April 4, 2016

Offshore money pit for world leaders

Buzzfeed - 11.5 million records from Panama-based law firm Mossack Fonseca, dating back almost 40 years. The records show 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,” the International Consortium of Investigative Journalists reveals.

The leak shows how associates of Russian President Vladimir Putin secretly shuffled as much as $2 billion through banks and shadow companies, the ICIJ reports.

The prime ministers of Iceland and Pakistan, the president of Ukraine, and the king of Saudi Arabia are among the current and former world leaders tied to companies mentioned in the documents.

Offshore companies have also been linked to the family of Chinese President Xi Jinping and the files show new details of offshore dealings by the late father of British Prime Minister David Cameron.  
By the numbers
  • Around 214,000 offshore entities are connected to people in more than 200 countries and territories.
  • About 500 banks (including their subsidiaries and branches) created more than 15,000 offshore companies for their customers through Mossack Fonseca.
  • Names of more than 140 politicians and public officials, including 12 current and former world leaders, show up in the data.

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