a billion dollar and in 2016
europol<00:10:38.880><c> estimated</c><00:10:39.399><c> that</c><00:10:39.560><c> that</c><00:10:39.680><c> was</c><00:10:40.160><c> doubled</c>

00:10:40.550 --> 00:10:40.560 align:start position:0%
europol estimated that that was doubled
 

00:10:40.560 --> 00:10:44.550 align:start position:0%
europol estimated that that was doubled
to<00:10:40.800><c> to</c><00:10:40.880><c> $2</c>

00:10:44.550 --> 00:10:44.560 align:start position:0%
 
 

00:10:44.560 --> 00:10:49.110 align:start position:0%
 
billion<00:10:45.560><c> now</c><00:10:46.079><c> in</c><00:10:46.320><c> contrast</c><00:10:47.120><c> to</c><00:10:47.440><c> to</c><00:10:47.680><c> that</c><00:10:48.639><c> um</c><00:10:48.920><c> we</c>

00:10:49.110 --> 00:10:49.120 align:start position:0%
billion now in contrast to to that um we
 

00:10:49.120 --> 00:10:51.110 align:start position:0%
billion now in contrast to to that um we
have<00:10:49.760><c> this</c><00:10:49.959><c> great</c><00:10:50.200><c> report</c><00:10:50.480><c> from</c><00:10:50.600><c> the</c><00:10:50.720><c> Simpson</c>

00:10:51.110 --> 00:10:51.120 align:start position:0%
have this great report from the Simpson
 

00:10:51.120 --> 00:10:53.150 align:start position:0%
have this great report from the Simpson
study<00:10:51.399><c> group</c><00:10:51.600><c> on</c><00:10:51.800><c> counterterrorism</c><00:10:52.600><c> spending</c>

00:10:53.150 --> 00:10:53.160 align:start position:0%
study group on counterterrorism spending
 

00:10:53.160 --> 00:10:55.550 align:start position:0%
study group on counterterrorism spending
right<00:10:53.920><c> uh</c><00:10:54.079><c> and</c><00:10:54.240><c> they</c><00:10:54.440><c> believe</c><00:10:55.079><c> that</c><00:10:55.440><c> uh</c>

00:10:55.550 --> 00:10:55.560 align:start position:0%
right uh and they believe that uh
 

00:10:55.560 --> 00:10:57.110 align:start position:0%
right uh and they believe that uh
according<00:10:55.839><c> to</c><00:10:55.959><c> that</c><00:10:56.160><c> report</c><00:10:56.639><c> that</c><00:10:56.800><c> between</c>

00:10:57.110 --> 00:10:57.120 align:start position:0%
according to that report that between
 

00:10:57.120 --> 00:11:00.190 align:start position:0%
according to that report that between
the<00:10:57.240><c> period</c><00:10:57.560><c> of</c><00:10:57.920><c> 2002</c><00:10:58.440><c> and</c><00:10:58.760><c> 2007</c>

00:11:00.190 --> 00:11:00.200 align:start position:0%
the period of 2002 and 2007
 

00:11:00.200 --> 00:11:03.310 align:start position:0%
the period of 2002 and 2007
uh<00:11:00.360><c> this</c><00:11:00.560><c> came</c><00:11:00.839><c> to</c><00:11:01.160><c> a</c><00:11:01.440><c> total</c><00:11:01.800><c> spend</c><00:11:02.399><c> of</c><00:11:02.600><c> $2.8</c>

00:11:03.310 --> 00:11:03.320 align:start position:0%
uh this came to a total spend of $2.8
 

00:11:03.320 --> 00:11:06.990 align:start position:0%
uh this came to a total spend of $2.8
trillion<00:11:04.279><c> or</c><00:11:04.519><c> $186</c><00:11:05.519><c> billion</c><00:11:06.200><c> on</c><00:11:06.399><c> average</c><00:11:06.800><c> per</c>

00:11:06.990 --> 00:11:07.000 align:start position:0%
trillion or $186 billion on average per
 

00:11:07.000 --> 00:11:10.269 align:start position:0%
trillion or $186 billion on average per
year<00:11:08.000><c> so</c><00:11:08.240><c> this</c><00:11:08.639><c> this</c><00:11:08.880><c> spending</c><00:11:09.800><c> on</c>

00:11:10.269 --> 00:11:10.279 align:start position:0%
year so this this spending on
 

00:11:10.279 --> 00:11:13.389 align:start position:0%
year so this this spending on
counterterrorism<00:11:11.279><c> is</c><00:11:11.760><c> 16</c><00:11:12.320><c> times</c><00:11:12.600><c> larger</c><00:11:13.079><c> than</c>

00:11:13.389 --> 00:11:13.399 align:start position:0%
counterterrorism is 16 times larger than
 

00:11:13.399 --> 00:11:15.870 align:start position:0%
counterterrorism is 16 times larger than
what<00:11:13.639><c> the</c><00:11:13.760><c> our</c><00:11:14.000><c> estimates</c><00:11:14.480><c> are</c><00:11:15.079><c> for</c><00:11:15.480><c> ter</c>

00:11:15.870 --> 00:11:15.880 align:start position:0%
what the our estimates are for ter
 

00:11:15.880 --> 00:11:17.910 align:start position:0%
what the our estimates are for ter
expending<00:11:16.320><c> that</c><00:11:16.440><c> goes</c><00:11:16.639><c> towards</c><00:11:17.240><c> terrorism</c>

00:11:17.910 --> 00:11:17.920 align:start position:0%
expending that goes towards terrorism
 

00:11:17.920 --> 00:11:19.590 align:start position:0%
expending that goes towards terrorism
right<00:11:18.560><c> that's</c><00:11:18.680><c> a</c><00:11:18.800><c> pretty</c><00:11:19.000><c> good</c><00:11:19.160><c> margin</c><00:11:19.480><c> if</c>

00:11:19.590 --> 00:11:19.600 align:start position:0%
right that's a pretty good margin if
 

00:11:19.600 --> 00:11:23.030 align:start position:0%
right that's a pretty good margin if
you're<00:11:19.720><c> playing</c><00:11:20.079><c> both</c><00:11:20.839><c> sides</c><00:11:21.839><c> um</c>

00:11:23.030 --> 00:11:23.040 align:start position:0%
you're playing both sides um
 

00:11:23.040 --> 00:11:25.910 align:start position:0%
you're playing both sides um
anyway<00:11:24.040><c> so</c><00:11:25.040><c> I</c><00:11:25.160><c> mentioned</c><00:11:25.480><c> this</c><00:11:25.600><c> notion</c><00:11:25.800><c> of</c>

00:11:25.910 --> 00:11:25.920 align:start position:0%
anyway so I mentioned this notion of
 

00:11:25.920 --> 00:11:28.150 align:start position:0%
anyway so I mentioned this notion of
ilicit<00:11:26.279><c> financial</c><00:11:26.680><c> flows</c><00:11:27.240><c> right</c><00:11:27.760><c> what</c><00:11:27.880><c> are</c>

00:11:28.150 --> 00:11:28.160 align:start position:0%
ilicit financial flows right what are
 

00:11:28.160 --> 00:11:30.470 align:start position:0%
ilicit financial flows right what are
they<00:11:28.519><c> well</c><00:11:28.720><c> there</c><00:11:28.880><c> isn't</c><00:11:29.320><c> really</c><00:11:29.480><c> an</c><00:11:29.600><c> agreed</c>

00:11:30.470 --> 00:11:30.480 align:start position:0%
they well there isn't really an agreed
 

00:11:30.480 --> 00:11:33.350 align:start position:0%
they well there isn't really an agreed
um<00:11:30.880><c> consensus</c><00:11:31.560><c> on</c><00:11:32.079><c> on</c><00:11:32.240><c> the</c><00:11:32.399><c> definition</c><00:11:33.200><c> but</c>

00:11:33.350 --> 00:11:33.360 align:start position:0%
um consensus on on the definition but
 

00:11:33.360 --> 00:11:35.670 align:start position:0%
um consensus on on the definition but
generally<00:11:33.839><c> speaking</c><00:11:34.800><c> uh</c><00:11:34.880><c> it</c><00:11:35.040><c> comprises</c><00:11:35.480><c> of</c>

00:11:35.670 --> 00:11:35.680 align:start position:0%
generally speaking uh it comprises of
 

00:11:35.680 --> 00:11:37.949 align:start position:0%
generally speaking uh it comprises of
tax<00:11:35.959><c> evasion</c><00:11:36.560><c> multinational</c><00:11:37.160><c> tax</c><00:11:37.480><c> avoidance</c>

00:11:37.949 --> 00:11:37.959 align:start position:0%
tax evasion multinational tax avoidance
 

00:11:37.959 --> 00:11:39.910 align:start position:0%
tax evasion multinational tax avoidance
the<00:11:38.120><c> theft</c><00:11:38.360><c> of</c><00:11:38.480><c> State</c><00:11:38.800><c> assets</c><00:11:39.399><c> the</c><00:11:39.519><c> laundering</c>

00:11:39.910 --> 00:11:39.920 align:start position:0%
the theft of State assets the laundering
 

00:11:39.920 --> 00:11:42.350 align:start position:0%
the theft of State assets the laundering
appr<00:11:40.120><c> proat</c><00:11:40.399><c> of</c><00:11:40.600><c> crime</c><00:11:41.480><c> uh</c><00:11:41.600><c> and</c><00:11:41.760><c> they</c><00:11:41.959><c> Co</c><00:11:42.240><c> they</c>

00:11:42.350 --> 00:11:42.360 align:start position:0%
appr proat of crime uh and they Co they
 

00:11:42.360 --> 00:11:44.110 align:start position:0%
appr proat of crime uh and they Co they
cover<00:11:42.639><c> a</c><00:11:43.000><c> broad</c><00:11:43.279><c> range</c><00:11:43.560><c> of</c><00:11:43.720><c> market</c><00:11:44.000><c> and</c>

00:11:44.110 --> 00:11:44.120 align:start position:0%
cover a broad range of market and
 

00:11:44.120 --> 00:11:45.870 align:start position:0%
cover a broad range of market and
Regulatory<00:11:44.600><c> abuses</c><00:11:45.079><c> such</c><00:11:45.279><c> as</c><00:11:45.440><c> corruption</c>

00:11:45.870 --> 00:11:45.880 align:start position:0%
Regulatory abuses such as corruption
 

00:11:45.880 --> 00:11:48.269 align:start position:0%
Regulatory abuses such as corruption
drug<00:11:46.120><c> smuggling</c><00:11:46.680><c> and</c><00:11:46.839><c> and</c><00:11:46.959><c> human</c><00:11:47.279><c> trafficking</c>

00:11:48.269 --> 00:11:48.279 align:start position:0%
drug smuggling and and human trafficking
 

00:11:48.279 --> 00:11:49.790 align:start position:0%
drug smuggling and and human trafficking
right

00:11:49.790 --> 00:11:49.800 align:start position:0%
right
 

00:11:49.800 --> 00:11:52.230 align:start position:0%
right
um<00:11:50.800><c> and</c><00:11:50.920><c> it</c><00:11:51.040><c> is</c><00:11:51.240><c> important</c><00:11:51.839><c> like</c><00:11:51.959><c> I'm</c><00:11:52.079><c> not</c>

00:11:52.230 --> 00:11:52.240 align:start position:0%
um and it is important like I'm not
 

00:11:52.240 --> 00:11:55.110 align:start position:0%
um and it is important like I'm not
trying<00:11:52.519><c> to</c><00:11:53.200><c> to</c><00:11:53.399><c> dismiss</c><00:11:54.120><c> this</c><00:11:54.600><c> at</c><00:11:54.720><c> all</c><00:11:55.040><c> right</c>

00:11:55.110 --> 00:11:55.120 align:start position:0%
trying to to dismiss this at all right
 

00:11:55.120 --> 00:11:56.590 align:start position:0%
trying to to dismiss this at all right
so<00:11:55.279><c> don't</c><00:11:55.480><c> get</c><00:11:55.680><c> that</c><00:11:56.040><c> from</c><00:11:56.200><c> me</c><00:11:56.399><c> I'm</c><00:11:56.480><c> just</c>

00:11:56.590 --> 00:11:56.600 align:start position:0%
so don't get that from me I'm just
 

00:11:56.600 --> 00:11:58.509 align:start position:0%
so don't get that from me I'm just
trying<00:11:56.760><c> to</c><00:11:56.839><c> give</c><00:11:56.920><c> you</c><00:11:57.000><c> a</c><00:11:57.079><c> sense</c><00:11:57.240><c> of</c><00:11:57.519><c> proportion</c>

00:11:58.509 --> 00:11:58.519 align:start position:0%
trying to give you a sense of proportion
 

00:11:58.519 --> 00:12:00.870 align:start position:0%
trying to give you a sense of proportion
uh<00:11:58.680><c> on</c><00:11:58.839><c> on</c><00:11:59.000><c> this</c><00:11:59.440><c> right</c><00:11:59.880><c> I</c><00:12:00.040><c> it</c><00:12:00.120><c> is</c><00:12:00.320><c> important</c>

00:12:00.870 --> 00:12:00.880 align:start position:0%
uh on on this right I it is important
 

00:12:00.880 --> 00:12:04.350 align:start position:0%
uh on on this right I it is important
because<00:12:01.440><c> Donato</c><00:12:02.440><c> uh</c><00:12:02.600><c> believes</c><00:12:03.240><c> that</c>

00:12:04.350 --> 00:12:04.360 align:start position:0%
because Donato uh believes that
 

00:12:04.360 --> 00:12:07.670 align:start position:0%
because Donato uh believes that
um<00:12:05.360><c> for</c><00:12:05.639><c> every</c><00:12:06.040><c> dollar</c><00:12:06.360><c> that's</c><00:12:06.519><c> spent</c><00:12:06.880><c> on</c><00:12:07.120><c> uh</c>

00:12:07.670 --> 00:12:07.680 align:start position:0%
um for every dollar that's spent on uh
 

00:12:07.680 --> 00:12:10.190 align:start position:0%
um for every dollar that's spent on uh
invest<00:12:08.279><c> uh</c><00:12:09.000><c> that</c><00:12:09.120><c> goes</c><00:12:09.320><c> towards</c><00:12:09.680><c> crime</c><00:12:09.959><c> gets</c>

00:12:10.190 --> 00:12:10.200 align:start position:0%
invest uh that goes towards crime gets
 

00:12:10.200 --> 00:12:11.949 align:start position:0%
invest uh that goes towards crime gets
reinvested<00:12:10.839><c> in</c><00:12:11.079><c> crime</c><00:12:11.360><c> and</c><00:12:11.519><c> therefore</c><00:12:11.800><c> you</c>

00:12:11.949 --> 00:12:11.959 align:start position:0%
reinvested in crime and therefore you
 

00:12:11.959 --> 00:12:15.310 align:start position:0%
reinvested in crime and therefore you
get<00:12:12.120><c> more</c><00:12:12.440><c> crime</c><00:12:13.000><c> right</c><00:12:13.720><c> um</c><00:12:13.959><c> perhaps</c><00:12:14.639><c> a</c><00:12:14.760><c> better</c>

00:12:15.310 --> 00:12:15.320 align:start position:0%
get more crime right um perhaps a better
 

00:12:15.320 --> 00:12:16.990 align:start position:0%
get more crime right um perhaps a better
analysis<00:12:15.760><c> of</c><00:12:15.959><c> this</c><00:12:16.120><c> is</c><00:12:16.320><c> actually</c><00:12:16.639><c> bjor</c>

00:12:16.990 --> 00:12:17.000 align:start position:0%
analysis of this is actually bjor
 

00:12:17.000 --> 00:12:18.990 align:start position:0%
analysis of this is actually bjor
lomberg<00:12:17.880><c> who</c><00:12:18.120><c> got</c><00:12:18.440><c> some</c><00:12:18.600><c> of</c><00:12:18.720><c> the</c><00:12:18.839><c> top</c>

00:12:18.990 --> 00:12:19.000 align:start position:0%
lomberg who got some of the top
 

00:12:19.000 --> 00:12:22.470 align:start position:0%
lomberg who got some of the top
economists<00:12:19.440><c> in</c><00:12:19.560><c> the</c><00:12:19.680><c> world</c><00:12:20.440><c> uh</c><00:12:20.760><c> together</c><00:12:21.680><c> and</c>

00:12:22.470 --> 00:12:22.480 align:start position:0%
economists in the world uh together and
 

00:12:22.480 --> 00:12:24.470 align:start position:0%
economists in the world uh together and
um<00:12:22.720><c> tried</c><00:12:23.000><c> to</c><00:12:23.279><c> rank</c><00:12:23.680><c> the</c><00:12:23.800><c> United</c><00:12:24.120><c> Nations</c>

00:12:24.470 --> 00:12:24.480 align:start position:0%
um tried to rank the United Nations
 

00:12:24.480 --> 00:12:25.870 align:start position:0%
um tried to rank the United Nations
sustainable<00:12:24.920><c> development</c><00:12:25.320><c> goals</c><00:12:25.639><c> on</c><00:12:25.760><c> a</c>

00:12:25.870 --> 00:12:25.880 align:start position:0%
sustainable development goals on a
 

00:12:25.880 --> 00:12:29.629 align:start position:0%
sustainable development goals on a
dollar<00:12:26.160><c> for</c><00:12:26.320><c> dooll</c><00:12:26.600><c> spend</c><00:12:27.320><c> right</c><00:12:28.079><c> um</c><00:12:29.279><c> and</c><00:12:29.480><c> they</c>

00:12:29.629 --> 00:12:29.639 align:start position:0%
dollar for dooll spend right um and they
 

00:12:29.639 --> 00:12:31.590 align:start position:0%
dollar for dooll spend right um and they
found<00:12:30.079><c> that</c><00:12:30.480><c> you</c><00:12:30.600><c> know</c><00:12:30.760><c> addressing</c><00:12:31.199><c> elicit</c>

00:12:31.590 --> 00:12:31.600 align:start position:0%
found that you know addressing elicit
 

00:12:31.600 --> 00:12:34.670 align:start position:0%
found that you know addressing elicit
Financial<00:12:31.959><c> flows</c><00:12:32.560><c> is</c><00:12:32.800><c> a</c><00:12:33.000><c> top</c>

00:12:34.670 --> 00:12:34.680 align:start position:0%
Financial flows is a top
 

00:12:34.680 --> 00:12:37.189 align:start position:0%
Financial flows is a top
priority<00:12:35.680><c> so</c><00:12:35.920><c> why</c><00:12:36.040><c> is</c><00:12:36.160><c> this</c><00:12:36.360><c> important</c><00:12:36.839><c> why</c><00:12:37.000><c> is</c>

00:12:37.189 --> 00:12:37.199 align:start position:0%
priority so why is this important why is
 

00:12:37.199 --> 00:12:41.310 align:start position:0%
priority so why is this important why is
addressing<00:12:38.040><c> uh</c><00:12:38.199><c> ifs</c><00:12:38.839><c> important</c><00:12:40.079><c> well</c><00:12:41.079><c> they're</c>

00:12:41.310 --> 00:12:41.320 align:start position:0%
addressing uh ifs important well they're
 

00:12:41.320 --> 00:12:43.430 align:start position:0%
addressing uh ifs important well they're
basically<00:12:41.760><c> associated</c><00:12:42.639><c> with</c><00:12:42.920><c> ineffective</c>

