Comment by Bayart

Compliance has a centralizing effect, for example the American OFAC sanctions list. You can do business outside of it but you're cutting yourself out of a lot of institutional money. In the end while there's a lot of money being made in sanctions-evasion, money-laundering and whatnot, at the macro level the industry prefers trying to cozy up to Blackrock and Vanguard than to narcos.