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| Painting by Karl Kuerner |
In an
exclusive work of enterprise reporting by the International Consortium of
Investigative Journalists revealed a cache of leaked documents, which provides
names of politicos and others linked to more than 175,000 Bahamian companies.
Click the
following link:
KEY FINDINGS BY ICIJ:
Millions of
leaked files from two financial service providers, a private bank in Jersey and
the Bahamas corporate registry reveal how tax havens around the world are used
to hide riches.
Government
officials and their families and associates in China, Azerbaijan, Russia,
Canada, Pakistan, the Philippines, Thailand, Mongolia and other countries have
embraced the use of covert companies and bank accounts.
The
mega-rich use complex offshore structures to own mansions, yachts, art
masterpieces and other assets, gaining tax advantages and anonymity not
available to average people.
Many of the
world’s top’s banks – including UBS, Credit Suisse and Deutsche Bank – have
aggressively worked to provide their customers with secrecy-cloaked companies
in the British Virgin Islands and other offshore hideaways.
A well-paid
industry of accountants, middlemen and other operatives has helped offshore patrons
shroud their identities and business interests, providing shelter in many cases
to money laundering or other misconduct.
Ponzi
schemers and other large-scale fraudsters routinely use offshore havens to pull
off their shell games and move their ill-gotten gains.
