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Cartel
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Chilliwack, BC
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Massive data leak exposes offshore financial secrets

They sought the utmost secrecy in offshore tax havens. But now some of the world's wealthiest citizens are having their undisclosed financial records laid bare.

An unprecedented leak of documents is revealing the closely guarded investment information of more than 100,000 people around the world, including hundreds of Canadians.

In what is believed to be one of the largest ever leaks of financial data, the Washington, D.C.-based International Consortium of Investigative Journalists has received nearly 30 years of data entries, emails and other confidential details from 10 offshore havens around the world.

The files contain information on over 120,000 offshore entities — including shell corporations and legal structures known as trusts — involving people in over 170 countries. The leak amounts to 260 gigabytes of data, or 162 times larger than the U.S. State Department cables published by WikiLeaks in 2010.

"What we found as we started digging in the records is a pretty extensive collection of dodgy characters: Wall Street fraudsters, Ponzi schemers, figures connected to organized crime, to arms dealing, money launderers," said Michael Hudson, a senior editor at the ICIJ, who worked with a team for months to sort through the information

»www.cbc.ca/news/world/story/2013···eak.html


John Galt
Forward, March
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join:2004-09-30
Happy Camp
kudos:8
This should be interesting...

HELLFIRE
Premium
join:2009-11-25
kudos:18
reply to Cartel
a) who was the "Deep Throat" on this one?

quote:
"What we found as we started digging in the records is a pretty extensive collection of dodgy characters: Wall Street fraudsters, Ponzi schemers, figures connected to organized crime, to arms dealing, money launderers," said Michael Hudson,
b) I'm wondering if any governmental entities were in those records as well?

Otherwise, doesn't suprise me one bit. I knew long ago that "Do as I say, not as I do," won't
end, even after I got through puberty.

Regards


Cartel
Premium
join:2006-09-13
Chilliwack, BC
kudos:2
reply to John Galt
said by John Galt:

This should be interesting...

I guess not...


goalieskates
Premium
join:2004-09-12
land of big
reply to HELLFIRE
said by HELLFIRE:

b) I'm wondering if any governmental entities were in those records as well?

This.


Blackbird
Built for Speed
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Fort Wayne, IN
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reply to Cartel
The article, originating with the CBC, focuses on Canadians, but includes a couple of references to politicians:
quote:
...the files show that a Canadian senator and her husband, one of the country's most prominent class-action lawyers, were beneficiaries of a confidential offshore account in the Cook Islands that was used to make investments via Bermuda. (A related CBC article names them as" Canadian Senator Pana Merchant, named as a beneficiary of a trust set up by her husband, lawyer Tony Merchant.)
...
The leaked data also contains revelations about: ... Top German, French and Swiss banks that set up thousands of secretive companies in offshore havens for such clients as Thai and Pakistani politicians.
...
What will be interesting to discover as this continues unfolding is which, if any, other nations' politicians are involved - and who. In any case, it should definitely be kept in mind that there's nothing inherently illegal for most investors to be involved in offshore tax havens, so long as those investors are in full compliance with their own tax codes and rules for disclosure. It may, however, prove revealing just how many folks, especially politicians, start scurrying for cover if their compliance and disclosures were not complete and legal... or, even if legal, might prove politically embarrassing.
--
“The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money.” A. de Tocqueville