00:12:43.430 --> 00:12:43.440 align:start position:0%
basically associated with ineffective
 

00:12:43.440 --> 00:12:45.670 align:start position:0%
basically associated with ineffective
State<00:12:43.760><c> functioning</c><00:12:44.440><c> uh</c><00:12:44.560><c> legitimate</c><00:12:45.240><c> use</c><00:12:45.440><c> of</c>

00:12:45.670 --> 00:12:45.680 align:start position:0%
State functioning uh legitimate use of
 

00:12:45.680 --> 00:12:48.710 align:start position:0%
State functioning uh legitimate use of
state<00:12:46.040><c> power</c><00:12:46.839><c> and</c><00:12:47.560><c> uh</c><00:12:48.079><c> they're</c><00:12:48.320><c> kind</c><00:12:48.440><c> of</c><00:12:48.560><c> an</c>

00:12:48.710 --> 00:12:48.720 align:start position:0%
state power and uh they're kind of an
 

00:12:48.720 --> 00:12:50.430 align:start position:0%
state power and uh they're kind of an
international<00:12:49.360><c> problem</c><00:12:49.839><c> because</c><00:12:50.199><c> even</c>

00:12:50.430 --> 00:12:50.440 align:start position:0%
international problem because even
 

00:12:50.440 --> 00:12:51.870 align:start position:0%
international problem because even
though<00:12:50.560><c> you</c><00:12:50.680><c> might</c><00:12:50.920><c> solve</c><00:12:51.240><c> it</c><00:12:51.440><c> within</c><00:12:51.720><c> your</c>

00:12:51.870 --> 00:12:51.880 align:start position:0%
though you might solve it within your
 

00:12:51.880 --> 00:12:53.990 align:start position:0%
though you might solve it within your
own<00:12:52.120><c> state</c><00:12:52.399><c> or</c><00:12:52.519><c> within</c><00:12:52.760><c> your</c><00:12:52.839><c> own</c><00:12:53.160><c> country</c>

00:12:53.990 --> 00:12:54.000 align:start position:0%
own state or within your own country
 

00:12:54.000 --> 00:12:56.550 align:start position:0%
own state or within your own country
that<00:12:54.240><c> Capital</c><00:12:54.839><c> will</c><00:12:55.160><c> probably</c><00:12:55.519><c> flow</c><00:12:55.959><c> to</c><00:12:56.279><c> other</c>

00:12:56.550 --> 00:12:56.560 align:start position:0%
that Capital will probably flow to other
 

00:12:56.560 --> 00:12:59.230 align:start position:0%
that Capital will probably flow to other
countries<00:12:57.199><c> that</c><00:12:57.560><c> uh</c><00:12:57.800><c> that</c><00:12:58.360><c> um</c><00:12:58.519><c> that</c><00:12:58.680><c> supported</c>

00:12:59.230 --> 00:12:59.240 align:start position:0%
countries that uh that um that supported
 

00:12:59.240 --> 00:13:01.509 align:start position:0%
countries that uh that um that supported
in<00:12:59.399><c> some</c><00:12:59.600><c> way</c><00:13:00.040><c> right</c><00:13:00.639><c> um</c><00:13:00.880><c> at</c><00:13:01.000><c> the</c><00:13:01.079><c> end</c><00:13:01.240><c> of</c><00:13:01.360><c> the</c>

00:13:01.509 --> 00:13:01.519 align:start position:0%
in some way right um at the end of the
 

00:13:01.519 --> 00:13:04.350 align:start position:0%
in some way right um at the end of the
day<00:13:02.160><c> it</c><00:13:02.399><c> results</c><00:13:02.880><c> in</c><00:13:03.040><c> Lost</c><00:13:03.320><c> GDP</c><00:13:03.959><c> which</c><00:13:04.079><c> means</c>

00:13:04.350 --> 00:13:04.360 align:start position:0%
day it results in Lost GDP which means
 

00:13:04.360 --> 00:13:05.710 align:start position:0%
day it results in Lost GDP which means
there's<00:13:04.519><c> lost</c><00:13:04.800><c> tax</c><00:13:05.040><c> revenue</c><00:13:05.480><c> and</c><00:13:05.600><c> the</c>

00:13:05.710 --> 00:13:05.720 align:start position:0%
there's lost tax revenue and the
 

00:13:05.720 --> 00:13:07.910 align:start position:0%
there's lost tax revenue and the
argumentation<00:13:06.360><c> is</c><00:13:06.560><c> that</c><00:13:06.680><c> that</c><00:13:06.800><c> leads</c><00:13:07.079><c> to</c><00:13:07.360><c> poor</c>

00:13:07.910 --> 00:13:07.920 align:start position:0%
argumentation is that that leads to poor
 

00:13:07.920 --> 00:13:10.509 align:start position:0%
argumentation is that that leads to poor
governance<00:13:08.839><c> right</c><00:13:09.480><c> and</c><00:13:09.880><c> you</c><00:13:10.000><c> know</c><00:13:10.279><c> higher</c>

00:13:10.509 --> 00:13:10.519 align:start position:0%
governance right and you know higher
 

00:13:10.519 --> 00:13:12.870 align:start position:0%
governance right and you know higher
quality<00:13:10.839><c> governance</c><00:13:11.279><c> is</c><00:13:11.600><c> is</c><00:13:12.199><c> is</c><00:13:12.360><c> obviously</c>

00:13:12.870 --> 00:13:12.880 align:start position:0%
quality governance is is is obviously
 

00:13:12.880 --> 00:13:15.110 align:start position:0%
quality governance is is is obviously
well<00:13:13.160><c> is</c>

00:13:15.110 --> 00:13:15.120 align:start position:0%
well is
 

00:13:15.120 --> 00:13:18.910 align:start position:0%
well is
desirable<00:13:16.120><c> so</c><00:13:16.440><c> what</c><00:13:16.680><c> exactly</c><00:13:17.160><c> are</c><00:13:17.600><c> ifs</c><00:13:18.600><c> and</c>

00:13:18.910 --> 00:13:18.920 align:start position:0%
desirable so what exactly are ifs and
 

00:13:18.920 --> 00:13:20.910 align:start position:0%
desirable so what exactly are ifs and
well<00:13:19.079><c> that</c><00:13:19.240><c> depends</c><00:13:19.760><c> just</c><00:13:19.920><c> like</c><00:13:20.079><c> the</c>

00:13:20.910 --> 00:13:20.920 align:start position:0%
well that depends just like the
 

00:13:20.920 --> 00:13:23.470 align:start position:0%
well that depends just like the
definition<00:13:21.920><c> so</c><00:13:22.639><c> there's</c><00:13:22.800><c> a</c><00:13:22.920><c> mirror</c><00:13:23.320><c> of</c>

00:13:23.470 --> 00:13:23.480 align:start position:0%
definition so there's a mirror of
 

00:13:23.480 --> 00:13:26.189 align:start position:0%
definition so there's a mirror of
different<00:13:23.920><c> methodologies</c><00:13:24.920><c> um</c><00:13:25.720><c> and</c><00:13:26.000><c> it's</c>

00:13:26.189 --> 00:13:26.199 align:start position:0%
different methodologies um and it's
 

00:13:26.199 --> 00:13:30.310 align:start position:0%
different methodologies um and it's
unclear<00:13:27.120><c> exactly</c><00:13:28.120><c> um</c><00:13:28.760><c> what</c><00:13:29.240><c> comprises</c><00:13:29.800><c> ifs</c>

00:13:30.310 --> 00:13:30.320 align:start position:0%
unclear exactly um what comprises ifs
 

00:13:30.320 --> 00:13:32.069 align:start position:0%
unclear exactly um what comprises ifs
and<00:13:30.440><c> this</c><00:13:30.519><c> is</c><00:13:30.639><c> kind</c><00:13:30.760><c> of</c><00:13:30.920><c> part</c><00:13:31.079><c> of</c><00:13:31.160><c> the</c><00:13:31.320><c> problem</c>

00:13:32.069 --> 00:13:32.079 align:start position:0%
and this is kind of part of the problem
 

00:13:32.079 --> 00:13:35.110 align:start position:0%
and this is kind of part of the problem
because<00:13:32.760><c> it's</c><00:13:32.959><c> actually</c><00:13:33.279><c> hard</c><00:13:33.560><c> to</c><00:13:34.399><c> understand</c>

00:13:35.110 --> 00:13:35.120 align:start position:0%
because it's actually hard to understand
 

00:13:35.120 --> 00:13:39.389 align:start position:0%
because it's actually hard to understand
what<00:13:36.000><c> they</c><00:13:36.120><c> are</c><00:13:36.639><c> by</c><00:13:36.800><c> due</c><00:13:36.959><c> to</c><00:13:37.160><c> their</c><00:13:37.360><c> nature</c><00:13:38.399><c> um</c>

00:13:39.389 --> 00:13:39.399 align:start position:0%
what they are by due to their nature um
 

00:13:39.399 --> 00:13:42.069 align:start position:0%
what they are by due to their nature um
so<00:13:39.959><c> Raymond</c><00:13:40.399><c> Baker</c><00:13:40.880><c> here</c><00:13:41.160><c> basically</c><00:13:41.600><c> view</c><00:13:42.000><c> uh</c>

00:13:42.069 --> 00:13:42.079 align:start position:0%
so Raymond Baker here basically view uh
 

00:13:42.079 --> 00:13:44.629 align:start position:0%
so Raymond Baker here basically view uh
views<00:13:42.560><c> that</c><00:13:43.000><c> uh</c><00:13:43.120><c> 65%</c><00:13:43.800><c> goes</c><00:13:44.000><c> towards</c><00:13:44.320><c> trade</c>

00:13:44.629 --> 00:13:44.639 align:start position:0%
views that uh 65% goes towards trade
 

00:13:44.639 --> 00:13:47.110 align:start position:0%
views that uh 65% goes towards trade
misinvoicing<00:13:45.120><c> trade</c><00:13:46.000><c> misinvoicing</c><00:13:46.440><c> is</c><00:13:46.959><c> like</c>

00:13:47.110 --> 00:13:47.120 align:start position:0%
misinvoicing trade misinvoicing is like
 

00:13:47.120 --> 00:13:49.350 align:start position:0%
misinvoicing trade misinvoicing is like
when<00:13:47.240><c> a</c><00:13:47.399><c> multinational</c><00:13:48.079><c> corporation</c><00:13:48.680><c> will</c><00:13:48.880><c> do</c>

00:13:49.350 --> 00:13:49.360 align:start position:0%
when a multinational corporation will do
 

00:13:49.360 --> 00:13:51.269 align:start position:0%
when a multinational corporation will do
say<00:13:49.600><c> for</c><00:13:49.839><c> example</c><00:13:50.519><c> natural</c><00:13:50.880><c> resource</c>

00:13:51.269 --> 00:13:51.279 align:start position:0%
say for example natural resource
 

00:13:51.279 --> 00:13:54.829 align:start position:0%
say for example natural resource
extraction<00:13:51.759><c> in</c><00:13:52.000><c> in</c><00:13:52.199><c> like</c><00:13:52.360><c> one</c><00:13:52.720><c> country</c><00:13:53.720><c> um</c><00:13:54.079><c> but</c>

00:13:54.829 --> 00:13:54.839 align:start position:0%
extraction in in like one country um but
 

00:13:54.839 --> 00:13:56.189 align:start position:0%
extraction in in like one country um but
Mi

00:13:56.189 --> 00:13:56.199 align:start position:0%
Mi
 

00:13:56.199 --> 00:13:59.590 align:start position:0%
Mi
misprice<00:13:57.199><c> the</c><00:13:57.440><c> cost</c><00:13:57.680><c> of</c><00:13:57.880><c> extraction</c><00:13:58.759><c> and</c><00:13:59.320><c> the</c>

00:13:59.590 --> 00:13:59.600 align:start position:0%
misprice the cost of extraction and the
 

00:13:59.600 --> 00:14:03.030 align:start position:0%
misprice the cost of extraction and the
value<00:14:00.000><c> of</c><00:14:00.600><c> uh</c><00:14:01.320><c> uh</c><00:14:01.480><c> resource</c><00:14:01.880><c> that's</c><00:14:02.120><c> extracted</c>

00:14:03.030 --> 00:14:03.040 align:start position:0%
value of uh uh resource that's extracted
 

00:14:03.040 --> 00:14:04.870 align:start position:0%
value of uh uh resource that's extracted
and<00:14:03.240><c> then</c><00:14:03.480><c> when</c><00:14:03.680><c> moving</c><00:14:04.000><c> it</c><00:14:04.160><c> to</c><00:14:04.519><c> another</c>

00:14:04.870 --> 00:14:04.880 align:start position:0%
and then when moving it to another
 

00:14:04.880 --> 00:14:08.069 align:start position:0%
and then when moving it to another
country<00:14:05.680><c> uh</c><00:14:05.800><c> changes</c><00:14:06.279><c> those</c><00:14:06.480><c> numbers</c><00:14:07.360><c> right</c>

00:14:08.069 --> 00:14:08.079 align:start position:0%
country uh changes those numbers right
 

00:14:08.079 --> 00:14:10.749 align:start position:0%
country uh changes those numbers right
um<00:14:08.680><c> 30%</c><00:14:09.120><c> towards</c><00:14:09.440><c> criminal</c><00:14:09.880><c> activity</c><00:14:10.240><c> and</c><00:14:10.399><c> 5%</c>

00:14:10.749 --> 00:14:10.759 align:start position:0%
um 30% towards criminal activity and 5%
 

00:14:10.759 --> 00:14:13.110 align:start position:0%
um 30% towards criminal activity and 5%
towards<00:14:11.079><c> in</c><00:14:11.199><c> corruption</c><00:14:11.839><c> uh</c><00:14:11.959><c> the</c><00:14:12.120><c> cardamone</c>

00:14:13.110 --> 00:14:13.120 align:start position:0%
towards in corruption uh the cardamone
 

00:14:13.120 --> 00:14:15.870 align:start position:0%
towards in corruption uh the cardamone
uh<00:14:13.880><c> view</c><00:14:14.320><c> is</c><00:14:14.519><c> that</c><00:14:14.680><c> 80%</c><00:14:15.240><c> goes</c><00:14:15.399><c> towards</c><00:14:15.680><c> trade</c>

00:14:15.870 --> 00:14:15.880 align:start position:0%
uh view is that 80% goes towards trade
 

00:14:15.880 --> 00:14:17.710 align:start position:0%
uh view is that 80% goes towards trade
misinvoicing<00:14:16.320><c> so</c><00:14:16.800><c> this</c><00:14:16.959><c> same</c><00:14:17.279><c> problem</c><00:14:17.600><c> and</c>

00:14:17.710 --> 00:14:17.720 align:start position:0%
misinvoicing so this same problem and
 

00:14:17.720 --> 00:14:20.870 align:start position:0%
misinvoicing so this same problem and
20%<00:14:18.199><c> towards</c><00:14:18.680><c> corruption</c><00:14:19.680><c> and</c><00:14:20.199><c> uh</c><00:14:20.320><c> the</c><00:14:20.440><c> NASDAQ</c>

00:14:20.870 --> 00:14:20.880 align:start position:0%
20% towards corruption and uh the NASDAQ
 

00:14:20.880 --> 00:14:23.670 align:start position:0%
20% towards corruption and uh the NASDAQ
Global<00:14:21.160><c> Financial</c><00:14:21.600><c> crime</c><00:14:21.959><c> report</c><00:14:22.920><c> uh</c><00:14:23.240><c> focuses</c>

00:14:23.670 --> 00:14:23.680 align:start position:0%
Global Financial crime report uh focuses
 

00:14:23.680 --> 00:14:25.150 align:start position:0%
Global Financial crime report uh focuses
more<00:14:23.839><c> on</c><00:14:23.959><c> the</c><00:14:24.120><c> humanitarian</c><00:14:24.759><c> aspects</c><00:14:25.040><c> of</c>

00:14:25.150 --> 00:14:25.160 align:start position:0%
more on the humanitarian aspects of
 

00:14:25.160 --> 00:14:26.990 align:start position:0%
more on the humanitarian aspects of
listed<00:14:25.440><c> Financial</c><00:14:25.720><c> flows</c><00:14:26.040><c> so</c><00:14:26.160><c> 25%</c><00:14:26.639><c> towards</c>

00:14:26.990 --> 00:14:27.000 align:start position:0%
listed Financial flows so 25% towards
 

00:14:27.000 --> 00:14:29.870 align:start position:0%
listed Financial flows so 25% towards
drug<00:14:27.279><c> drug</c><00:14:27.480><c> trafficking</c><00:14:28.320><c> and</c><00:14:28.800><c> uh</c><00:14:29.120><c> 12</c><00:14:29.320><c> to</c><00:14:29.600><c> human</c>

00:14:29.870 --> 00:14:29.880 align:start position:0%
drug drug trafficking and uh 12 to human
 

00:14:29.880 --> 00:14:33.670 align:start position:0%
drug drug trafficking and uh 12 to human
trafficking<00:14:30.639><c> with</c><00:14:31.199><c> 63%</c><00:14:32.199><c> just</c><00:14:32.360><c> towards</c><00:14:32.959><c> other</c>

00:14:33.670 --> 00:14:33.680 align:start position:0%
trafficking with 63% just towards other
 

00:14:33.680 --> 00:14:36.790 align:start position:0%
trafficking with 63% just towards other
which<00:14:33.839><c> is</c><00:14:34.120><c> corruption</c><00:14:34.720><c> crime</c><00:14:35.040><c> and</c><00:14:35.199><c> so</c>

00:14:36.790 --> 00:14:36.800 align:start position:0%
which is corruption crime and so
 

00:14:36.800 --> 00:14:38.910 align:start position:0%
which is corruption crime and so
on

00:14:38.910 --> 00:14:38.920 align:start position:0%
on
 

00:14:38.920 --> 00:14:40.749 align:start position:0%
on
um

00:14:40.749 --> 00:14:40.759 align:start position:0%
um
 

00:14:40.759 --> 00:14:43.829 align:start position:0%
um
so<00:14:41.759><c> even</c><00:14:42.040><c> though</c><00:14:42.240><c> you</c><00:14:42.440><c> imp</c><00:14:42.800><c> uh</c><00:14:42.959><c> we</c><00:14:43.199><c> had</c><00:14:43.639><c> uh</c><00:14:43.720><c> the</c>

00:14:43.829 --> 00:14:43.839 align:start position:0%
so even though you imp uh we had uh the
 

00:14:43.839 --> 00:14:45.430 align:start position:0%
so even though you imp uh we had uh the
financial<00:14:44.240><c> action</c><00:14:44.519><c> task</c><00:14:44.800><c> force</c><00:14:45.199><c> and</c><00:14:45.320><c> the</c>

00:14:45.430 --> 00:14:45.440 align:start position:0%
financial action task force and the
 

00:14:45.440 --> 00:14:47.230 align:start position:0%
financial action task force and the
Patriot<00:14:45.800><c> Act</c><00:14:46.079><c> implementing</c><00:14:46.800><c> these</c>

00:14:47.230 --> 00:14:47.240 align:start position:0%
Patriot Act implementing these
 

00:14:47.240 --> 00:14:49.910 align:start position:0%
Patriot Act implementing these
regulations<00:14:47.800><c> it</c><00:14:47.959><c> wasn't</c><00:14:48.279><c> really</c><00:14:48.560><c> until</c><00:14:49.120><c> uh</c>

