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OFFSHORE LEAKS INSIDE THE GLOBAL OFFSHORE MONEY MAZE
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
Contact info
• Michael Hudson Senior EditorInternational Consortium of Investigative Journalists
• 347-435-3678
