Not Just Cyprus: ‘Filthy Rich’ Hiding Funds Off-shore World-wide

posted by Ida B. Wells IV @ 22:48 PM
April 7, 2013

Dirty-Money-Filthy-Rich     Apparently Cyprus was only the tip of worldwide icebergs where wealthy people seek secure places to hide their wealth away from their native taxing nations. They found offshore holdings for people in some 170 countries, including accounts held by some 4,000 Americans.

The Center for Public Integrity (CPI) published a study this week headed by Gerard Ryle, and including five other lead researchers as well as the International Consortium of Investigative Journalists (IJIC).  After pouring through 2.5 million secret files, the team uncovered some 120,000 offshore companies and trusts holding the wealth of crocked politicians and the ultra-rich ‘donors’ they represent.

One of the most astounding statements in the report comes from economist James S. Henry who estimates that ultra-wealthy people have $21 to $32 trillion dollars of private wealth hidden in offshore accounts.  That is more than the combined wealth of the United States and Canada.  Astounding!!

Richard Murphy, research director for Tax Justice Network in Great Britain told Andrew Higgins of the New York Times for his article, ‘Data Leak Shakes Notion of Secret Offshore Havens and, Possibly, Nerves’: “There will be people all over the world today who are now scared witless.

“Secrecy is the key product these places sell. Whether you are a criminal laundering money or just someone trying to evade or avoid taxes, secrecy is the one thing you want.  Once this is gone, it creates an enormous fear factor.”

CPI’s News Report claims:  “To analyze the documents, ICIJ collaborated with reporters from The Guardian and BBC in the U.K., Le Monde in France, Süddeutsche Zeitung and Norddeutscher Rundfunk in Germany, Washington Post, Canadian Broadcasting Corporation (CBC) and 31 other media partners. . . [and]journalists from 46 countries used high-tech data crunching and ‘hard’ reporting to sift through emails, account ledgers and other files covering nearly 30 years.”

Funds include monies individuals stole from national treasuries, such as that of the Marcos family in the Philippines:  foreign+accounts“After learning ICIJ had identified the eldest daughter of the late dictator Ferdinand Marcos, Maria Imelda Marcos Manotoc, as a beneficiary of a British Virgin Islands (BVI) trust, Philippine officials said they were eager to find out whether any assets in the trust are part of the estimated $5 billion her father amassed through corruption.”

A well-known Canadian class action lawyer is now caught lying to his government by checking “no” on a tax form question about $ 100,000 or more deposited in foreign assets.  Now records indicate that in seven years he had shipped money in cash and traveler’s checks to his overseas bank.

The lists also include several politicians hiding funds from their countrymen. It could be considered treasonous to betray trust of others, while forcing a hefty tax burden on them.  As The LORD Jesus says in used Christian Bibles, hypocrites insist that others do as they say, not as they do (Matthew 23: 3).

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