00:14:49.910 --> 00:14:49.920 align:start position:0%
regulations it wasn't really until uh
 

00:14:49.920 --> 00:14:53.590 align:start position:0%
regulations it wasn't really until uh
2015<00:14:50.920><c> uh</c><00:14:51.040><c> sorry</c><00:14:51.600><c> 2005</c><00:14:52.600><c> that</c><00:14:52.800><c> elicit</c><00:14:53.240><c> Financial</c>

00:14:53.590 --> 00:14:53.600 align:start position:0%
2015 uh sorry 2005 that elicit Financial
 

00:14:53.600 --> 00:14:56.069 align:start position:0%
2015 uh sorry 2005 that elicit Financial
flows<00:14:54.360><c> as</c><00:14:54.480><c> an</c><00:14:54.600><c> argumentation</c><00:14:55.480><c> came</c><00:14:55.639><c> onto</c><00:14:55.959><c> the</c>

00:14:56.069 --> 00:14:56.079 align:start position:0%
flows as an argumentation came onto the
 

00:14:56.079 --> 00:14:59.150 align:start position:0%
flows as an argumentation came onto the
scene<00:14:56.880><c> as</c><00:14:57.000><c> a</c><00:14:57.440><c> public</c><00:14:57.720><c> policy</c><00:14:58.160><c> issue</c><00:14:58.560><c> right</c><00:14:59.040><c> and</c>

00:14:59.150 --> 00:14:59.160 align:start position:0%
scene as a public policy issue right and
 

00:14:59.160 --> 00:15:01.710 align:start position:0%
scene as a public policy issue right and
this<00:14:59.279><c> is</c><00:14:59.519><c> actually</c><00:15:00.480><c> uh</c><00:15:00.920><c> through</c><00:15:01.279><c> Raymond</c>

00:15:01.710 --> 00:15:01.720 align:start position:0%
this is actually uh through Raymond
 

00:15:01.720 --> 00:15:04.470 align:start position:0%
this is actually uh through Raymond
Baker's<00:15:02.360><c> book</c><00:15:02.839><c> capitalism's</c><00:15:03.440><c> Achilles</c><00:15:03.839><c> heel</c>

00:15:04.470 --> 00:15:04.480 align:start position:0%
Baker's book capitalism's Achilles heel
 

00:15:04.480 --> 00:15:07.710 align:start position:0%
Baker's book capitalism's Achilles heel
right<00:15:05.320><c> um</c><00:15:05.680><c> the</c><00:15:05.880><c> issue</c><00:15:06.320><c> is</c><00:15:06.680><c> is</c>

00:15:07.710 --> 00:15:07.720 align:start position:0%
right um the issue is is
 

00:15:07.720 --> 00:15:12.790 align:start position:0%
right um the issue is is
that<00:15:09.079><c> um</c><00:15:10.079><c> he</c><00:15:10.279><c> was</c><00:15:10.759><c> he</c><00:15:11.000><c> pushing</c><00:15:11.240><c> a</c><00:15:11.399><c> model</c><00:15:11.880><c> and</c><00:15:12.639><c> uh</c>

00:15:12.790 --> 00:15:12.800 align:start position:0%
that um he was he pushing a model and uh
 

00:15:12.800 --> 00:15:15.670 align:start position:0%
that um he was he pushing a model and uh
this<00:15:13.240><c> idea</c>

00:15:15.670 --> 00:15:15.680 align:start position:0%
this idea
 

00:15:15.680 --> 00:15:19.310 align:start position:0%
this idea
that<00:15:16.680><c> isn't</c><00:15:17.040><c> really</c><00:15:17.279><c> well</c><00:15:17.839><c> substantiated</c><00:15:18.839><c> and</c>

00:15:19.310 --> 00:15:19.320 align:start position:0%
that isn't really well substantiated and
 

00:15:19.320 --> 00:15:21.230 align:start position:0%
that isn't really well substantiated and
uh<00:15:19.440><c> Peter</c><00:15:19.720><c> rudo</c><00:15:20.000><c> is</c><00:15:20.120><c> quite</c><00:15:20.240><c> a</c><00:15:20.320><c> critical</c><00:15:20.680><c> of</c><00:15:20.839><c> it</c>

00:15:21.230 --> 00:15:21.240 align:start position:0%
uh Peter rudo is quite a critical of it
 

00:15:21.240 --> 00:15:24.790 align:start position:0%
uh Peter rudo is quite a critical of it
in<00:15:21.800><c> 2015</c><00:15:22.800><c> where</c><00:15:23.560><c> we</c><00:15:23.800><c> didn't</c><00:15:24.079><c> really</c><00:15:24.320><c> know</c><00:15:24.600><c> much</c>

00:15:24.790 --> 00:15:24.800 align:start position:0%
in 2015 where we didn't really know much
 

00:15:24.800 --> 00:15:27.790 align:start position:0%
in 2015 where we didn't really know much
more<00:15:25.000><c> about</c><00:15:25.199><c> the</c><00:15:25.360><c> issue</c><00:15:25.680><c> 10</c><00:15:26.000><c> years</c><00:15:26.279><c> Beyond</c>

00:15:27.790 --> 00:15:27.800 align:start position:0%
more about the issue 10 years Beyond
 

00:15:27.800 --> 00:15:29.470 align:start position:0%
more about the issue 10 years Beyond
right<00:15:28.800><c> um</c>

00:15:29.470 --> 00:15:29.480 align:start position:0%
right um
 

00:15:29.480 --> 00:15:32.309 align:start position:0%
right um
and<00:15:29.639><c> in</c><00:15:29.839><c> fact</c><00:15:30.639><c> uh</c><00:15:31.480><c> there's</c><00:15:31.680><c> more</c><00:15:31.959><c> people</c><00:15:32.160><c> who</c>

00:15:32.309 --> 00:15:32.319 align:start position:0%
and in fact uh there's more people who
 

00:15:32.319 --> 00:15:33.949 align:start position:0%
and in fact uh there's more people who
also<00:15:32.519><c> feel</c><00:15:32.800><c> the</c><00:15:32.880><c> same</c><00:15:33.120><c> way</c><00:15:33.399><c> right</c><00:15:33.639><c> even</c><00:15:33.839><c> though</c>

00:15:33.949 --> 00:15:33.959 align:start position:0%
also feel the same way right even though
 

00:15:33.959 --> 00:15:35.910 align:start position:0%
also feel the same way right even though
we<00:15:34.079><c> use</c><00:15:34.319><c> different</c><00:15:34.720><c> measures</c><00:15:35.000><c> and</c><00:15:35.160><c> models</c><00:15:35.800><c> to</c>

00:15:35.910 --> 00:15:35.920 align:start position:0%
we use different measures and models to
 

00:15:35.920 --> 00:15:37.629 align:start position:0%
we use different measures and models to
use<00:15:36.120><c> to</c><00:15:36.240><c> estimate</c><00:15:36.560><c> money</c><00:15:36.759><c> laundering</c><00:15:37.519><c> there</c>

00:15:37.629 --> 00:15:37.639 align:start position:0%
use to estimate money laundering there
 

00:15:37.639 --> 00:15:40.069 align:start position:0%
use to estimate money laundering there
is<00:15:37.880><c> actually</c><00:15:38.160><c> no</c><00:15:38.440><c> model</c><00:15:38.800><c> that</c><00:15:39.000><c> can</c><00:15:39.199><c> be</c><00:15:39.360><c> used</c><00:15:39.639><c> to</c>

00:15:40.069 --> 00:15:40.079 align:start position:0%
is actually no model that can be used to
 

00:15:40.079 --> 00:15:44.069 align:start position:0%
is actually no model that can be used to
quantify<00:15:41.079><c> uh</c><00:15:41.240><c> and</c><00:15:41.920><c> accept</c><00:15:42.199><c> it</c>

00:15:44.069 --> 00:15:44.079 align:start position:0%
quantify uh and accept it
 

00:15:44.079 --> 00:15:46.590 align:start position:0%
quantify uh and accept it
globally<00:15:45.079><c> even</c><00:15:45.319><c> the</c><00:15:45.480><c> financial</c><00:15:45.920><c> action</c><00:15:46.240><c> task</c>

00:15:46.590 --> 00:15:46.600 align:start position:0%
globally even the financial action task
 

00:15:46.600 --> 00:15:48.910 align:start position:0%
globally even the financial action task
force<00:15:47.240><c> own</c><00:15:47.639><c> methodology</c><00:15:48.240><c> for</c><00:15:48.480><c> assessing</c>

00:15:48.910 --> 00:15:48.920 align:start position:0%
force own methodology for assessing
 

00:15:48.920 --> 00:15:50.749 align:start position:0%
force own methodology for assessing
compliance<00:15:49.440><c> with</c><00:15:49.639><c> the</c><00:15:49.920><c> uh</c><00:15:50.040><c> the</c><00:15:50.120><c> FTF</c>

00:15:50.749 --> 00:15:50.759 align:start position:0%
compliance with the uh the FTF
 

00:15:50.759 --> 00:15:53.030 align:start position:0%
compliance with the uh the FTF
recommendations<00:15:51.399><c> and</c><00:15:51.639><c> effectiveness</c><00:15:52.399><c> of</c><00:15:52.560><c> AML</c>

00:15:53.030 --> 00:15:53.040 align:start position:0%
recommendations and effectiveness of AML
 

00:15:53.040 --> 00:15:55.389 align:start position:0%
recommendations and effectiveness of AML
systems<00:15:53.920><c> is</c><00:15:54.160><c> completely</c><00:15:54.639><c> vague</c><00:15:55.120><c> right</c><00:15:55.240><c> it</c>

00:15:55.389 --> 00:15:55.399 align:start position:0%
systems is completely vague right it
 

00:15:55.399 --> 00:15:58.590 align:start position:0%
systems is completely vague right it
relies<00:15:56.199><c> on</c><00:15:56.920><c> um</c><00:15:57.440><c> on</c><00:15:57.560><c> the</c><00:15:57.720><c> general</c><00:15:58.040><c> use</c><00:15:58.240><c> of</c><00:15:58.360><c> crime</c>

00:15:58.590 --> 00:15:58.600 align:start position:0%
relies on um on the general use of crime
 

00:15:58.600 --> 00:16:00.829 align:start position:0%
relies on um on the general use of crime
sta<00:15:58.959><c> ICS</c><00:15:59.440><c> anecdotal</c><00:16:00.079><c> evidence</c><00:16:00.600><c> and</c>

00:16:00.829 --> 00:16:00.839 align:start position:0%
sta ICS anecdotal evidence and
 

00:16:00.839 --> 00:16:02.990 align:start position:0%
sta ICS anecdotal evidence and
subjective<00:16:01.399><c> conclusions</c><00:16:02.399><c> and</c><00:16:02.560><c> this</c><00:16:02.639><c> is</c><00:16:02.839><c> part</c>

00:16:02.990 --> 00:16:03.000 align:start position:0%
subjective conclusions and this is part
 

00:16:03.000 --> 00:16:05.990 align:start position:0%
subjective conclusions and this is part
of<00:16:03.160><c> the</c><00:16:03.319><c> nature</c><00:16:03.680><c> of</c><00:16:03.880><c> like</c><00:16:04.000><c> what</c><00:16:04.120><c> makes</c><00:16:04.440><c> ifs</c><00:16:05.440><c> so</c>

00:16:05.990 --> 00:16:06.000 align:start position:0%
of the nature of like what makes ifs so
 

00:16:06.000 --> 00:16:08.110 align:start position:0%
of the nature of like what makes ifs so
difficult<00:16:06.279><c> to</c><00:16:06.560><c> to</c><00:16:06.720><c> deal</c>

00:16:08.110 --> 00:16:08.120 align:start position:0%
difficult to to deal
 

00:16:08.120 --> 00:16:11.309 align:start position:0%
difficult to to deal
with<00:16:09.120><c> um</c><00:16:09.519><c> now</c><00:16:09.720><c> to</c><00:16:09.959><c> the</c><00:16:10.279><c> to</c><00:16:10.480><c> their</c><00:16:10.720><c> credit</c><00:16:11.160><c> there</c>

00:16:11.309 --> 00:16:11.319 align:start position:0%
with um now to the to their credit there
 

00:16:11.319 --> 00:16:12.949 align:start position:0%
with um now to the to their credit there
was<00:16:11.440><c> a</c><00:16:11.720><c> uh</c><00:16:11.839><c> there</c><00:16:11.920><c> is</c><00:16:12.040><c> an</c><00:16:12.160><c> ongoing</c><00:16:12.600><c> pilot</c>

00:16:12.949 --> 00:16:12.959 align:start position:0%
was a uh there is an ongoing pilot
 

00:16:12.959 --> 00:16:14.749 align:start position:0%
was a uh there is an ongoing pilot
program<00:16:13.279><c> by</c><00:16:13.399><c> the</c><00:16:13.480><c> United</c><00:16:13.839><c> Nations</c><00:16:14.480><c> that</c><00:16:14.600><c> is</c>

00:16:14.749 --> 00:16:14.759 align:start position:0%
program by the United Nations that is
 

00:16:14.759 --> 00:16:16.829 align:start position:0%
program by the United Nations that is
trying<00:16:15.120><c> to</c><00:16:15.399><c> provide</c><00:16:15.880><c> the</c><00:16:16.120><c> highest</c><00:16:16.440><c> quality</c>

00:16:16.829 --> 00:16:16.839 align:start position:0%
trying to provide the highest quality
 

00:16:16.839 --> 00:16:20.990 align:start position:0%
trying to provide the highest quality
data<00:16:17.440><c> around</c><00:16:18.160><c> iffs</c><00:16:19.160><c> um</c><00:16:19.759><c> but</c><00:16:20.120><c> uh</c><00:16:20.319><c> yeah</c><00:16:20.519><c> I</c><00:16:20.600><c> mean</c>

00:16:20.990 --> 00:16:21.000 align:start position:0%
data around iffs um but uh yeah I mean
 

00:16:21.000 --> 00:16:23.069 align:start position:0%
data around iffs um but uh yeah I mean
it's<00:16:21.839><c> it's</c><00:16:22.040><c> largely</c><00:16:22.399><c> focused</c><00:16:22.720><c> on</c><00:16:22.839><c> drug</c>

00:16:23.069 --> 00:16:23.079 align:start position:0%
it's it's largely focused on drug
 

00:16:23.079 --> 00:16:24.990 align:start position:0%
it's it's largely focused on drug
traffic<00:16:23.360><c> in</c><00:16:23.480><c> developing</c><00:16:23.880><c> countries</c><00:16:24.560><c> and</c><00:16:24.880><c> you</c>

00:16:24.990 --> 00:16:25.000 align:start position:0%
traffic in developing countries and you
 

00:16:25.000 --> 00:16:28.749 align:start position:0%
traffic in developing countries and you
know<00:16:25.480><c> it's</c><00:16:26.480><c> you</c><00:16:26.600><c> know</c><00:16:27.120><c> roughly</c><00:16:27.440><c> $1</c><00:16:28.079><c> billion</c><00:16:28.480><c> do</c>

00:16:28.749 --> 00:16:28.759 align:start position:0%
know it's you know roughly $1 billion do
 

00:16:28.759 --> 00:16:29.949 align:start position:0%
know it's you know roughly $1 billion do
with<00:16:28.920><c> we're</c><00:16:29.079><c> talking</c><00:16:29.319><c> about</c><00:16:29.519><c> as</c><00:16:29.680><c> some</c><00:16:29.759><c> of</c><00:16:29.880><c> the</c>

00:16:29.949 --> 00:16:29.959 align:start position:0%
with we're talking about as some of the
 

00:16:29.959 --> 00:16:32.749 align:start position:0%
with we're talking about as some of the
bigger

00:16:32.749 --> 00:16:32.759 align:start position:0%
 
 

00:16:32.759 --> 00:16:37.269 align:start position:0%
 
ones<00:16:34.120><c> so</c><00:16:35.120><c> are</c><00:16:35.399><c> follow</c><00:16:35.720><c> the</c><00:16:35.800><c> money</c><00:16:36.120><c> methods</c>

00:16:37.269 --> 00:16:37.279 align:start position:0%
ones so are follow the money methods
 

00:16:37.279 --> 00:16:39.389 align:start position:0%
ones so are follow the money methods
effective<00:16:38.279><c> well</c><00:16:38.839><c> according</c><00:16:39.160><c> to</c><00:16:39.279><c> the</c>

00:16:39.389 --> 00:16:39.399 align:start position:0%
effective well according to the
 

00:16:39.399 --> 00:16:40.910 align:start position:0%
effective well according to the
financial<00:16:39.839><c> action</c><00:16:40.120><c> task</c><00:16:40.440><c> force</c><00:16:40.639><c> own</c>

00:16:40.910 --> 00:16:40.920 align:start position:0%
financial action task force own
 

00:16:40.920 --> 00:16:44.110 align:start position:0%
financial action task force own
admission<00:16:41.759><c> uh</c><00:16:41.959><c> last</c><00:16:42.199><c> year</c><00:16:42.880><c> less</c><00:16:43.079><c> than</c><00:16:43.279><c> 1%</c><00:16:43.959><c> of</c>

00:16:44.110 --> 00:16:44.120 align:start position:0%
admission uh last year less than 1% of
 

00:16:44.120 --> 00:16:46.150 align:start position:0%
admission uh last year less than 1% of
global<00:16:44.440><c> elicit</c><00:16:44.880><c> Financial</c><00:16:45.279><c> flows</c><00:16:45.880><c> is</c>

00:16:46.150 --> 00:16:46.160 align:start position:0%
global elicit Financial flows is
 

00:16:46.160 --> 00:16:49.069 align:start position:0%
global elicit Financial flows is
recovered<00:16:47.160><c> right</c><00:16:47.759><c> uh</c><00:16:47.880><c> Ronald</c><00:16:48.199><c> F</c><00:16:48.440><c> Paul</c>

00:16:49.069 --> 00:16:49.079 align:start position:0%
recovered right uh Ronald F Paul
 

00:16:49.079 --> 00:16:50.949 align:start position:0%
recovered right uh Ronald F Paul
believes<00:16:49.519><c> that</c><00:16:49.920><c> less</c><00:16:50.160><c> than</c>

00:16:50.949 --> 00:16:50.959 align:start position:0%
believes that less than
 

00:16:50.959 --> 00:16:55.350 align:start position:0%
believes that less than
0.1%<00:16:51.959><c> of</c><00:16:52.480><c> um</c><00:16:53.199><c> of</c><00:16:53.839><c> uh</c><00:16:53.959><c> criminal</c><00:16:54.399><c> finances</c><00:16:55.079><c> is</c>

00:16:55.350 --> 00:16:55.360 align:start position:0%
0.1% of um of uh criminal finances is
 

00:16:55.360 --> 00:16:58.350 align:start position:0%
0.1% of um of uh criminal finances is
impacted<00:16:55.920><c> by</c><00:16:56.079><c> follow</c><00:16:56.360><c> the</c><00:16:56.480><c> money</c><00:16:56.759><c> methods</c><00:16:57.759><c> uh</c>

00:16:58.350 --> 00:16:58.360 align:start position:0%
impacted by follow the money methods uh
 

00:16:58.360 --> 00:17:02.069 align:start position:0%
impacted by follow the money methods uh
and<00:16:59.000><c> according</c><00:16:59.279><c> to</c><00:16:59.440><c> the</c><00:16:59.560><c> UN</c><00:17:00.240><c> this</c><00:17:00.360><c> is</c><00:17:00.680><c> roughly</c>

