Monday, April 04, 2016

Tool of the 1%: offshore money laundering and tax evasion

OFFSHORE LINKS OF MORE THAN 140 POLITICIANS AND OFFICIALS EXPOSED

By The International Consortium of Investigative Journalists
April 3, 2016, 2:00 pm

A new investigation published today by ICIJ, the German newspaper Süddeutsche Zeitung and more than 100 other news organizations around the globe, reveals the offshore links of some of the planet’s most prominent people.

In terms of size, the Panama Papers is likely the biggest leak of inside information in history – more than 11.5 million documents – and it is equally likely to be one of the most explosive in the nature of its revelations.

The leak exposes the offshore holdings of 12 current and former world leaders and reveals how associates of Russian President Vladimir Putin secretly shuffled as much as $2 billion through banks and shadow companies.

The files contain new details about major scandals ranging from England’s most infamous gold heist, an unfolding political money laundering affair in Brazil and bribery allegations convulsing FIFA, the body that rules international soccer.

They also provide details of the hidden financial dealings of 128 other politicians and public officials around the world and show how a global industry of law firms and big banks sells financial secrecy to fraudsters and drug traffickers as well as billionaires, celebrities and sports stars.

The Panama Papers expose offshore companies controlled by the prime ministers of Iceland and Pakistan, the king of Saudi Arabia and the children of the president of Azerbaijan. They also include the names of at least 33 people and companies blacklisted by the U.S. government because of evidence that they’ve done business with Mexican drug lords, terrorist organizations like Hezbollah or rogue nations, including North Korea and Iran.

(Continued here.)

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