The International Consortium of Investigative Journalists teamed up with the Norbert Zongo Cell for Investigative Journalism (Cenozo) to delve deep into 27.5 million files from the Offshore Leaks, Swiss Leaks, Panama Papers and Paradise Papers to investigate how the super-rich in 15 West African countries have looted their countries' wealth and then smuggled it offshore through a network of tax-havens, even as their countries starve.
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One cute side-effect of Brexit is that it got the UK out of pending EU rules limiting financial secrecy as part of a crackdown on money laundering by looting dictators, one percenters, and criminals; the Tories had put a process in train to come up with a made-in-Britain version, which was always going to be weaksauce thanks to the outsize influence of the City of London and its finance bosses on UK politics, but even that was killed by Theresa May's disastrous snap elections last year.
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The financial secrecy regimes in New Zealand and the UK create many opportunities for "jurisdictional regulatory arbitrage," playing each system's weaknesses off against the other to operate in near-perfect secrecy, creating companies whose owners are anonymized but still able to cash out the firms' profits -- an enormous boon to fraudsters who run Ponzi schemes and other dodgy enterprises that rely on the UK and New Zealands' reputation as places of good governance and financial uprightness.
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Kleptocrat is an Ios-only mobile game that challenges players to play as billionaire tax-dodgers, who construct ruses to hide their money from the tax authorities in the countries where the state guards their wealth, educates the workforce, and keeps everyone from dropping dead of infectious diseases.
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The EU's new blacklist of 17 money-laundering financial secrecy states includes South Korea, Mongolia, Namibia, Panama, Trinidad & Tobago, Bahrain and the United Arab Emirates, and also includes a long-list of places like Guam, Jersey, Guernsey and the Isle of Man.
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The New York Times has collaborated with Berkeley economics prof Gabriel Zucman to produce an interactive explainer that walks through the baroque tax-evasion strategies deployed by multinationals like Google and Apple, as well as the super-rich, using plain language and explanatory graphics to get past the deliberately eye-glazing tedium of these arrangements, a shield of boringness that has allowed the super-rich to hide $8.7 trillion from tax authorities while taking advantage of national courts, education, roads, police, and health care.
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1.4TB/13.4 million documents have leaked from Appleby, the offshore law-firm that is part of the "magic circle" of firms employed by the super-rich to manipulate their finances; the documents are supplemented with another "offshore provider"'s files, and the company registries of 19 tax havens.
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Daphne Caruana Galizia, one of the lead journalists on the Panama Papers story, has been assassinated by a car-bomb in the town of Bidnija in northern Malta. Read the rest
When Thomas Piketty and his team undertook their landmark study of wealth inequality in the world, they had to rely on the self-reported income of the super rich to see just how income was distributed -- by definition, they couldn't directly measure the unreported income hidden in tax havens (though they did estimate it, with what was eventually shown to be pretty good precision). Read the rest
The 2016 Panama Papers story confirmed that many world leaders were availing themselves of money-laundries to secretly funnel their wealth offshore, with results ranging from severe embarrassment to radical changes in governments. Read the rest
One of the consistently underreported elements of Brexit and all that's come after it is that leaving the EU will also let the UK -- the world's most prolific launderer of filthy criminal money -- escape the tightening noose of European anti-money-laundering measures. Read the rest
As Brexit shambles on, UK Tory Parliamentarians and Theresa May are spoiling for a re-run of the Falklands Island debacle, this time over Gibraltar, a British outpost at the tip of Spain. Read the rest
Though the October polls that predicted a great showing for the Pirate Party in the Icelandic elections turned out to be wrong, that election did end with a deeply divided parliament that has been unable to find enough common ground upon which to form a new government. Read the rest
Edward Snowden videoconferenced with a journalism roundtable at Editors Lab participants at Süddeutsche Zeitung (home of the Panama Papers) about the effect of state surveillance on a free press. Read the rest
Sociologist Brooke Harrington got her Trust and Estate Planning certification in order to study the super-secretive world of the wealth managers who are in charge of hiding the $21 trillion controlled by the world's super-rich from tax authorities, feckless descendants, religious leaders, tax justice activists, kidnappers and extortionists. Read the rest
Nobel prize-winning economist Joseph Stiglitz has resigned from the Panamanian committee set up to probe the country's money-laundering industry in the wake of the Panama Papers leak, because the Panamanian government has reneged on its promise to publish the committee's findings and now says it will keep them secret. Read the rest