00:17:02.069 --> 00:17:02.079 align:start position:0%
and according to the UN this is roughly
 

00:17:02.079 --> 00:17:06.029 align:start position:0%
and according to the UN this is roughly
0.2%<00:17:03.079><c> in</c><00:17:03.240><c> other</c><00:17:03.440><c> words</c><00:17:04.520><c> 99.8%</c><00:17:05.520><c> of</c><00:17:05.679><c> criminal</c>

00:17:06.029 --> 00:17:06.039 align:start position:0%
0.2% in other words 99.8% of criminal
 

00:17:06.039 --> 00:17:08.630 align:start position:0%
0.2% in other words 99.8% of criminal
proceeds<00:17:06.480><c> are</c><00:17:06.679><c> completely</c><00:17:07.400><c> unaffected</c><00:17:08.400><c> by</c>

00:17:08.630 --> 00:17:08.640 align:start position:0%
proceeds are completely unaffected by
 

00:17:08.640 --> 00:17:12.630 align:start position:0%
proceeds are completely unaffected by
all<00:17:08.799><c> of</c><00:17:08.919><c> the</c><00:17:09.079><c> kyc</c><00:17:09.600><c> that</c><00:17:09.720><c> we've</c>

00:17:12.630 --> 00:17:12.640 align:start position:0%
 
 

00:17:12.640 --> 00:17:15.270 align:start position:0%
 
implemented<00:17:13.640><c> so</c><00:17:13.839><c> what</c><00:17:14.000><c> can</c><00:17:14.160><c> we</c><00:17:14.319><c> measure</c><00:17:15.160><c> we</c>

00:17:15.270 --> 00:17:15.280 align:start position:0%
implemented so what can we measure we
 

00:17:15.280 --> 00:17:17.549 align:start position:0%
implemented so what can we measure we
can<00:17:15.439><c> measure</c><00:17:15.839><c> the</c><00:17:16.039><c> cost</c><00:17:16.679><c> of</c><00:17:16.919><c> implementing</c>

00:17:17.549 --> 00:17:17.559 align:start position:0%
can measure the cost of implementing
 

00:17:17.559 --> 00:17:19.990 align:start position:0%
can measure the cost of implementing
compliance<00:17:18.559><c> right</c><00:17:19.280><c> uh</c><00:17:19.400><c> and</c><00:17:19.520><c> according</c><00:17:19.760><c> to</c><00:17:19.880><c> the</c>

00:17:19.990 --> 00:17:20.000 align:start position:0%
compliance right uh and according to the
 

00:17:20.000 --> 00:17:23.549 align:start position:0%
compliance right uh and according to the
Lexus<00:17:20.319><c> Nexus</c><00:17:20.640><c> resolutions</c><00:17:21.439><c> report</c><00:17:22.439><c> um</c><00:17:23.120><c> for</c>

00:17:23.549 --> 00:17:23.559 align:start position:0%
Lexus Nexus resolutions report um for
 

00:17:23.559 --> 00:17:26.350 align:start position:0%
Lexus Nexus resolutions report um for
the<00:17:23.959><c> uh</c><00:17:24.120><c> United</c><00:17:24.439><c> States</c><00:17:24.720><c> Banks</c><00:17:25.120><c> alone</c><00:17:25.959><c> this</c><00:17:26.079><c> is</c>

00:17:26.350 --> 00:17:26.360 align:start position:0%
the uh United States Banks alone this is
 

00:17:26.360 --> 00:17:27.429 align:start position:0%
the uh United States Banks alone this is
roughly

00:17:27.429 --> 00:17:27.439 align:start position:0%
roughly
 

00:17:27.439 --> 00:17:29.470 align:start position:0%
roughly
26.4<00:17:28.439><c> billion</c>

00:17:29.470 --> 00:17:29.480 align:start position:0%
26.4 billion
 

00:17:29.480 --> 00:17:33.350 align:start position:0%
26.4 billion
annually<00:17:30.480><c> that's</c><00:17:31.760><c> double</c><00:17:32.760><c> the</c><00:17:32.919><c> amount</c><00:17:33.160><c> that's</c>

00:17:33.350 --> 00:17:33.360 align:start position:0%
annually that's double the amount that's
 

00:17:33.360 --> 00:17:35.190 align:start position:0%
annually that's double the amount that's
going<00:17:33.559><c> towards</c><00:17:33.919><c> terrorism</c><00:17:34.400><c> financing</c><00:17:34.919><c> in</c><00:17:35.039><c> the</c>

00:17:35.190 --> 00:17:35.200 align:start position:0%
going towards terrorism financing in the
 

00:17:35.200 --> 00:17:38.150 align:start position:0%
going towards terrorism financing in the
us

00:17:38.150 --> 00:17:38.160 align:start position:0%
 
 

00:17:38.160 --> 00:17:40.549 align:start position:0%
 
alone<00:17:39.160><c> uh</c><00:17:39.280><c> in</c><00:17:39.360><c> fact</c><00:17:39.520><c> Ronald</c><00:17:39.799><c> Li</c><00:17:40.039><c> Paul</c><00:17:40.280><c> believes</c>

00:17:40.549 --> 00:17:40.559 align:start position:0%
alone uh in fact Ronald Li Paul believes
 

00:17:40.559 --> 00:17:42.390 align:start position:0%
alone uh in fact Ronald Li Paul believes
that<00:17:40.799><c> compliance</c><00:17:41.280><c> costs</c><00:17:41.640><c> exceed</c><00:17:41.960><c> recovered</c>

00:17:42.390 --> 00:17:42.400 align:start position:0%
that compliance costs exceed recovered
 

00:17:42.400 --> 00:17:44.350 align:start position:0%
that compliance costs exceed recovered
criminal<00:17:42.720><c> funds</c><00:17:43.080><c> more</c><00:17:43.240><c> than</c><00:17:43.440><c> a</c><00:17:43.640><c> 100</c><00:17:44.039><c> times</c>

00:17:44.350 --> 00:17:44.360 align:start position:0%
criminal funds more than a 100 times
 

00:17:44.360 --> 00:17:47.350 align:start position:0%
criminal funds more than a 100 times
over<00:17:45.360><c> uh</c><00:17:45.480><c> and</c><00:17:45.600><c> the</c><00:17:45.720><c> banks</c><00:17:46.000><c> and</c><00:17:46.160><c> the</c><00:17:46.360><c> taxpayers</c>

00:17:47.350 --> 00:17:47.360 align:start position:0%
over uh and the banks and the taxpayers
 

00:17:47.360 --> 00:17:49.549 align:start position:0%
over uh and the banks and the taxpayers
and<00:17:47.559><c> ordinary</c><00:17:48.039><c> citizens</c><00:17:48.480><c> are</c><00:17:48.679><c> penalized</c><00:17:49.280><c> more</c>

00:17:49.549 --> 00:17:49.559 align:start position:0%
and ordinary citizens are penalized more
 

00:17:49.559 --> 00:17:52.390 align:start position:0%
and ordinary citizens are penalized more
than<00:17:49.760><c> criminal</c><00:17:50.480><c> Enterprises</c><00:17:51.480><c> that's</c><00:17:51.720><c> you</c><00:17:52.240><c> and</c>

00:17:52.390 --> 00:17:52.400 align:start position:0%
than criminal Enterprises that's you and
 

00:17:52.400 --> 00:17:54.909 align:start position:0%
than criminal Enterprises that's you and
that's

00:17:54.909 --> 00:17:54.919 align:start position:0%
 
 

00:17:54.919 --> 00:17:57.070 align:start position:0%
 
me<00:17:55.919><c> in</c><00:17:56.080><c> fact</c><00:17:56.240><c> this</c><00:17:56.360><c> has</c><00:17:56.480><c> been</c><00:17:56.640><c> known</c><00:17:56.840><c> at</c><00:17:57.000><c> the</c>

00:17:57.070 --> 00:17:57.080 align:start position:0%
me in fact this has been known at the
 

00:17:57.080 --> 00:18:00.789 align:start position:0%
me in fact this has been known at the
OCD<00:17:57.960><c> uh</c><00:17:58.080><c> and</c><00:17:58.240><c> B20</c><00:17:59.000><c> uh</c><00:17:59.120><c> for</c><00:17:59.400><c> several</c><00:17:59.799><c> years</c><00:18:00.600><c> in</c>

00:18:00.789 --> 00:18:00.799 align:start position:0%
OCD uh and B20 uh for several years in
 

00:18:00.799 --> 00:18:03.310 align:start position:0%
OCD uh and B20 uh for several years in
fact<00:18:01.760><c> the</c><00:18:02.000><c> all</c><00:18:02.120><c> of</c><00:18:02.320><c> those</c><00:18:02.520><c> costs</c><00:18:02.840><c> get</c><00:18:03.039><c> passed</c>

00:18:03.310 --> 00:18:03.320 align:start position:0%
fact the all of those costs get passed
 

00:18:03.320 --> 00:18:05.789 align:start position:0%
fact the all of those costs get passed
on<00:18:03.440><c> to</c><00:18:03.679><c> us</c><00:18:04.280><c> and</c><00:18:04.440><c> in</c><00:18:04.919><c> in</c><00:18:05.080><c> particular</c><00:18:05.600><c> when</c><00:18:05.720><c> it</c>

00:18:05.789 --> 00:18:05.799 align:start position:0%
on to us and in in particular when it
 

00:18:05.799 --> 00:18:08.310 align:start position:0%
on to us and in in particular when it
comes<00:18:05.960><c> to</c><00:18:06.120><c> traditional</c><00:18:06.559><c> trade</c><00:18:06.919><c> Finance</c><00:18:07.880><c> uh</c><00:18:08.039><c> 50</c>

00:18:08.310 --> 00:18:08.320 align:start position:0%
comes to traditional trade Finance uh 50
 

00:18:08.320 --> 00:18:12.990 align:start position:0%
comes to traditional trade Finance uh 50
to<00:18:08.480><c> 60%</c><00:18:09.240><c> of</c><00:18:09.440><c> the</c><00:18:09.960><c> uh</c><00:18:10.799><c> um</c><00:18:11.720><c> sorry</c><00:18:12.080><c> of</c><00:18:12.280><c> the</c><00:18:12.520><c> the</c>

00:18:12.990 --> 00:18:13.000 align:start position:0%
to 60% of the uh um sorry of the the
 

00:18:13.000 --> 00:18:15.029 align:start position:0%
to 60% of the uh um sorry of the the
these<00:18:13.280><c> costs</c><00:18:14.159><c> uh</c><00:18:14.240><c> or</c><00:18:14.360><c> more</c><00:18:14.480><c> than</c><00:18:14.640><c> half</c><00:18:14.880><c> the</c>

00:18:15.029 --> 00:18:15.039 align:start position:0%
these costs uh or more than half the
 

00:18:15.039 --> 00:18:18.190 align:start position:0%
these costs uh or more than half the
price<00:18:15.280><c> of</c><00:18:15.400><c> your</c><00:18:15.600><c> trade</c><00:18:16.120><c> is</c><00:18:16.360><c> charged</c><00:18:16.720><c> to</c>

00:18:18.190 --> 00:18:18.200 align:start position:0%
price of your trade is charged to
 

00:18:18.200 --> 00:18:20.270 align:start position:0%
price of your trade is charged to
clients<00:18:19.200><c> and</c><00:18:19.280><c> a</c><00:18:19.400><c> large</c><00:18:19.640><c> portion</c><00:18:19.880><c> of</c><00:18:20.000><c> that</c><00:18:20.120><c> is</c>

00:18:20.270 --> 00:18:20.280 align:start position:0%
clients and a large portion of that is
 

00:18:20.280 --> 00:18:24.310 align:start position:0%
clients and a large portion of that is
associated<00:18:20.679><c> with</c>

00:18:24.310 --> 00:18:24.320 align:start position:0%
 
 

00:18:24.320 --> 00:18:26.669 align:start position:0%
 
compliance<00:18:25.320><c> now</c><00:18:25.520><c> so</c><00:18:25.799><c> why</c><00:18:26.120><c> why</c><00:18:26.240><c> am</c><00:18:26.320><c> I</c><00:18:26.440><c> talking</c>

00:18:26.669 --> 00:18:26.679 align:start position:0%
compliance now so why why am I talking
 

00:18:26.679 --> 00:18:30.029 align:start position:0%
compliance now so why why am I talking
about<00:18:26.919><c> this</c><00:18:27.360><c> well</c>

00:18:30.029 --> 00:18:30.039 align:start position:0%
about this well
 

00:18:30.039 --> 00:18:31.310 align:start position:0%
about this well
there's<00:18:30.240><c> another</c><00:18:30.520><c> inverse</c><00:18:30.880><c> way</c><00:18:31.000><c> to</c><00:18:31.120><c> think</c>

00:18:31.310 --> 00:18:31.320 align:start position:0%
there's another inverse way to think
 

00:18:31.320 --> 00:18:33.230 align:start position:0%
there's another inverse way to think
about<00:18:31.640><c> this</c><00:18:32.000><c> and</c><00:18:32.120><c> there's</c><00:18:32.280><c> a</c><00:18:32.559><c> great</c><00:18:32.960><c> uh</c><00:18:33.120><c> thing</c>

00:18:33.230 --> 00:18:33.240 align:start position:0%
about this and there's a great uh thing
 

00:18:33.240 --> 00:18:34.630 align:start position:0%
about this and there's a great uh thing
that<00:18:33.360><c> we</c><00:18:33.760><c> understand</c><00:18:33.919><c> in</c><00:18:34.080><c> institutional</c>

00:18:34.630 --> 00:18:34.640 align:start position:0%
that we understand in institutional
 

00:18:34.640 --> 00:18:36.870 align:start position:0%
that we understand in institutional
economics<00:18:35.600><c> that</c><00:18:35.799><c> if</c><00:18:35.919><c> we</c><00:18:36.039><c> can</c><00:18:36.280><c> reduce</c>

00:18:36.870 --> 00:18:36.880 align:start position:0%
economics that if we can reduce
 

00:18:36.880 --> 00:18:39.310 align:start position:0%
economics that if we can reduce
transaction<00:18:37.559><c> costs</c><00:18:37.960><c> in</c><00:18:38.120><c> the</c><00:18:38.320><c> abstract</c><00:18:39.159><c> uh</c>

00:18:39.310 --> 00:18:39.320 align:start position:0%
transaction costs in the abstract uh
 

00:18:39.320 --> 00:18:41.230 align:start position:0%
transaction costs in the abstract uh
sense<00:18:39.640><c> by</c>

00:18:41.230 --> 00:18:41.240 align:start position:0%
sense by
 

00:18:41.240 --> 00:18:43.630 align:start position:0%
sense by
0.1%<00:18:42.240><c> this</c><00:18:42.400><c> enables</c><00:18:42.760><c> a</c><00:18:42.960><c> country</c><00:18:43.280><c> to</c><00:18:43.400><c> be</c><00:18:43.520><c> able</c>

00:18:43.630 --> 00:18:43.640 align:start position:0%
0.1% this enables a country to be able
 

00:18:43.640 --> 00:18:45.870 align:start position:0%
0.1% this enables a country to be able
to<00:18:43.799><c> quadruple</c><00:18:44.320><c> that</c><00:18:44.559><c> wealth</c><00:18:45.440><c> that's</c><00:18:45.640><c> the</c>

00:18:45.870 --> 00:18:45.880 align:start position:0%
to quadruple that wealth that's the
 

00:18:45.880 --> 00:18:48.310 align:start position:0%
to quadruple that wealth that's the
difference<00:18:46.360><c> between</c><00:18:46.760><c> Argentina</c><00:18:47.760><c> and</c>

00:18:48.310 --> 00:18:48.320 align:start position:0%
difference between Argentina and
 

00:18:48.320 --> 00:18:50.510 align:start position:0%
difference between Argentina and
Switzerland<00:18:49.320><c> right</c><00:18:49.720><c> so</c><00:18:49.880><c> we</c><00:18:50.000><c> can</c><00:18:50.200><c> actually</c>

00:18:50.510 --> 00:18:50.520 align:start position:0%
Switzerland right so we can actually
 

00:18:50.520 --> 00:18:52.270 align:start position:0%
Switzerland right so we can actually
create<00:18:50.799><c> better</c><00:18:51.120><c> and</c><00:18:51.240><c> more</c><00:18:51.480><c> efficient</c>

00:18:52.270 --> 00:18:52.280 align:start position:0%
create better and more efficient
 

00:18:52.280 --> 00:18:55.070 align:start position:0%
create better and more efficient
institutions<00:18:53.280><c> that</c><00:18:53.440><c> lower</c><00:18:53.919><c> transactions</c><00:18:54.919><c> and</c>

00:18:55.070 --> 00:18:55.080 align:start position:0%
institutions that lower transactions and
 

00:18:55.080 --> 00:18:56.669 align:start position:0%
institutions that lower transactions and
and<00:18:55.440><c> I</c><00:18:55.520><c> mean</c><00:18:55.720><c> like</c><00:18:55.880><c> you</c><00:18:55.960><c> know</c><00:18:56.080><c> when</c><00:18:56.200><c> you</c><00:18:56.520><c> like</c>

00:18:56.669 --> 00:18:56.679 align:start position:0%
and I mean like you know when you like
 

00:18:56.679 --> 00:18:58.350 align:start position:0%
and I mean like you know when you like
line<00:18:56.880><c> up</c><00:18:57.039><c> in</c><00:18:57.159><c> the</c><00:18:57.280><c> DMV</c><00:18:57.799><c> or</c><00:18:57.919><c> if</c><00:18:58.000><c> you're</c><00:18:58.120><c> filling</c>

00:18:58.350 --> 00:18:58.360 align:start position:0%
line up in the DMV or if you're filling
 

00:18:58.360 --> 00:19:00.029 align:start position:0%
line up in the DMV or if you're filling
out<00:18:58.440><c> a</c><00:18:59.120><c> that's</c><00:18:59.320><c> like</c><00:18:59.480><c> associated</c><00:18:59.880><c> with</c>

00:19:00.029 --> 00:19:00.039 align:start position:0%
out a that's like associated with
 

00:19:00.039 --> 00:19:01.190 align:start position:0%
out a that's like associated with
transaction<00:19:00.480><c> costs</c><00:19:00.720><c> in</c><00:19:00.840><c> this</c><00:19:01.000><c> in</c><00:19:01.080><c> an</c>

00:19:01.190 --> 00:19:01.200 align:start position:0%
transaction costs in this in an
 

00:19:01.200 --> 00:19:03.270 align:start position:0%
transaction costs in this in an
Institutional<00:19:01.799><c> sense</c><00:19:02.280><c> right</c><00:19:02.840><c> if</c><00:19:02.960><c> you</c><00:19:03.080><c> can</c>

00:19:03.270 --> 00:19:03.280 align:start position:0%
Institutional sense right if you can
 

00:19:03.280 --> 00:19:05.350 align:start position:0%
Institutional sense right if you can
reduce<00:19:03.799><c> that</c><00:19:04.320><c> by</c><00:19:04.480><c> using</c><00:19:04.760><c> like</c><00:19:04.919><c> say</c><00:19:05.080><c> smart</c>

00:19:05.350 --> 00:19:05.360 align:start position:0%
reduce that by using like say smart
 

