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OFFSHORE LEAKS INSIDE THE GLOBAL OFFSHORE MONEY MAZE.

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Presentation on theme: "OFFSHORE LEAKS INSIDE THE GLOBAL OFFSHORE MONEY MAZE."— Presentation transcript:

1 OFFSHORE LEAKS INSIDE THE GLOBAL OFFSHORE MONEY MAZE

2 Founded in journalists in 60+ countries Three criteria: 1)Is this an issue of global concern? 2)Are the systems designed to protect people broken? 3)Are we likely to produce impact? ICIJ = Cross-border collaborative journalism

3 Offshore Leaks investigation 2.5 million files in a hard drive 10 offshore jurisdictions & 170 countries 30 years of s, databases, documents Largest leak of offshore financial data Initial team of 10 reporters  today 112 reporters in 58 countries More than 40 media orgs (Guardian, Le Monde, Washington Post, BBC, CBC, etc.)

4 Key Findings Politicians and families in Azerbaijan, Russia, Pakistan, etc., big users of offshore. Mega-rich use offshore to protect yachts, art, etc. Big banks aggressively provide customers with offshore secrecy. Industry of accountants and middlemen helps offshore patrons hide identities and interests. Offshore hideaways SOP among Ponzi schemers and other big fraudsters

5 Impact Official inquiries in Israel, South Korea, Philippines, Greece, India, Austria, etc. Europe’s “Banker of Year” resigns Mongolian Parliament’s deputy speaker sacked Police raids target S. Korea’s ex-president and family 11 S. Koreans pay $64 million over undisclosed offshore assets France’s president vows to “eradicate” tax havens EU tax chief: Offshore Leaks key “trigger” in transformation of tax politics in Europe

6 Tackling data Sharing technology Secure online forum Country lists Data goes Online: Interdata

7 How we did it Public figures: govt and business Offshore data does not provide full picture  court records; property & co. registries; interviews; regulatory bodies Accuracy  fact-checking Treat subjects fairly Source protection We all publish together

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17 ICIJ Offshore Leaks Database

18 Contact info Michael Hudson Senior Editor International Consortium of Investigative Journalists


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