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Massive Data Leak Exposes Offshore Financial Secrets

Published: April 4, 2013 | 12:03 pm
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(CNA)-They sought the utmost secrecy in offshore tax havens. But now some of the world’s wealthiest citizens are having their undisclosed financial records laid bare, reports CBS News.
An unprecedented leak of documents is revealing the closely guarded investment information of more than 100,000 people around the world.
In what is believed to be one of the largest ever leaks of financial data, the Washington, D.C.-based International Consortium of Investigative Journalists has received nearly 30 years of data entries, emails and other confidential details from 10 offshore havens around the world.
CBC News has partnered with the ICIJ over the last seven months to gain exclusive Canadian access to the information. Thirty-seven media outlets in 35 other countries are also involved.
As reported by CBC News yesterday, the files show that a Canadian senator and her husband were beneficiaries of a confidential offshore account in the Cook Islands that was used to make investments via Bermuda.The leaked data also contains revelations about:
Elite Russian scammers who stole $230 million from the country’s treasury in a deadly heist that sparked a diplomatic row with the U.S.
The fraudster hit with the second-biggest fine in history from Ontario’s stock-market regulator.
Top German, French and Swiss banks that set up thousands of secretive companies in offshore havens for such clients as Thai and Pakistani politicians.

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