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OFFSHORE LEAKS

OFFSHORE LEAKS

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OFFSHORE LEAKS

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  1. OFFSHORE LEAKS INSIDE THE GLOBAL OFFSHORE MONEY MAZE

  2. Founded in 1998 • 175 journalists in 60+ countries • Three criteria: • Is this an issue of global concern? • Are the systems designed to protect people broken? • 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 emails, 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 accountantsand middlemen helps offshore patrons hide identities and interests. • Offshore hideaways SOP among Ponzischemers 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

  8. ICIJ Offshore Leaks Database http://offshoreleaks.icij.org/

  9. Contact info • Michael Hudson Senior EditorInternational Consortium of Investigative Journalists • mwhudson@gmail.com • 347-435-3678