00:19:05.360 --> 00:19:08.549 align:start position:0%
reduce that by using like say smart
contracts<00:19:05.720><c> or</c><00:19:05.840><c> smart</c><00:19:06.120><c> paper</c><00:19:06.400><c> or</c><00:19:06.679><c> whatever</c><00:19:07.679><c> um</c>

00:19:08.549 --> 00:19:08.559 align:start position:0%
contracts or smart paper or whatever um
 

00:19:08.559 --> 00:19:10.470 align:start position:0%
contracts or smart paper or whatever um
we<00:19:08.679><c> can</c><00:19:08.840><c> enable</c><00:19:09.200><c> more</c><00:19:09.440><c> wealth</c><00:19:10.080><c> and</c><00:19:10.240><c> which</c><00:19:10.360><c> will</c>

00:19:10.470 --> 00:19:10.480 align:start position:0%
we can enable more wealth and which will
 

00:19:10.480 --> 00:19:12.510 align:start position:0%
we can enable more wealth and which will
probably<00:19:10.720><c> lift</c><00:19:10.919><c> a</c><00:19:11.000><c> lot</c><00:19:11.120><c> more</c><00:19:11.280><c> people</c><00:19:11.520><c> out</c><00:19:12.039><c> of</c>

00:19:12.510 --> 00:19:12.520 align:start position:0%
probably lift a lot more people out of
 

00:19:12.520 --> 00:19:15.149 align:start position:0%
probably lift a lot more people out of
uh<00:19:13.039><c> it</c><00:19:13.200><c> just</c><00:19:13.320><c> make</c><00:19:13.640><c> a</c><00:19:13.760><c> higher</c><00:19:14.000><c> quality</c><00:19:14.280><c> of</c>

00:19:15.149 --> 00:19:15.159 align:start position:0%
uh it just make a higher quality of
 

00:19:15.159 --> 00:19:17.950 align:start position:0%
uh it just make a higher quality of
life<00:19:16.159><c> in</c><00:19:16.280><c> fact</c><00:19:16.480><c> Michael</c><00:19:16.760><c> Levy</c><00:19:17.320><c> basically</c><00:19:17.720><c> says</c>

00:19:17.950 --> 00:19:17.960 align:start position:0%
life in fact Michael Levy basically says
 

00:19:17.960 --> 00:19:19.350 align:start position:0%
life in fact Michael Levy basically says
that<00:19:18.120><c> no</c><00:19:18.200><c> one</c><00:19:18.360><c> could</c><00:19:18.600><c> rationally</c><00:19:19.039><c> think</c><00:19:19.200><c> that</c>

00:19:19.350 --> 00:19:19.360 align:start position:0%
that no one could rationally think that
 

00:19:19.360 --> 00:19:21.750 align:start position:0%
that no one could rationally think that
AML<00:19:19.760><c> controls</c><00:19:20.600><c> in</c><00:19:20.760><c> general</c><00:19:21.120><c> or</c><00:19:21.320><c> financial</c>

00:19:21.750 --> 00:19:21.760 align:start position:0%
AML controls in general or financial
 

00:19:21.760 --> 00:19:23.990 align:start position:0%
AML controls in general or financial
investigation<00:19:22.320><c> in</c><00:19:22.440><c> particular</c><00:19:23.080><c> will</c><00:19:23.400><c> solve</c>

00:19:23.990 --> 00:19:24.000 align:start position:0%
investigation in particular will solve
 

00:19:24.000 --> 00:19:26.230 align:start position:0%
investigation in particular will solve
organized<00:19:24.559><c> crime</c><00:19:24.880><c> completely</c><00:19:25.559><c> or</c><00:19:25.760><c> eliminate</c>

00:19:26.230 --> 00:19:26.240 align:start position:0%
organized crime completely or eliminate
 

00:19:26.240 --> 00:19:28.830 align:start position:0%
organized crime completely or eliminate
high<00:19:26.400><c> level</c><00:19:26.679><c> offending</c><00:19:27.600><c> right</c><00:19:27.960><c> for</c><00:19:28.200><c> that</c><00:19:28.480><c> even</c>

00:19:28.830 --> 00:19:28.840 align:start position:0%
high level offending right for that even
 

00:19:28.840 --> 00:19:31.310 align:start position:0%
high level offending right for that even
to<00:19:28.960><c> be</c><00:19:29.080><c> a</c><00:19:29.360><c> chance</c><00:19:30.080><c> to</c><00:19:30.280><c> achieve</c><00:19:30.679><c> that</c><00:19:31.200><c> there</c>

00:19:31.310 --> 00:19:31.320 align:start position:0%
to be a chance to achieve that there
 

00:19:31.320 --> 00:19:32.750 align:start position:0%
to be a chance to achieve that there
would<00:19:31.480><c> need</c><00:19:31.600><c> to</c><00:19:31.720><c> be</c><00:19:31.840><c> a</c><00:19:32.000><c> step</c><00:19:32.200><c> in</c><00:19:32.320><c> change</c><00:19:32.559><c> in</c>

00:19:32.750 --> 00:19:32.760 align:start position:0%
would need to be a step in change in
 

00:19:32.760 --> 00:19:34.310 align:start position:0%
would need to be a step in change in
transparency<00:19:33.400><c> and</c><00:19:33.640><c> effective</c><00:19:34.039><c> action</c>

00:19:34.310 --> 00:19:34.320 align:start position:0%
transparency and effective action
 

00:19:34.320 --> 00:19:36.470 align:start position:0%
transparency and effective action
against<00:19:34.600><c> high</c><00:19:34.760><c> level</c><00:19:35.000><c> corruption</c><00:19:35.840><c> Al</c><00:19:36.120><c> along</c>

00:19:36.470 --> 00:19:36.480 align:start position:0%
against high level corruption Al along
 

00:19:36.480 --> 00:19:40.270 align:start position:0%
against high level corruption Al along
all<00:19:36.919><c> possible</c><00:19:37.799><c> Supply</c><00:19:38.240><c> chains</c><00:19:39.240><c> right</c><00:19:39.720><c> it's</c><00:19:39.880><c> a</c>

00:19:40.270 --> 00:19:40.280 align:start position:0%
all possible Supply chains right it's a
 

00:19:40.280 --> 00:19:43.830 align:start position:0%
all possible Supply chains right it's a
huge<00:19:41.280><c> problem</c><00:19:42.280><c> why</c><00:19:42.440><c> is</c><00:19:42.520><c> that</c><00:19:42.640><c> a</c><00:19:42.799><c> huge</c><00:19:43.039><c> problem</c>

00:19:43.830 --> 00:19:43.840 align:start position:0%
huge problem why is that a huge problem
 

00:19:43.840 --> 00:19:47.149 align:start position:0%
huge problem why is that a huge problem
well<00:19:44.120><c> before</c><00:19:44.320><c> I</c><00:19:44.440><c> get</c><00:19:44.600><c> into</c><00:19:45.480><c> that</c><00:19:46.480><c> Amnesty</c>

00:19:47.149 --> 00:19:47.159 align:start position:0%
well before I get into that Amnesty
 

00:19:47.159 --> 00:19:49.789 align:start position:0%
well before I get into that Amnesty
International<00:19:48.159><c> uh</c><00:19:48.600><c> created</c><00:19:48.960><c> a</c><00:19:49.120><c> report</c><00:19:49.559><c> called</c>

00:19:49.789 --> 00:19:49.799 align:start position:0%
International uh created a report called
 

00:19:49.799 --> 00:19:51.390 align:start position:0%
International uh created a report called
weaponizing<00:19:50.320><c> counterterrorism</c><00:19:51.039><c> I</c><00:19:51.200><c> highly</c>

00:19:51.390 --> 00:19:51.400 align:start position:0%
weaponizing counterterrorism I highly
 

00:19:51.400 --> 00:19:53.830 align:start position:0%
weaponizing counterterrorism I highly
recommend<00:19:51.760><c> you</c><00:19:51.919><c> read</c><00:19:52.080><c> it</c><00:19:52.960><c> um</c><00:19:53.520><c> but</c><00:19:53.679><c> they</c>

00:19:53.830 --> 00:19:53.840 align:start position:0%
recommend you read it um but they
 

00:19:53.840 --> 00:19:55.669 align:start position:0%
recommend you read it um but they
basically<00:19:54.200><c> showed</c><00:19:54.679><c> how</c><00:19:54.840><c> the</c><00:19:54.960><c> Indian</c><00:19:55.559><c> uh</c>

00:19:55.669 --> 00:19:55.679 align:start position:0%
basically showed how the Indian uh
 

00:19:55.679 --> 00:19:57.830 align:start position:0%
basically showed how the Indian uh
government<00:19:56.159><c> has</c><00:19:56.320><c> been</c><00:19:56.600><c> exploiting</c><00:19:57.600><c> uh</c><00:19:57.679><c> the</c>

00:19:57.830 --> 00:19:57.840 align:start position:0%
government has been exploiting uh the
 

00:19:57.840 --> 00:19:59.230 align:start position:0%
government has been exploiting uh the
2010

00:19:59.230 --> 00:19:59.240 align:start position:0%
2010
 

00:19:59.240 --> 00:20:03.470 align:start position:0%
2010
uh<00:19:59.360><c> and</c><00:19:59.520><c> 2013</c><00:20:00.360><c> ftfs</c><00:20:01.520><c> assessments</c><00:20:02.520><c> um</c><00:20:03.200><c> to</c>

00:20:03.470 --> 00:20:03.480 align:start position:0%
uh and 2013 ftfs assessments um to
 

00:20:03.480 --> 00:20:05.909 align:start position:0%
uh and 2013 ftfs assessments um to
Target<00:20:04.280><c> you</c><00:20:04.440><c> know</c><00:20:04.679><c> human</c><00:20:05.000><c> rights</c><00:20:05.320><c> activists</c>

00:20:05.909 --> 00:20:05.919 align:start position:0%
Target you know human rights activists
 

00:20:05.919 --> 00:20:09.750 align:start position:0%
Target you know human rights activists
journalists<00:20:06.760><c> students</c><00:20:07.760><c> um</c><00:20:08.600><c> uh</c><00:20:08.799><c> academics</c><00:20:09.600><c> and</c>

00:20:09.750 --> 00:20:09.760 align:start position:0%
journalists students um uh academics and
 

00:20:09.760 --> 00:20:11.830 align:start position:0%
journalists students um uh academics and
so<00:20:09.960><c> on</c><00:20:10.440><c> right</c><00:20:10.960><c> and</c><00:20:11.080><c> so</c><00:20:11.240><c> this</c><00:20:11.320><c> is</c><00:20:11.480><c> one</c><00:20:11.559><c> of</c><00:20:11.679><c> the</c>

00:20:11.830 --> 00:20:11.840 align:start position:0%
so on right and so this is one of the
 

00:20:11.840 --> 00:20:13.430 align:start position:0%
so on right and so this is one of the
issues<00:20:12.520><c> with</c><00:20:12.799><c> these</c><00:20:12.960><c> kinds</c><00:20:13.159><c> of</c>

00:20:13.430 --> 00:20:13.440 align:start position:0%
issues with these kinds of
 

00:20:13.440 --> 00:20:16.470 align:start position:0%
issues with these kinds of
recommendations<00:20:14.440><c> what</c><00:20:14.760><c> happens</c><00:20:15.520><c> is</c><00:20:15.799><c> that</c><00:20:16.360><c> if</c>

00:20:16.470 --> 00:20:16.480 align:start position:0%
recommendations what happens is that if
 

00:20:16.480 --> 00:20:18.870 align:start position:0%
recommendations what happens is that if
you<00:20:16.600><c> don't</c><00:20:16.840><c> Implement</c><00:20:17.280><c> them</c><00:20:17.440><c> on</c><00:20:17.679><c> time</c><00:20:18.640><c> uh</c><00:20:18.720><c> you</c>

00:20:18.870 --> 00:20:18.880 align:start position:0%
you don't Implement them on time uh you
 

00:20:18.880 --> 00:20:21.549 align:start position:0%
you don't Implement them on time uh you
can<00:20:19.039><c> be</c><00:20:19.440><c> excluded</c><00:20:20.039><c> from</c><00:20:20.240><c> the</c><00:20:20.360><c> economic</c><00:20:20.840><c> system</c>

00:20:21.549 --> 00:20:21.559 align:start position:0%
can be excluded from the economic system
 

00:20:21.559 --> 00:20:22.950 align:start position:0%
can be excluded from the economic system
right<00:20:21.720><c> you</c><00:20:21.799><c> can</c><00:20:21.919><c> be</c><00:20:22.080><c> excluded</c><00:20:22.480><c> from</c><00:20:22.679><c> member</c>

00:20:22.950 --> 00:20:22.960 align:start position:0%
right you can be excluded from member
 

00:20:22.960 --> 00:20:26.230 align:start position:0%
right you can be excluded from member
states<00:20:23.880><c> and</c><00:20:24.039><c> so</c><00:20:24.280><c> this</c><00:20:24.480><c> leads</c><00:20:24.960><c> to</c><00:20:25.200><c> rushing</c><00:20:25.960><c> bad</c>

00:20:26.230 --> 00:20:26.240 align:start position:0%
states and so this leads to rushing bad
 

00:20:26.240 --> 00:20:28.789 align:start position:0%
states and so this leads to rushing bad
law<00:20:26.720><c> through</c><00:20:27.159><c> their</c><00:20:27.440><c> parliaments</c><00:20:28.440><c> and</c><00:20:28.679><c> when</c>

00:20:28.789 --> 00:20:28.799 align:start position:0%
law through their parliaments and when
 

00:20:28.799 --> 00:20:30.950 align:start position:0%
law through their parliaments and when
they're<00:20:29.000><c> in</c><00:20:29.240><c> are</c><00:20:29.400><c> in</c><00:20:29.600><c> place</c><00:20:30.200><c> politicians</c><00:20:30.760><c> can</c>

00:20:30.950 --> 00:20:30.960 align:start position:0%
they're in are in place politicians can
 

00:20:30.960 --> 00:20:33.149 align:start position:0%
they're in are in place politicians can
then<00:20:31.120><c> use</c><00:20:31.360><c> them</c><00:20:31.520><c> for</c><00:20:31.679><c> political</c><00:20:32.080><c> gain</c><00:20:33.000><c> um</c>

00:20:33.149 --> 00:20:33.159 align:start position:0%
then use them for political gain um
 

00:20:33.159 --> 00:20:34.950 align:start position:0%
then use them for political gain um
they've<00:20:33.360><c> been</c><00:20:33.480><c> used</c><00:20:33.720><c> to</c><00:20:34.400><c> uh</c><00:20:34.520><c> suppress</c>

00:20:34.950 --> 00:20:34.960 align:start position:0%
they've been used to uh suppress
 

00:20:34.960 --> 00:20:35.870 align:start position:0%
they've been used to uh suppress
political

00:20:35.870 --> 00:20:35.880 align:start position:0%
political
 

00:20:35.880 --> 00:20:38.230 align:start position:0%
political
opponents<00:20:36.880><c> um</c><00:20:37.360><c> it's</c><00:20:37.520><c> not</c><00:20:37.679><c> just</c><00:20:37.840><c> Amnesty</c>

00:20:38.230 --> 00:20:38.240 align:start position:0%
opponents um it's not just Amnesty
 

00:20:38.240 --> 00:20:40.110 align:start position:0%
opponents um it's not just Amnesty
International<00:20:38.720><c> talking</c><00:20:39.039><c> about</c><00:20:39.360><c> that</c><00:20:39.880><c> it's</c>

00:20:40.110 --> 00:20:40.120 align:start position:0%
International talking about that it's
 

00:20:40.120 --> 00:20:42.390 align:start position:0%
International talking about that it's
also<00:20:40.600><c> the</c><00:20:40.720><c> Royal</c><00:20:41.000><c> United</c><00:20:41.360><c> Services</c><00:20:41.840><c> Institute</c>

00:20:42.390 --> 00:20:42.400 align:start position:0%
also the Royal United Services Institute
 

00:20:42.400 --> 00:20:44.549 align:start position:0%
also the Royal United Services Institute
in<00:20:42.559><c> the</c><00:20:42.679><c> in</c><00:20:42.799><c> the</c><00:20:42.960><c> UK</c><00:20:43.640><c> this</c><00:20:43.720><c> is</c><00:20:43.840><c> a</c><00:20:44.000><c> 100-year-old</c>

00:20:44.549 --> 00:20:44.559 align:start position:0%
in the in the UK this is a 100-year-old
 

00:20:44.559 --> 00:20:46.549 align:start position:0%
in the in the UK this is a 100-year-old
Think<00:20:44.799><c> Tank</c><00:20:45.120><c> very</c><00:20:45.360><c> well</c><00:20:45.600><c> uh</c><00:20:45.720><c> prestigious</c><00:20:46.200><c> and</c>

00:20:46.549 --> 00:20:46.559 align:start position:0%
Think Tank very well uh prestigious and
 

00:20:46.559 --> 00:20:49.990 align:start position:0%
Think Tank very well uh prestigious and
well<00:20:46.919><c> respected</c><00:20:47.919><c> uh</c><00:20:48.240><c> they</c><00:20:48.480><c> focus</c><00:20:49.159><c> on</c><00:20:49.840><c> uh</c>

00:20:49.990 --> 00:20:50.000 align:start position:0%
well respected uh they focus on uh
 

00:20:50.000 --> 00:20:51.789 align:start position:0%
well respected uh they focus on uh
authoritarian<00:20:50.679><c> regimes</c><00:20:51.200><c> but</c><00:20:51.360><c> as</c><00:20:51.480><c> we</c><00:20:51.640><c> just</c>

00:20:51.789 --> 00:20:51.799 align:start position:0%
authoritarian regimes but as we just
 

00:20:51.799 --> 00:20:53.950 align:start position:0%
authoritarian regimes but as we just
seen<00:20:52.520><c> it</c><00:20:52.679><c> doesn't</c><00:20:52.919><c> apply</c><00:20:53.240><c> just</c><00:20:53.400><c> Toth</c>

00:20:53.950 --> 00:20:53.960 align:start position:0%
seen it doesn't apply just Toth
 

00:20:53.960 --> 00:20:56.669 align:start position:0%
seen it doesn't apply just Toth
authoritarian

00:20:56.669 --> 00:20:56.679 align:start position:0%
 
 

00:20:56.679 --> 00:20:59.750 align:start position:0%
 
regimes<00:20:57.679><c> so</c><00:20:58.440><c> who</c><00:20:58.600><c> who</c><00:20:58.720><c> is</c><00:20:58.840><c> perpetrating</c><00:20:59.400><c> it</c>

00:20:59.750 --> 00:20:59.760 align:start position:0%
regimes so who who is perpetrating it
 

00:20:59.760 --> 00:21:02.750 align:start position:0%
regimes so who who is perpetrating it
like<00:20:59.960><c> are</c><00:21:00.120><c> we</c><00:21:00.360><c> really</c><00:21:00.600><c> ones</c><00:21:00.840><c> to</c><00:21:01.039><c> blame</c><00:21:02.000><c> uh</c><00:21:02.360><c> Alex</c>

00:21:02.750 --> 00:21:02.760 align:start position:0%
like are we really ones to blame uh Alex
 

