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Uncovering the Global Offshore Money Network

Dive into the world of offshore financial secrecy with the International Consortium of Investigative Journalists. Explore the impact of offshore leaks on global politics and finance, uncover key findings, and learn how data is tackled meticulously. Join the fight for transparency and accountability.

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Uncovering the Global Offshore Money Network

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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

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