OFFSHORE LEAKS

INSIDE THE GLOBAL OFFSHORE MONEY MAZE

Founded in 1998175 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

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.)

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

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

Tackling data

• Sharing technology• Secure online

forum• Country lists• Data goes Online:

Interdata

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

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

Contact info

• Michael Hudson Senior EditorInternational Consortium of Investigative Journalists

• mwhudson@gmail.com

• 347-435-3678