00:21:02.760 --> 00:21:04.350 align:start position:0%
like are we really ones to blame uh Alex
copham<00:21:03.159><c> doesn't</c><00:21:03.360><c> believe</c><00:21:03.640><c> so</c><00:21:03.960><c> in</c><00:21:04.080><c> fact</c><00:21:04.240><c> he</c>

00:21:04.350 --> 00:21:04.360 align:start position:0%
copham doesn't believe so in fact he
 

00:21:04.360 --> 00:21:07.310 align:start position:0%
copham doesn't believe so in fact he
says<00:21:04.520><c> that</c><00:21:04.720><c> ifs</c><00:21:05.200><c> are</c><00:21:05.360><c> likely</c><00:21:05.600><c> to</c><00:21:05.960><c> be</c><00:21:06.960><c> by</c><00:21:07.120><c> and</c>

00:21:07.310 --> 00:21:07.320 align:start position:0%
says that ifs are likely to be by and
 

00:21:07.320 --> 00:21:09.710 align:start position:0%
says that ifs are likely to be by and
large<00:21:07.720><c> an</c><00:21:07.880><c> elite</c><00:21:08.200><c> phenomenon</c><00:21:08.840><c> right</c><00:21:08.960><c> so</c><00:21:09.240><c> the</c>

00:21:09.710 --> 00:21:09.720 align:start position:0%
large an elite phenomenon right so the
 

00:21:09.720 --> 00:21:13.149 align:start position:0%
large an elite phenomenon right so the
the<00:21:09.840><c> financial</c><00:21:10.279><c> and</c><00:21:10.440><c> political</c><00:21:11.200><c> Elite</c><00:21:12.200><c> um</c><00:21:13.039><c> and</c>

00:21:13.149 --> 00:21:13.159 align:start position:0%
the financial and political Elite um and
 

00:21:13.159 --> 00:21:14.390 align:start position:0%
the financial and political Elite um and
the<00:21:13.279><c> reason</c><00:21:13.559><c> for</c><00:21:13.720><c> this</c><00:21:13.880><c> is</c><00:21:14.039><c> because</c><00:21:14.240><c> that's</c>

00:21:14.390 --> 00:21:14.400 align:start position:0%
the reason for this is because that's
 

00:21:14.400 --> 00:21:16.230 align:start position:0%
the reason for this is because that's
where<00:21:14.559><c> the</c><00:21:14.679><c> systems</c><00:21:15.000><c> of</c><00:21:15.320><c> abuse</c><00:21:15.640><c> are</c><00:21:15.840><c> likely</c><00:21:16.120><c> to</c>

00:21:16.230 --> 00:21:16.240 align:start position:0%
where the systems of abuse are likely to
 

00:21:16.240 --> 00:21:18.110 align:start position:0%
where the systems of abuse are likely to
be<00:21:16.559><c> strongest</c><00:21:16.919><c> and</c><00:21:17.039><c> where</c><00:21:17.200><c> the</c><00:21:17.360><c> capital</c><00:21:17.679><c> is</c>

00:21:18.110 --> 00:21:18.120 align:start position:0%
be strongest and where the capital is
 

00:21:18.120 --> 00:21:20.269 align:start position:0%
be strongest and where the capital is
concentrated<00:21:19.120><c> um</c><00:21:19.600><c> they're</c><00:21:19.799><c> the</c><00:21:19.919><c> ones</c><00:21:20.120><c> who</c>

00:21:20.269 --> 00:21:20.279 align:start position:0%
concentrated um they're the ones who
 

00:21:20.279 --> 00:21:22.390 align:start position:0%
concentrated um they're the ones who
make<00:21:20.480><c> the</c><00:21:20.679><c> rules</c><00:21:21.679><c> uh</c><00:21:21.799><c> and</c><00:21:21.960><c> therefore</c><00:21:22.240><c> they're</c>

00:21:22.390 --> 00:21:22.400 align:start position:0%
make the rules uh and therefore they're
 

00:21:22.400 --> 00:21:25.430 align:start position:0%
make the rules uh and therefore they're
the<00:21:22.480><c> ones</c><00:21:22.679><c> who</c><00:21:22.799><c> can</c><00:21:22.960><c> break</c>

00:21:25.430 --> 00:21:25.440 align:start position:0%
 
 

00:21:25.440 --> 00:21:28.669 align:start position:0%
 
them<00:21:26.440><c> uh</c><00:21:27.200><c> and</c><00:21:27.320><c> to</c><00:21:27.440><c> give</c><00:21:27.559><c> an</c><00:21:27.720><c> example</c><00:21:28.080><c> of</c><00:21:28.279><c> this</c>

00:21:28.669 --> 00:21:28.679 align:start position:0%
them uh and to give an example of this
 

00:21:28.679 --> 00:21:30.350 align:start position:0%
them uh and to give an example of this
you<00:21:28.799><c> know</c><00:21:29.080><c> I</c><00:21:29.240><c> you</c><00:21:29.360><c> might</c><00:21:29.559><c> recall</c><00:21:30.000><c> Jamie</c>

00:21:30.350 --> 00:21:30.360 align:start position:0%
you know I you might recall Jamie
 

00:21:30.360 --> 00:21:32.909 align:start position:0%
you know I you might recall Jamie
Diamond<00:21:31.000><c> uh</c><00:21:31.159><c> CEO</c><00:21:31.559><c> of</c><00:21:31.720><c> JP</c><00:21:32.000><c> Morgan</c><00:21:32.320><c> Trace</c><00:21:32.600><c> is</c><00:21:32.760><c> on</c>

00:21:32.909 --> 00:21:32.919 align:start position:0%
Diamond uh CEO of JP Morgan Trace is on
 

00:21:32.919 --> 00:21:34.950 align:start position:0%
Diamond uh CEO of JP Morgan Trace is on
record<00:21:33.440><c> basically</c><00:21:33.799><c> saying</c><00:21:34.240><c> crypto</c><00:21:34.600><c> is</c><00:21:34.679><c> a</c><00:21:34.799><c> tool</c>

00:21:34.950 --> 00:21:34.960 align:start position:0%
record basically saying crypto is a tool
 

00:21:34.960 --> 00:21:36.310 align:start position:0%
record basically saying crypto is a tool
for<00:21:35.080><c> criminal</c><00:21:35.480><c> drug</c><00:21:35.640><c> traffickers</c><00:21:36.039><c> and</c><00:21:36.120><c> money</c>

00:21:36.310 --> 00:21:36.320 align:start position:0%
for criminal drug traffickers and money
 

00:21:36.320 --> 00:21:38.430 align:start position:0%
for criminal drug traffickers and money
laundering<00:21:37.080><c> and</c><00:21:37.279><c> tax</c><00:21:37.559><c> avoidance</c><00:21:38.080><c> and</c><00:21:38.200><c> if</c><00:21:38.320><c> he</c>

00:21:38.430 --> 00:21:38.440 align:start position:0%
laundering and tax avoidance and if he
 

00:21:38.440 --> 00:21:40.669 align:start position:0%
laundering and tax avoidance and if he
was<00:21:38.600><c> the</c><00:21:38.760><c> government</c><00:21:39.159><c> he</c><00:21:39.320><c> would</c><00:21:39.480><c> shut</c><00:21:39.760><c> us</c>

00:21:40.669 --> 00:21:40.679 align:start position:0%
was the government he would shut us
 

00:21:40.679 --> 00:21:43.350 align:start position:0%
was the government he would shut us
down<00:21:41.679><c> there's</c><00:21:41.880><c> a</c><00:21:42.000><c> certain</c><00:21:42.279><c> irony</c><00:21:42.640><c> in</c><00:21:42.840><c> that</c>

00:21:43.350 --> 00:21:43.360 align:start position:0%
down there's a certain irony in that
 

00:21:43.360 --> 00:21:46.870 align:start position:0%
down there's a certain irony in that
that<00:21:43.960><c> uh</c><00:21:44.760><c> basically</c><00:21:45.720><c> uh</c><00:21:45.840><c> the</c><00:21:45.960><c> following</c><00:21:46.360><c> year</c>

00:21:46.870 --> 00:21:46.880 align:start position:0%
that uh basically uh the following year
 

00:21:46.880 --> 00:21:48.830 align:start position:0%
that uh basically uh the following year
no<00:21:47.039><c> following</c><00:21:47.320><c> weeks</c><00:21:47.640><c> I</c><00:21:47.720><c> think</c><00:21:48.039><c> after</c><00:21:48.360><c> that</c>

00:21:48.830 --> 00:21:48.840 align:start position:0%
no following weeks I think after that
 

00:21:48.840 --> 00:21:52.789 align:start position:0%
no following weeks I think after that
statement<00:21:49.840><c> um</c><00:21:50.320><c> he</c><00:21:50.480><c> was</c><00:21:50.720><c> hit</c><00:21:51.120><c> for</c><00:21:51.799><c> a</c><00:21:52.159><c> oh</c><00:21:52.320><c> not</c><00:21:52.559><c> him</c>

00:21:52.789 --> 00:21:52.799 align:start position:0%
statement um he was hit for a oh not him
 

00:21:52.799 --> 00:21:55.830 align:start position:0%
statement um he was hit for a oh not him
but<00:21:52.919><c> JP</c><00:21:53.200><c> Morgan</c><00:21:53.559><c> Chase</c><00:21:54.559><c> uh</c><00:21:54.799><c> was</c><00:21:55.039><c> hit</c><00:21:55.200><c> for</c><00:21:55.440><c> fines</c>

00:21:55.830 --> 00:21:55.840 align:start position:0%
but JP Morgan Chase uh was hit for fines
 

00:21:55.840 --> 00:21:59.070 align:start position:0%
but JP Morgan Chase uh was hit for fines
totaling<00:21:56.360><c> roughly</c><00:21:56.600><c> $39</c><00:21:57.159><c> billion</c><00:21:58.120><c> for</c><00:21:58.279><c> doing</c>

00:21:59.070 --> 00:21:59.080 align:start position:0%
totaling roughly $39 billion for doing
 

00:21:59.080 --> 00:22:00.669 align:start position:0%
totaling roughly $39 billion for doing
exactly<00:21:59.600><c> those</c>

00:22:00.669 --> 00:22:00.679 align:start position:0%
exactly those
 

00:22:00.679 --> 00:22:02.909 align:start position:0%
exactly those
things<00:22:01.679><c> uh</c><00:22:01.799><c> this</c><00:22:01.880><c> was</c><00:22:02.080><c> part</c><00:22:02.200><c> of</c><00:22:02.320><c> the</c><00:22:02.400><c> finsen</c>

00:22:02.909 --> 00:22:02.919 align:start position:0%
things uh this was part of the finsen
 

00:22:02.919 --> 00:22:04.430 align:start position:0%
things uh this was part of the finsen
files<00:22:03.360><c> which</c><00:22:03.520><c> basically</c><00:22:03.799><c> shows</c><00:22:04.080><c> it</c><00:22:04.159><c> it's</c><00:22:04.279><c> not</c>

00:22:04.430 --> 00:22:04.440 align:start position:0%
files which basically shows it it's not
 

00:22:04.440 --> 00:22:08.029 align:start position:0%
files which basically shows it it's not
just<00:22:05.440><c> uh</c><00:22:05.679><c> exclusively</c><00:22:06.240><c> JP</c><00:22:06.480><c> Morgan</c><00:22:06.799><c> Chase</c><00:22:07.520><c> but</c>

00:22:08.029 --> 00:22:08.039 align:start position:0%
just uh exclusively JP Morgan Chase but
 

00:22:08.039 --> 00:22:11.710 align:start position:0%
just uh exclusively JP Morgan Chase but
many<00:22:08.880><c> major</c>

00:22:11.710 --> 00:22:11.720 align:start position:0%
 
 

00:22:11.720 --> 00:22:13.710 align:start position:0%
 
Banks<00:22:12.720><c> now</c><00:22:12.840><c> when</c><00:22:12.960><c> it</c><00:22:13.039><c> comes</c><00:22:13.200><c> to</c><00:22:13.360><c> financial</c>

00:22:13.710 --> 00:22:13.720 align:start position:0%
Banks now when it comes to financial
 

00:22:13.720 --> 00:22:16.470 align:start position:0%
Banks now when it comes to financial
secrecy<00:22:14.320><c> you</c><00:22:14.480><c> might</c><00:22:14.760><c> think</c><00:22:15.000><c> of</c><00:22:15.320><c> like</c><00:22:16.000><c> uh</c><00:22:16.159><c> tax</c>

00:22:16.470 --> 00:22:16.480 align:start position:0%
secrecy you might think of like uh tax
 

00:22:16.480 --> 00:22:18.590 align:start position:0%
secrecy you might think of like uh tax
Havens<00:22:16.760><c> in</c><00:22:17.320><c> like</c><00:22:17.559><c> nice</c><00:22:17.799><c> Lush</c><00:22:18.200><c> exotic</c>

00:22:18.590 --> 00:22:18.600 align:start position:0%
Havens in like nice Lush exotic
 

00:22:18.600 --> 00:22:19.990 align:start position:0%
Havens in like nice Lush exotic
Caribbean<00:22:19.000><c> islands</c><00:22:19.440><c> you</c><00:22:19.559><c> might</c><00:22:19.720><c> think</c><00:22:19.840><c> of</c>

00:22:19.990 --> 00:22:20.000 align:start position:0%
Caribbean islands you might think of
 

00:22:20.000 --> 00:22:21.830 align:start position:0%
Caribbean islands you might think of
even<00:22:20.200><c> Switzerland</c><00:22:21.120><c> but</c><00:22:21.240><c> I</c><00:22:21.320><c> wanted</c><00:22:21.520><c> to</c><00:22:21.679><c> point</c>

00:22:21.830 --> 00:22:21.840 align:start position:0%
even Switzerland but I wanted to point
 

00:22:21.840 --> 00:22:23.750 align:start position:0%
even Switzerland but I wanted to point
out<00:22:22.000><c> the</c><00:22:22.120><c> financial</c><00:22:22.559><c> secrecy</c><00:22:23.039><c> index</c><00:22:23.640><c> and</c>

00:22:23.750 --> 00:22:23.760 align:start position:0%
out the financial secrecy index and
 

00:22:23.760 --> 00:22:25.190 align:start position:0%
out the financial secrecy index and
particularly<00:22:24.159><c> look</c><00:22:24.279><c> at</c><00:22:24.360><c> the</c><00:22:24.480><c> global</c><00:22:24.799><c> scale</c>

00:22:25.190 --> 00:22:25.200 align:start position:0%
particularly look at the global scale
 

00:22:25.200 --> 00:22:27.870 align:start position:0%
particularly look at the global scale
weight<00:22:25.600><c> here</c><00:22:26.600><c> the</c><00:22:26.679><c> United</c><00:22:27.039><c> States</c><00:22:27.320><c> stands</c><00:22:27.640><c> out</c>

00:22:27.870 --> 00:22:27.880 align:start position:0%
weight here the United States stands out
 

00:22:27.880 --> 00:22:30.669 align:start position:0%
weight here the United States stands out
at<00:22:28.039><c> roughly</c><00:22:28.279><c> 20</c><00:22:28.919><c> 25%</c><00:22:29.919><c> in</c><00:22:30.120><c> contrast</c><00:22:30.480><c> to</c><00:22:30.600><c> the</c>

00:22:30.669 --> 00:22:30.679 align:start position:0%
at roughly 20 25% in contrast to the
 

00:22:30.679 --> 00:22:32.269 align:start position:0%
at roughly 20 25% in contrast to the
second<00:22:31.000><c> position</c><00:22:31.279><c> of</c><00:22:31.400><c> Switzerland</c><00:22:31.919><c> which</c><00:22:32.080><c> is</c>

00:22:32.269 --> 00:22:32.279 align:start position:0%
second position of Switzerland which is
 

00:22:32.279 --> 00:22:35.549 align:start position:0%
second position of Switzerland which is
has<00:22:32.360><c> it</c><00:22:32.640><c> less</c><00:22:32.880><c> than</c><00:22:33.480><c> 4%</c><00:22:34.480><c> right</c><00:22:34.840><c> their</c><00:22:35.039><c> policies</c>

00:22:35.549 --> 00:22:35.559 align:start position:0%
has it less than 4% right their policies
 

00:22:35.559 --> 00:22:41.070 align:start position:0%
has it less than 4% right their policies
are<00:22:36.000><c> literally</c><00:22:37.000><c> uh</c><00:22:37.159><c> as</c><00:22:37.279><c> rold</c><00:22:37.840><c> said</c><00:22:38.360><c> closer</c><00:22:38.679><c> to</c>

00:22:41.070 --> 00:22:41.080 align:start position:0%
 
 

00:22:41.080 --> 00:22:43.789 align:start position:0%
 
home<00:22:42.080><c> ptoa</c><00:22:42.640><c> goes</c><00:22:42.799><c> on</c><00:22:42.919><c> to</c><00:22:43.039><c> say</c><00:22:43.320><c> asking</c><00:22:43.640><c> a</c>

00:22:43.789 --> 00:22:43.799 align:start position:0%
home ptoa goes on to say asking a
 

00:22:43.799 --> 00:22:45.230 align:start position:0%
home ptoa goes on to say asking a
kleptocratic<00:22:44.480><c> state</c><00:22:44.720><c> to</c><00:22:44.840><c> create</c><00:22:45.080><c> an</c>

00:22:45.230 --> 00:22:45.240 align:start position:0%
kleptocratic state to create an
 

00:22:45.240 --> 00:22:47.510 align:start position:0%
kleptocratic state to create an
effective<00:22:45.559><c> AML</c><00:22:46.000><c> system</c><00:22:46.400><c> is</c><00:22:46.559><c> like</c><00:22:47.039><c> asking</c><00:22:47.400><c> the</c>

00:22:47.510 --> 00:22:47.520 align:start position:0%
effective AML system is like asking the
 

00:22:47.520 --> 00:22:49.590 align:start position:0%
effective AML system is like asking the
fox<00:22:47.840><c> to</c><00:22:47.960><c> create</c><00:22:48.200><c> a</c><00:22:48.279><c> better</c><00:22:48.520><c> henh</c><00:22:48.840><c> housee</c><00:22:49.360><c> it</c><00:22:49.440><c> is</c>

00:22:49.590 --> 00:22:49.600 align:start position:0%
fox to create a better henh housee it is
 

00:22:49.600 --> 00:22:51.310 align:start position:0%
fox to create a better henh housee it is
the<00:22:49.760><c> governing</c><00:22:50.200><c> political</c><00:22:50.640><c> Elite</c><00:22:51.159><c> that</c>

00:22:51.310 --> 00:22:51.320 align:start position:0%
the governing political Elite that
 

00:22:51.320 --> 00:22:52.789 align:start position:0%
the governing political Elite that
benefits<00:22:51.720><c> the</c><00:22:51.840><c> most</c><00:22:52.039><c> substantially</c><00:22:52.559><c> from</c><00:22:52.679><c> the</c>

00:22:52.789 --> 00:22:52.799 align:start position:0%
benefits the most substantially from the
 

00:22:52.799 --> 00:22:56.110 align:start position:0%
benefits the most substantially from the
weakness<00:22:53.120><c> of</c><00:22:53.320><c> existing</c><00:22:53.720><c> systems</c><00:22:54.039><c> and</c>

00:22:56.110 --> 00:22:56.120 align:start position:0%
weakness of existing systems and
 

