Friday, April 5, 2013
British Virgin Islands Exposed as Largest Tax Haven [$20Tn]
The Guardian newspaper has announced an exclusive scoop on roughly two million internal records that have leaked from Britain's offshore financial industry, primarily from the UK-controlled offshore haven of the British Virgin Islands (BVI). Economists estimate that over $20 trillion could lie in offshore accounts, with the BVI being among the most successful of the "mushrooming secrecy havens."
The records promise to expose the identities of thousands,"from presidents to plutocrats," who burrow their anonymous wealth in havens free of tax or public scrutiny.
Behind the leak is the International Consortium of Investigative Journalists [ICIJ], who have unearthed the names in collaboration with The Guardian and other international media outlets, who are jointly publishing the bulk of the results later this week.