The International Consortium on Investigative Journalists provides a comprehensive summary of the massive leak of documents convicting 128 politicians as well as 12 former and current world leaders in one of the biggest financial scandals of the century. The files expose offshore companies held by various top officials such as the Prime Minister of Iceland, the kings of Saudi Arabia and Morocco, the children of the president of Azerbaijan, and go as far up as Russian President Vladamir Putin. The leaked data goes back nearly 40 years, and feature world leaders running on platforms of anti-corruption.
The article begins as follows:
A massive leak of documents 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 leak also provides details of the hidden financial dealings of 128 more politicians and public officials around the world.
The cache of 11.5 million records shows how a global industry of law firms and big banks sells financial secrecy to politicians, fraudsters and drug traffickers as well as billionaires, celebrities and sports stars.
These are among the findings of a yearlong investigation by the International Consortium of Investigative Journalists, German newspaper Süddeutsche Zeitung and more than 100 other news organizations.
The files 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 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 like North Korea and Iran.
One of those companies supplied fuel for the aircraft that the Syrian government used to bomb and kill thousands of its own citizens, U.S. authorities have charged.
“These findings show how deeply ingrained harmful practices and criminality are in the offshore world,” said Gabriel Zucman, an economist at the University of California, Berkeley and author of “The Hidden Wealth of Nations: The Scourge of Tax Havens.” Zucman, who was briefed on the media partners’ investigation, said the release of the leaked documents should prompt governments to seek “concrete sanctions” against jurisdictions and institutions that peddle offshore secrecy.
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Posted by Pooja Shivaprasad, Associate Editor, Wealth Strategies Journal