00:22:56.120 --> 00:22:58.070 align:start position:0%
weakness of existing systems and
controls<00:22:57.120><c> and</c><00:22:57.240><c> this</c><00:22:57.320><c> is</c><00:22:57.440><c> a</c><00:22:57.600><c> problem</c><00:22:57.919><c> because</c>

00:22:58.070 --> 00:22:58.080 align:start position:0%
controls and this is a problem because
 

00:22:58.080 --> 00:23:02.070 align:start position:0%
controls and this is a problem because
this<00:22:58.240><c> C</c><00:22:58.520><c> toy</c><00:22:59.400><c> issue</c><00:22:59.960><c> is</c><00:23:00.360><c> real</c><00:23:01.360><c> um</c><00:23:01.640><c> according</c><00:23:01.919><c> to</c>

00:23:02.070 --> 00:23:02.080 align:start position:0%
this C toy issue is real um according to
 

00:23:02.080 --> 00:23:04.149 align:start position:0%
this C toy issue is real um according to
this<00:23:02.200><c> Bloomberg</c><00:23:02.720><c> report</c><00:23:03.159><c> trust</c><00:23:03.480><c> in</c><00:23:03.640><c> most</c><00:23:03.840><c> us</c>

00:23:04.149 --> 00:23:04.159 align:start position:0%
this Bloomberg report trust in most us
 

00:23:04.159 --> 00:23:06.269 align:start position:0%
this Bloomberg report trust in most us
institutions<00:23:04.799><c> has</c><00:23:04.919><c> been</c><00:23:05.080><c> withering</c><00:23:06.000><c> across</c>

00:23:06.269 --> 00:23:06.279 align:start position:0%
institutions has been withering across
 

00:23:06.279 --> 00:23:07.390 align:start position:0%
institutions has been withering across
the<00:23:06.400><c> board</c><00:23:06.640><c> it</c><00:23:06.760><c> doesn't</c><00:23:06.960><c> matter</c><00:23:07.159><c> where</c><00:23:07.279><c> you</c>

00:23:07.390 --> 00:23:07.400 align:start position:0%
the board it doesn't matter where you
 

00:23:07.400 --> 00:23:10.269 align:start position:0%
the board it doesn't matter where you
look<00:23:08.120><c> public</c><00:23:08.559><c> you</c><00:23:08.679><c> know</c><00:23:08.840><c> Civil</c><00:23:09.200><c> Society</c><00:23:10.080><c> the</c>

00:23:10.269 --> 00:23:10.279 align:start position:0%
look public you know Civil Society the
 

00:23:10.279 --> 00:23:13.149 align:start position:0%
look public you know Civil Society the
public<00:23:10.880><c> has</c><00:23:11.240><c> is</c><00:23:11.360><c> losing</c><00:23:11.919><c> confidence</c><00:23:12.919><c> this</c><00:23:13.000><c> is</c>

00:23:13.149 --> 00:23:13.159 align:start position:0%
public has is losing confidence this is
 

00:23:13.159 --> 00:23:14.669 align:start position:0%
public has is losing confidence this is
not<00:23:13.320><c> just</c><00:23:13.480><c> happening</c><00:23:13.799><c> in</c><00:23:13.919><c> the</c><00:23:14.039><c> US</c><00:23:14.400><c> but</c><00:23:14.520><c> is</c>

00:23:14.669 --> 00:23:14.679 align:start position:0%
not just happening in the US but is
 

00:23:14.679 --> 00:23:16.430 align:start position:0%
not just happening in the US but is
happening<00:23:15.080><c> globally</c><00:23:15.919><c> whether</c><00:23:16.080><c> you</c><00:23:16.200><c> look</c><00:23:16.320><c> at</c>

00:23:16.430 --> 00:23:16.440 align:start position:0%
happening globally whether you look at
 

00:23:16.440 --> 00:23:18.830 align:start position:0%
happening globally whether you look at
the<00:23:16.520><c> United</c><00:23:17.080><c> uh</c><00:23:17.400><c> the</c><00:23:17.480><c> United</c><00:23:17.840><c> Kingdom</c><00:23:18.279><c> or</c><00:23:18.440><c> in</c>

00:23:18.830 --> 00:23:18.840 align:start position:0%
the United uh the United Kingdom or in
 

00:23:18.840 --> 00:23:22.470 align:start position:0%
the United uh the United Kingdom or in
France<00:23:19.840><c> um</c><00:23:20.000><c> you'll</c><00:23:20.240><c> see</c><00:23:20.679><c> that</c><00:23:21.200><c> uh</c><00:23:21.520><c> trust</c><00:23:21.840><c> is</c>

00:23:22.470 --> 00:23:22.480 align:start position:0%
France um you'll see that uh trust is
 

00:23:22.480 --> 00:23:25.269 align:start position:0%
France um you'll see that uh trust is
declining<00:23:23.480><c> in</c><00:23:23.679><c> fact</c><00:23:24.240><c> if</c><00:23:24.360><c> you</c><00:23:24.440><c> look</c><00:23:24.559><c> at</c><00:23:24.640><c> the</c><00:23:24.760><c> OCD</c>

00:23:25.269 --> 00:23:25.279 align:start position:0%
declining in fact if you look at the OCD
 

00:23:25.279 --> 00:23:27.630 align:start position:0%
declining in fact if you look at the OCD
reports<00:23:26.200><c> the</c><00:23:26.520><c> average</c><00:23:26.919><c> public</c><00:23:27.159><c> trust</c><00:23:27.440><c> in</c>

00:23:27.630 --> 00:23:27.640 align:start position:0%
reports the average public trust in
 

00:23:27.640 --> 00:23:30.269 align:start position:0%
reports the average public trust in
governments<00:23:28.600><c> is</c><00:23:28.760><c> around</c><00:23:29.080><c> just</c>

00:23:30.269 --> 00:23:30.279 align:start position:0%
governments is around just
 

00:23:30.279 --> 00:23:32.830 align:start position:0%
governments is around just
41%<00:23:31.279><c> we</c><00:23:31.400><c> can</c><00:23:31.520><c> do</c><00:23:31.679><c> a</c><00:23:31.799><c> lot</c><00:23:32.039><c> better</c><00:23:32.320><c> in</c><00:23:32.440><c> terms</c><00:23:32.679><c> of</c>

00:23:32.830 --> 00:23:32.840 align:start position:0%
41% we can do a lot better in terms of
 

00:23:32.840 --> 00:23:35.470 align:start position:0%
41% we can do a lot better in terms of
providing<00:23:33.240><c> quality</c><00:23:33.520><c> of</c>

00:23:35.470 --> 00:23:35.480 align:start position:0%
providing quality of
 

00:23:35.480 --> 00:23:38.390 align:start position:0%
providing quality of
governance<00:23:36.480><c> in</c><00:23:36.679><c> fact</c><00:23:37.240><c> uh</c><00:23:37.360><c> to</c><00:23:37.760><c> corroborate</c><00:23:38.279><c> the</c>

00:23:38.390 --> 00:23:38.400 align:start position:0%
governance in fact uh to corroborate the
 

00:23:38.400 --> 00:23:40.470 align:start position:0%
governance in fact uh to corroborate the
same<00:23:38.880><c> uh</c><00:23:39.039><c> the</c><00:23:39.159><c> point</c><00:23:39.799><c> Transparency</c>

00:23:40.470 --> 00:23:40.480 align:start position:0%
same uh the point Transparency
 

00:23:40.480 --> 00:23:42.750 align:start position:0%
same uh the point Transparency
International<00:23:41.159><c> came</c><00:23:41.320><c> out</c><00:23:41.440><c> in</c><00:23:41.600><c> 2023</c><00:23:42.480><c> saying</c>

00:23:42.750 --> 00:23:42.760 align:start position:0%
International came out in 2023 saying
 

00:23:42.760 --> 00:23:44.750 align:start position:0%
International came out in 2023 saying
that<00:23:42.919><c> over</c><00:23:43.120><c> two-thirds</c><00:23:43.640><c> of</c><00:23:43.760><c> countries</c><00:23:44.080><c> score</c>

00:23:44.750 --> 00:23:44.760 align:start position:0%
that over two-thirds of countries score
 

00:23:44.760 --> 00:23:47.269 align:start position:0%
that over two-thirds of countries score
below<00:23:45.120><c> 50</c><00:23:45.440><c> out</c><00:23:45.559><c> of</c><00:23:45.840><c> 100</c><00:23:46.559><c> strongly</c><00:23:46.840><c> indicating</c>

00:23:47.269 --> 00:23:47.279 align:start position:0%
below 50 out of 100 strongly indicating
 

00:23:47.279 --> 00:23:52.149 align:start position:0%
below 50 out of 100 strongly indicating
that<00:23:47.440><c> they</c><00:23:47.559><c> have</c><00:23:47.760><c> serious</c><00:23:48.159><c> corruption</c>

00:23:52.149 --> 00:23:52.159 align:start position:0%
 
 

00:23:52.159 --> 00:23:55.070 align:start position:0%
 
problems<00:23:53.159><c> now</c><00:23:53.360><c> why</c><00:23:53.480><c> is</c><00:23:53.600><c> this</c>

00:23:55.070 --> 00:23:55.080 align:start position:0%
problems now why is this
 

00:23:55.080 --> 00:23:57.269 align:start position:0%
problems now why is this
important<00:23:56.080><c> uh</c><00:23:56.159><c> or</c><00:23:56.360><c> another</c><00:23:56.600><c> way</c><00:23:56.720><c> to</c><00:23:56.919><c> to</c><00:23:57.039><c> view</c>

00:23:57.269 --> 00:23:57.279 align:start position:0%
important uh or another way to to view
 

00:23:57.279 --> 00:24:00.269 align:start position:0%
important uh or another way to to view
this<00:23:57.400><c> cpto</c><00:23:58.760><c> uh</c><00:23:58.960><c> problem</c><00:23:59.159><c> of</c><00:23:59.320><c> kleptocracy</c><00:24:00.120><c> is</c>

00:24:00.269 --> 00:24:00.279 align:start position:0%
this cpto uh problem of kleptocracy is
 

00:24:00.279 --> 00:24:02.190 align:start position:0%
this cpto uh problem of kleptocracy is
that<00:24:00.440><c> government</c><00:24:00.760><c> debt</c><00:24:01.039><c> is</c><00:24:01.200><c> growing</c><00:24:01.880><c> in</c><00:24:02.039><c> fact</c>

00:24:02.190 --> 00:24:02.200 align:start position:0%
that government debt is growing in fact
 

00:24:02.200 --> 00:24:05.110 align:start position:0%
that government debt is growing in fact
it's<00:24:02.360><c> reached</c><00:24:02.640><c> unsustainable</c><00:24:03.320><c> levels</c><00:24:04.320><c> um</c><00:24:04.919><c> in</c>

00:24:05.110 --> 00:24:05.120 align:start position:0%
it's reached unsustainable levels um in
 

00:24:05.120 --> 00:24:07.230 align:start position:0%
it's reached unsustainable levels um in
many<00:24:05.320><c> of</c><00:24:05.440><c> the</c><00:24:05.559><c> advanced</c><00:24:06.000><c> emerging</c><00:24:06.400><c> economies</c>

00:24:07.230 --> 00:24:07.240 align:start position:0%
many of the advanced emerging economies
 

00:24:07.240 --> 00:24:08.710 align:start position:0%
many of the advanced emerging economies
um<00:24:07.400><c> and</c><00:24:07.559><c> this</c><00:24:07.640><c> is</c><00:24:07.960><c> from</c><00:24:08.120><c> the</c><00:24:08.279><c> Peterson</c>

00:24:08.710 --> 00:24:08.720 align:start position:0%
um and this is from the Peterson
 

00:24:08.720 --> 00:24:09.870 align:start position:0%
um and this is from the Peterson
Institute<00:24:09.120><c> in</c><00:24:09.279><c> international</c><00:24:09.760><c> uh</c>

00:24:09.870 --> 00:24:09.880 align:start position:0%
Institute in international uh
 

00:24:09.880 --> 00:24:12.909 align:start position:0%
Institute in international uh
International<00:24:10.360><c> economics</c><00:24:10.760><c> in</c><00:24:11.360><c> 2011</c><00:24:12.360><c> um</c><00:24:12.760><c> even</c>

00:24:12.909 --> 00:24:12.919 align:start position:0%
International economics in 2011 um even
 

00:24:12.919 --> 00:24:14.710 align:start position:0%
International economics in 2011 um even
though<00:24:13.080><c> those</c><00:24:13.159><c> was</c><00:24:13.240><c> talking</c><00:24:13.440><c> about</c><00:24:13.600><c> two</c><00:24:14.000><c> uh</c><00:24:14.240><c> 25</c>

00:24:14.710 --> 00:24:14.720 align:start position:0%
though those was talking about two uh 25
 

00:24:14.720 --> 00:24:16.909 align:start position:0%
though those was talking about two uh 25
years<00:24:14.960><c> we're</c><00:24:15.159><c> kind</c><00:24:15.279><c> of</c><00:24:15.480><c> already</c><00:24:16.279><c> quite</c><00:24:16.520><c> into</c>

00:24:16.909 --> 00:24:16.919 align:start position:0%
years we're kind of already quite into
 

00:24:16.919 --> 00:24:19.870 align:start position:0%
years we're kind of already quite into
that<00:24:17.840><c> um</c><00:24:18.279><c> and</c><00:24:18.400><c> this</c><00:24:18.520><c> is</c><00:24:18.679><c> also</c><00:24:18.919><c> evidenced</c><00:24:19.520><c> by</c>

00:24:19.870 --> 00:24:19.880 align:start position:0%
that um and this is also evidenced by
 

00:24:19.880 --> 00:24:22.830 align:start position:0%
that um and this is also evidenced by
Foreign<00:24:20.640><c> um</c><00:24:21.440><c> foreign</c><00:24:21.720><c> sovereigns</c><00:24:22.240><c> not</c><00:24:22.480><c> buying</c>

00:24:22.830 --> 00:24:22.840 align:start position:0%
Foreign um foreign sovereigns not buying
 

00:24:22.840 --> 00:24:24.269 align:start position:0%
Foreign um foreign sovereigns not buying
US

00:24:24.269 --> 00:24:24.279 align:start position:0%
US
 

00:24:24.279 --> 00:24:28.789 align:start position:0%
US
debt<00:24:25.279><c> um</c><00:24:25.480><c> in</c><00:24:25.840><c> fact</c><00:24:26.840><c> uh</c><00:24:26.960><c> since</c><00:24:27.120><c> the</c><00:24:27.360><c> 1800s</c><00:24:28.440><c> 52</c>

00:24:28.789 --> 00:24:28.799 align:start position:0%
debt um in fact uh since the 1800s 52
 

00:24:28.799 --> 00:24:32.350 align:start position:0%
debt um in fact uh since the 1800s 52
countries<00:24:29.320><c> saw</c><00:24:29.640><c> a</c><00:24:29.799><c> debt</c><00:24:29.960><c> to</c><00:24:30.120><c> GDP</c><00:24:30.559><c> ratio</c><00:24:31.440><c> above</c>

00:24:32.350 --> 00:24:32.360 align:start position:0%
countries saw a debt to GDP ratio above
 

00:24:32.360 --> 00:24:35.950 align:start position:0%
countries saw a debt to GDP ratio above
130%<00:24:33.360><c> 51</c><00:24:33.880><c> of</c><00:24:34.080><c> those</c><00:24:34.399><c> have</c><00:24:34.840><c> defaulted</c><00:24:35.840><c> and</c>

00:24:35.950 --> 00:24:35.960 align:start position:0%
130% 51 of those have defaulted and
 

00:24:35.960 --> 00:24:38.029 align:start position:0%
130% 51 of those have defaulted and
today<00:24:36.360><c> the</c><00:24:36.440><c> United</c><00:24:36.760><c> States</c><00:24:37.200><c> is</c><00:24:37.360><c> at</c>

00:24:38.029 --> 00:24:38.039 align:start position:0%
today the United States is at
 

00:24:38.039 --> 00:24:42.070 align:start position:0%
today the United States is at
120%<00:24:39.039><c> by</c><00:24:39.679><c> 2033</c><00:24:40.679><c> they're</c><00:24:40.880><c> going</c><00:24:41.039><c> to</c><00:24:41.159><c> be</c><00:24:41.360><c> above</c>

00:24:42.070 --> 00:24:42.080 align:start position:0%
120% by 2033 they're going to be above
 

00:24:42.080 --> 00:24:43.950 align:start position:0%
120% by 2033 they're going to be above
130<00:24:43.080><c> uh</c><00:24:43.200><c> and</c><00:24:43.320><c> that's</c><00:24:43.480><c> according</c><00:24:43.720><c> to</c><00:24:43.840><c> the</c>

00:24:43.950 --> 00:24:43.960 align:start position:0%
130 uh and that's according to the
 

00:24:43.960 --> 00:24:47.789 align:start position:0%
130 uh and that's according to the
Congressional<00:24:44.520><c> budget</c><00:24:44.919><c> office</c><00:24:45.520><c> uh</c><00:24:45.600><c> in</c>

00:24:47.789 --> 00:24:47.799 align:start position:0%
 
 

00:24:47.799 --> 00:24:50.110 align:start position:0%
 
2018<00:24:48.799><c> now</c><00:24:49.000><c> the</c><00:24:49.240><c> those</c><00:24:49.399><c> challenges</c><00:24:49.840><c> are</c><00:24:49.960><c> also</c>

00:24:50.110 --> 00:24:50.120 align:start position:0%
2018 now the those challenges are also
 

00:24:50.120 --> 00:24:51.549 align:start position:0%
2018 now the those challenges are also
not<00:24:50.279><c> unique</c><00:24:50.559><c> to</c><00:24:50.640><c> the</c><00:24:50.760><c> United</c><00:24:51.080><c> States</c>

00:24:51.549 --> 00:24:51.559 align:start position:0%
not unique to the United States
 

00:24:51.559 --> 00:24:53.149 align:start position:0%
not unique to the United States
according<00:24:51.840><c> to</c><00:24:51.919><c> the</c><00:24:52.039><c> national</c><00:24:52.360><c> International</c>

00:24:53.149 --> 00:24:53.159 align:start position:0%
according to the national International
 

00:24:53.159 --> 00:24:55.470 align:start position:0%
according to the national International
uh<00:24:53.360><c> Council</c><00:24:54.360><c> um</c><00:24:54.480><c> they've</c><00:24:54.679><c> projected</c><00:24:55.279><c> very</c>

00:24:55.470 --> 00:24:55.480 align:start position:0%
uh Council um they've projected very
 

00:24:55.480 --> 00:24:58.510 align:start position:0%
uh Council um they've projected very
many<00:24:56.120><c> uh</c><00:24:56.279><c> governments</c><00:24:56.760><c> of</c><00:24:56.919><c> the</c><00:24:57.320><c> OC</c><00:24:58.399><c> many</c>

00:24:58.510 --> 00:24:58.520 align:start position:0%
many uh governments of the OC many
 

00:24:58.520 --> 00:25:01.029 align:start position:0%
many uh governments of the OC many
governments<00:24:58.799><c> of</c><00:24:58.880><c> the</c><00:24:59.000><c> O</c><00:24:59.600><c> countries</c><00:25:00.600><c> uh</c><00:25:00.840><c> are</c>

00:25:01.029 --> 00:25:01.039 align:start position:0%
governments of the O countries uh are
 

