Related Stories
The extraordinary range of people using offshore hideaways
Key Excerpts from Article on Website of The Guardian (One of the UK's leading newspapers)
Posted: April 9th, 2013
http://www.guardian.co.uk/uk/2013/apr/04/secrets-offshore-hi...
The secret records obtained by ICIJ [International Consortium of Investigative Journalists] lay bare an extraordinary range of people using offshore hideaways. They include ... families of despots, Wall Street swindlers, eastern European and Indonesian billionaires, Russian executives, [and] international arms dealers. The leaks illustrate how offshore financial secrecy has aggressively spread around the globe. The records detail offshore holdings in more than 170 territories; this represents the biggest stockpile of inside information about the offshore system ever obtained by a media organisation. Eighty-six journalists from 46 countries used both hi-tech data crunching and traditional reporting to sift through emails and account ledgers covering nearly 30 years. "Everything is much more geared toward business," David Marchant, publisher of OffshoreAlert, an online journal, said. "If you're dishonest, you can take advantage of that in a bad way." ICIJ's 15-month investigation found that ... the secrecy and lax oversight offered by the offshore world appears to allow fraud, tax-dodging and political corruption to thrive. A study by James S Henry, former chief economist at McKinsey & Company [and a board member of the Tax Justice Network], estimates that wealthy individuals have $21-$32tn tucked away in offshore havens roughly equivalent to the size of the US and Japanese economies combined.
Note: To learn more about how all of this incredibly revealing data was obtained and processed, click here. For a powerfully revealing documentary showing how huge corporations park profits offshore to avoid taxes, click here.
Related Stories
Latest News
Key News Articles from Years Past
