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Vast Hidden Wealth Revealed in Leaked Records

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Headlined to None 4/4/13


At www.nytimes.com

An enormous leak of confidential financial records has revealed the identities of thousands of wealthy depositors -- including European officials and corporate executives, Asian dictators and their children, and even American doctors and dentists -- who have stashed immense amounts of money in offshore tax havens. The leak of records covers 2.5 million files that disclose information about more than 120,000 offshore companies and trusts and nearly 130,000 individuals and agents, including the wealthiest people in more than 170 countries. It said the files 'illustrate how offshore financial secrecy has spread aggressively around the globe, allowing the wealthy to avoid taxes, fueling corruption and economic woes in rich and poor nations.' The current banking crisis threatening Cyprus, it said, 'is one example of how the offshore system can impact an entire country's financial stability.'

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At www.nytimes.com


 

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