00:25:01.039 --> 00:25:05.070 align:start position:0%
governments of the O countries uh are
likely<00:25:01.279><c> to</c><00:25:01.480><c> experience</c><00:25:01.919><c> the</c><00:25:02.080><c> same</c><00:25:02.399><c> economic</c>

00:25:05.070 --> 00:25:05.080 align:start position:0%
 
 

00:25:05.080 --> 00:25:07.990 align:start position:0%
 
difficulties<00:25:06.159><c> um</c><00:25:07.159><c> rning</c><00:25:07.440><c> a</c><00:25:07.520><c> little</c><00:25:07.640><c> bit</c><00:25:07.760><c> over</c>

00:25:07.990 --> 00:25:08.000 align:start position:0%
difficulties um rning a little bit over
 

00:25:08.000 --> 00:25:10.870 align:start position:0%
difficulties um rning a little bit over
time<00:25:08.559><c> but</c><00:25:08.880><c> uh</c><00:25:09.039><c> so</c><00:25:09.760><c> the</c><00:25:09.880><c> financial</c><00:25:10.320><c> action</c><00:25:10.600><c> task</c>

00:25:10.870 --> 00:25:10.880 align:start position:0%
time but uh so the financial action task
 

00:25:10.880 --> 00:25:12.510 align:start position:0%
time but uh so the financial action task
force<00:25:11.120><c> is</c><00:25:11.279><c> also</c><00:25:11.520><c> quite</c><00:25:11.760><c> interesting</c><00:25:12.200><c> in</c><00:25:12.360><c> of</c>

00:25:12.510 --> 00:25:12.520 align:start position:0%
force is also quite interesting in of
 

00:25:12.520 --> 00:25:14.430 align:start position:0%
force is also quite interesting in of
itself<00:25:13.200><c> right</c><00:25:13.399><c> because</c><00:25:13.600><c> it</c><00:25:13.720><c> has</c><00:25:13.840><c> a</c><00:25:14.039><c> unique</c>

00:25:14.430 --> 00:25:14.440 align:start position:0%
itself right because it has a unique
 

00:25:14.440 --> 00:25:15.710 align:start position:0%
itself right because it has a unique
form<00:25:14.679><c> of</c><00:25:14.840><c> sovereignty</c><00:25:15.480><c> as</c><00:25:15.559><c> a</c>

00:25:15.710 --> 00:25:15.720 align:start position:0%
form of sovereignty as a
 

00:25:15.720 --> 00:25:17.909 align:start position:0%
form of sovereignty as a
non-governmental<00:25:16.520><c> organization</c><00:25:17.440><c> it</c><00:25:17.559><c> has</c><00:25:17.720><c> no</c>

00:25:17.909 --> 00:25:17.919 align:start position:0%
non-governmental organization it has no
 

00:25:17.919 --> 00:25:21.549 align:start position:0%
non-governmental organization it has no
legal<00:25:18.360><c> basis</c><00:25:19.360><c> um</c><00:25:20.000><c> it</c><00:25:20.559><c> enjoys</c><00:25:21.039><c> this</c><00:25:21.200><c> Sovereign</c>

00:25:21.549 --> 00:25:21.559 align:start position:0%
legal basis um it enjoys this Sovereign
 

00:25:21.559 --> 00:25:23.830 align:start position:0%
legal basis um it enjoys this Sovereign
me<00:25:22.080><c> uh</c><00:25:22.240><c> uh</c><00:25:22.480><c> sovereign</c><00:25:22.840><c> immunity</c><00:25:23.320><c> granted</c><00:25:23.679><c> to</c>

00:25:23.830 --> 00:25:23.840 align:start position:0%
me uh uh sovereign immunity granted to
 

00:25:23.840 --> 00:25:27.269 align:start position:0%
me uh uh sovereign immunity granted to
it<00:25:24.039><c> by</c><00:25:24.200><c> its</c><00:25:24.399><c> member</c><00:25:24.760><c> states</c><00:25:25.480><c> right</c><00:25:26.200><c> um</c><00:25:26.919><c> it</c><00:25:27.080><c> has</c>

00:25:27.269 --> 00:25:27.279 align:start position:0%
it by its member states right um it has
 

00:25:27.279 --> 00:25:29.750 align:start position:0%
it by its member states right um it has
no<00:25:27.559><c> oversight</c><00:25:28.600><c> uh</c><00:25:28.799><c> even</c><00:25:29.039><c> though</c><00:25:29.159><c> it</c><00:25:29.240><c> is</c><00:25:29.440><c> based</c>

00:25:29.750 --> 00:25:29.760 align:start position:0%
no oversight uh even though it is based
 

00:25:29.760 --> 00:25:31.909 align:start position:0%
no oversight uh even though it is based
in<00:25:30.000><c> Paris</c><00:25:30.399><c> in</c><00:25:30.520><c> the</c><00:25:30.640><c> OCD</c><00:25:31.120><c> building</c><00:25:31.559><c> it</c><00:25:31.640><c> is</c><00:25:31.760><c> not</c>

00:25:31.909 --> 00:25:31.919 align:start position:0%
in Paris in the OCD building it is not
 

00:25:31.919 --> 00:25:33.909 align:start position:0%
in Paris in the OCD building it is not
the<00:25:32.080><c> jurisdiction</c><00:25:32.640><c> of</c><00:25:33.200><c> the</c><00:25:33.480><c> the</c><00:25:33.600><c> French</c>

00:25:33.909 --> 00:25:33.919 align:start position:0%
the jurisdiction of the the French
 

00:25:33.919 --> 00:25:38.710 align:start position:0%
the jurisdiction of the the French
government<00:25:34.840><c> neither</c><00:25:35.880><c> um</c><00:25:36.880><c> uh</c><00:25:37.600><c> neither</c><00:25:37.919><c> the</c><00:25:38.000><c> OCD</c>

00:25:38.710 --> 00:25:38.720 align:start position:0%
government neither um uh neither the OCD
 

00:25:38.720 --> 00:25:41.630 align:start position:0%
government neither um uh neither the OCD
countries<00:25:39.720><c> um</c><00:25:40.600><c> so</c><00:25:40.840><c> they</c><00:25:41.000><c> they</c><00:25:41.120><c> kind</c><00:25:41.240><c> of</c><00:25:41.360><c> can</c><00:25:41.480><c> do</c>

00:25:41.630 --> 00:25:41.640 align:start position:0%
countries um so they they kind of can do
 

00:25:41.640 --> 00:25:43.230 align:start position:0%
countries um so they they kind of can do
whatever<00:25:41.919><c> they</c><00:25:42.039><c> want</c><00:25:42.200><c> and</c><00:25:42.520><c> have</c><00:25:42.679><c> no</c><00:25:42.919><c> real</c>

00:25:43.230 --> 00:25:43.240 align:start position:0%
whatever they want and have no real
 

00:25:43.240 --> 00:25:45.710 align:start position:0%
whatever they want and have no real
pressure<00:25:43.600><c> to</c><00:25:43.880><c> to</c><00:25:44.080><c> reform</c><00:25:44.760><c> unless</c><00:25:45.240><c> all</c><00:25:45.440><c> member</c>

00:25:45.710 --> 00:25:45.720 align:start position:0%
pressure to to reform unless all member
 

00:25:45.720 --> 00:25:48.830 align:start position:0%
pressure to to reform unless all member
states<00:25:46.000><c> start</c><00:25:46.320><c> participating</c><00:25:46.880><c> in</c><00:25:47.039><c> that</c><00:25:47.840><c> um</c><00:25:48.760><c> as</c>

00:25:48.830 --> 00:25:48.840 align:start position:0%
states start participating in that um as
 

00:25:48.840 --> 00:25:50.789 align:start position:0%
states start participating in that um as
I<00:25:48.960><c> mentioned</c><00:25:49.480><c> if</c><00:25:49.559><c> you</c><00:25:49.679><c> don't</c><00:25:49.840><c> follow</c><00:25:50.159><c> them</c><00:25:50.399><c> you</c>

00:25:50.789 --> 00:25:50.799 align:start position:0%
I mentioned if you don't follow them you
 

00:25:50.799 --> 00:25:53.669 align:start position:0%
I mentioned if you don't follow them you
results<00:25:51.159><c> in</c><00:25:51.760><c> uh</c><00:25:52.520><c> economic</c><00:25:52.880><c> lockout</c><00:25:53.279><c> of</c><00:25:53.480><c> the</c>

00:25:53.669 --> 00:25:53.679 align:start position:0%
results in uh economic lockout of the
 

00:25:53.679 --> 00:25:55.789 align:start position:0%
results in uh economic lockout of the
the<00:25:53.760><c> Global</c><00:25:54.039><c> Financial</c><00:25:54.480><c> system</c><00:25:55.159><c> and</c><00:25:55.600><c> there's</c>

00:25:55.789 --> 00:25:55.799 align:start position:0%
the Global Financial system and there's
 

00:25:55.799 --> 00:25:59.870 align:start position:0%
the Global Financial system and there's
no<00:25:55.919><c> way</c><00:25:56.039><c> to</c><00:25:56.159><c> opt</c><00:25:56.399><c> out</c>

00:25:59.870 --> 00:25:59.880 align:start position:0%
 
 

00:25:59.880 --> 00:26:03.430 align:start position:0%
 
so<00:26:00.880><c> why</c><00:26:01.039><c> does</c><00:26:01.200><c> this</c>

00:26:03.430 --> 00:26:03.440 align:start position:0%
 
 

00:26:03.440 --> 00:26:05.669 align:start position:0%
 
matter<00:26:04.440><c> because</c><00:26:04.679><c> if</c><00:26:04.760><c> we</c><00:26:04.880><c> can</c><00:26:05.039><c> start</c><00:26:05.240><c> solving</c>

00:26:05.669 --> 00:26:05.679 align:start position:0%
matter because if we can start solving
 

00:26:05.679 --> 00:26:06.669 align:start position:0%
matter because if we can start solving
governing

00:26:06.669 --> 00:26:06.679 align:start position:0%
governing
 

00:26:06.679 --> 00:26:09.389 align:start position:0%
governing
institutions<00:26:07.679><c> um</c><00:26:08.240><c> we</c><00:26:08.399><c> can</c><00:26:08.520><c> start</c><00:26:08.799><c> unlocking</c>

00:26:09.389 --> 00:26:09.399 align:start position:0%
institutions um we can start unlocking
 

00:26:09.399 --> 00:26:10.909 align:start position:0%
institutions um we can start unlocking
trillions<00:26:09.799><c> of</c><00:26:09.919><c> dollars</c><00:26:10.200><c> worth</c><00:26:10.399><c> of</c><00:26:10.559><c> value</c>

00:26:10.909 --> 00:26:10.919 align:start position:0%
trillions of dollars worth of value
 

00:26:10.919 --> 00:26:12.669 align:start position:0%
trillions of dollars worth of value
rather<00:26:11.159><c> than</c><00:26:11.520><c> just</c><00:26:11.760><c> disappearing</c><00:26:12.279><c> Into</c><00:26:12.520><c> The</c>

00:26:12.669 --> 00:26:12.679 align:start position:0%
rather than just disappearing Into The
 

00:26:12.679 --> 00:26:14.909 align:start position:0%
rather than just disappearing Into The
Ether<00:26:13.480><c> there's</c><00:26:13.640><c> this</c><00:26:13.960><c> great</c><00:26:14.279><c> report</c><00:26:14.640><c> called</c>

00:26:14.909 --> 00:26:14.919 align:start position:0%
Ether there's this great report called
 

00:26:14.919 --> 00:26:16.430 align:start position:0%
Ether there's this great report called
the<00:26:15.080><c> uh</c><00:26:15.159><c> from</c><00:26:15.320><c> the</c><00:26:15.399><c> World</c><00:26:15.679><c> Bank</c><00:26:16.039><c> called</c><00:26:16.279><c> where</c>

00:26:16.430 --> 00:26:16.440 align:start position:0%
the uh from the World Bank called where
 

00:26:16.440 --> 00:26:18.909 align:start position:0%
the uh from the World Bank called where
is<00:26:16.600><c> The</c><00:26:16.720><c> Wealth</c><00:26:16.919><c> of</c><00:26:17.279><c> Nations</c><00:26:18.279><c> uh</c><00:26:18.640><c> and</c><00:26:18.799><c> what</c>

00:26:18.909 --> 00:26:18.919 align:start position:0%
is The Wealth of Nations uh and what
 

00:26:18.919 --> 00:26:21.230 align:start position:0%
is The Wealth of Nations uh and what
they<00:26:19.120><c> found</c><00:26:19.520><c> is</c><00:26:19.640><c> that</c><00:26:19.799><c> human</c><00:26:20.159><c> capital</c><00:26:20.919><c> and</c><00:26:21.080><c> the</c>

00:26:21.230 --> 00:26:21.240 align:start position:0%
they found is that human capital and the
 

00:26:21.240 --> 00:26:23.310 align:start position:0%
they found is that human capital and the
value<00:26:21.520><c> of</c><00:26:21.720><c> Institutions</c><00:26:22.600><c> as</c><00:26:22.720><c> measured</c><00:26:23.080><c> by</c><00:26:23.200><c> the</c>

00:26:23.310 --> 00:26:23.320 align:start position:0%
value of Institutions as measured by the
 

00:26:23.320 --> 00:26:25.549 align:start position:0%
value of Institutions as measured by the
rule<00:26:23.520><c> of</c><00:26:23.720><c> law</c><00:26:24.559><c> actually</c><00:26:24.880><c> constitutes</c><00:26:25.399><c> the</c>

00:26:25.549 --> 00:26:25.559 align:start position:0%
rule of law actually constitutes the
 

00:26:25.559 --> 00:26:27.669 align:start position:0%
rule of law actually constitutes the
largest<00:26:25.880><c> share</c><00:26:26.240><c> of</c><00:26:26.440><c> wealth</c><00:26:26.799><c> in</c><00:26:26.960><c> virtually</c><00:26:27.399><c> all</c>

00:26:27.669 --> 00:26:27.679 align:start position:0%
largest share of wealth in virtually all
 

00:26:27.679 --> 00:26:29.830 align:start position:0%
largest share of wealth in virtually all
countries<00:26:28.559><c> this</c><00:26:28.679><c> is</c><00:26:28.919><c> beyond</c><00:26:29.440><c> natural</c>

00:26:29.830 --> 00:26:29.840 align:start position:0%
countries this is beyond natural
 

00:26:29.840 --> 00:26:32.350 align:start position:0%
countries this is beyond natural
resource

00:26:32.350 --> 00:26:32.360 align:start position:0%
 
 

00:26:32.360 --> 00:26:34.350 align:start position:0%
 
extraction<00:26:33.360><c> so</c><00:26:33.520><c> at</c><00:26:33.640><c> the</c><00:26:33.720><c> end</c><00:26:33.840><c> of</c><00:26:33.919><c> the</c><00:26:34.039><c> day</c><00:26:34.240><c> what</c>

00:26:34.350 --> 00:26:34.360 align:start position:0%
extraction so at the end of the day what
 

00:26:34.360 --> 00:26:36.710 align:start position:0%
extraction so at the end of the day what
I'm<00:26:34.480><c> trying</c><00:26:34.720><c> to</c><00:26:34.880><c> convey</c><00:26:35.240><c> to</c><00:26:35.440><c> you</c><00:26:35.919><c> is</c><00:26:36.120><c> that</c><00:26:36.640><c> we</c>

00:26:36.710 --> 00:26:36.720 align:start position:0%
I'm trying to convey to you is that we
 

00:26:36.720 --> 00:26:38.789 align:start position:0%
I'm trying to convey to you is that we
should<00:26:36.960><c> stop</c><00:26:37.279><c> thinking</c><00:26:37.960><c> from</c><00:26:38.120><c> a</c><00:26:38.240><c> scarcity</c>

00:26:38.789 --> 00:26:38.799 align:start position:0%
should stop thinking from a scarcity
 

00:26:38.799 --> 00:26:40.470 align:start position:0%
should stop thinking from a scarcity
mindset<00:26:39.320><c> when</c><00:26:39.440><c> it</c><00:26:39.600><c> comes</c><00:26:39.840><c> to</c><00:26:40.080><c> follow</c><00:26:40.360><c> the</c>

00:26:40.470 --> 00:26:40.480 align:start position:0%
mindset when it comes to follow the
 

00:26:40.480 --> 00:26:42.590 align:start position:0%
mindset when it comes to follow the
money<00:26:40.799><c> methods</c><00:26:41.559><c> and</c><00:26:41.720><c> instead</c><00:26:42.200><c> what</c><00:26:42.320><c> we</c><00:26:42.399><c> can</c>

00:26:42.590 --> 00:26:42.600 align:start position:0%
money methods and instead what we can
 

00:26:42.600 --> 00:26:44.990 align:start position:0%
money methods and instead what we can
actually<00:26:42.840><c> do</c><00:26:43.120><c> is</c><00:26:43.279><c> improve</c><00:26:43.640><c> our</c><00:26:44.000><c> institutions</c>

00:26:44.990 --> 00:26:45.000 align:start position:0%
actually do is improve our institutions
 

00:26:45.000 --> 00:26:46.510 align:start position:0%
actually do is improve our institutions
if<00:26:45.120><c> we</c><00:26:45.240><c> can</c><00:26:45.399><c> make</c><00:26:45.559><c> them</c><00:26:45.799><c> faster</c><00:26:46.240><c> more</c>

00:26:46.510 --> 00:26:46.520 align:start position:0%
if we can make them faster more
 

00:26:46.520 --> 00:26:48.549 align:start position:0%
if we can make them faster more
efficient<00:26:47.399><c> uh</c><00:26:47.520><c> and</c><00:26:47.679><c> maybe</c><00:26:47.919><c> even</c><00:26:48.080><c> develop</c><00:26:48.440><c> them</c>

00:26:48.549 --> 00:26:48.559 align:start position:0%
efficient uh and maybe even develop them
 

00:26:48.559 --> 00:26:50.870 align:start position:0%
efficient uh and maybe even develop them
in<00:26:48.760><c> parallel</c><00:26:49.760><c> then</c><00:26:49.960><c> we</c><00:26:50.039><c> can</c><00:26:50.240><c> actually</c><00:26:50.559><c> create</c>

00:26:50.870 --> 00:26:50.880 align:start position:0%
in parallel then we can actually create
 

00:26:50.880 --> 00:26:52.669 align:start position:0%
in parallel then we can actually create
a<00:26:51.080><c> much</c><00:26:51.279><c> better</c><00:26:51.559><c> and</c><00:26:51.720><c> thriving</c><00:26:52.080><c> world</c><00:26:52.440><c> and</c><00:26:52.559><c> a</c>

00:26:52.669 --> 00:26:52.679 align:start position:0%
a much better and thriving world and a
 

00:26:52.679 --> 00:26:54.870 align:start position:0%
a much better and thriving world and a
higher<00:26:52.960><c> quality</c><00:26:53.240><c> of</c><00:26:53.399><c> life</c><00:26:53.600><c> for</c><00:26:53.840><c> for</c><00:26:54.039><c> all</c><00:26:54.679><c> thank</c>

00:26:54.870 --> 00:26:54.880 align:start position:0%
higher quality of life for for all thank
 

00:26:54.880 --> 00:26:56.290 align:start position:0%
higher quality of life for for all thank
you

00:26:56.290 --> 00:26:56.300 align:start position:0%
you
 

00:26:56.300 --> 00:27:02.829 align:start position:0%
you
[Applause]