Leaked records expose huge offshore tax havens used by families of CCP elite: Shanghaiist

A newly-published report by the International Consortium of Investigative Journalists reveals some 22,000 clients from mainland China and Hong Kong who are stashing their money away in offshore acounts in the British Virgin Islands and other locales. The clients include family members of many preeminent CCP elites, including Xi Jinping and Wen Jiabao.

Many of the holdings are managed by top international banks, including UBS, Credit Suisse, and Deutsche Bank, which have topnotch reputations for secrecy. These banks acted as middlemen for Chinese clients to establish trusts and companies in the British Virgin Islands, Samoa, and other islands whose primary reason for existence is the hiding of wealthy people\’s funds.

There are some big, big names involved in this case, as the ICIJ reports:

The confidential files include details of a real estate company co-owned by current President Xi Jinping’s brother-in-law and British Virgin Islands companies set up by former Premier Wen Jiabao’s son and also by his son-in-law. […]

Chinese officials aren’t required to disclose their assets publicly and until now citizens have remained largely in the dark about the parallel economy that can allow the powerful and well-connected to avoid taxes and keep their dealings secret. By some estimates, between $1 trillion and $4 trillion in untraced assets have left the country since 2000. […]

via Leaked records expose huge offshore tax havens used by families of CCP elite: Shanghaiist.


More Free Trade Zones for these folks to make hiding their money easier

Settlers uproot hundreds of trees near Ramallah | Maan News Agency

Israeli settlers uprooted over 600 recently planted olive and almond saplings in a village north of Ramallah on Wednesday, a Palestinian Authority official said.

Ghassan Daghlas, an official who monitors settlement activity in the northern West Bank, told Ma\’an that a group of settlers from Givat Ariel and Maale Levona uprooted newly planted saplings in the village of Sinjil.

Daghlas said Israeli police opened an investigation into the incident.

The saplings were planted by the International Committee of the Red Cross to support Palestinian farmers, Daghlas said.

More than 70 families would have benefited from the trees, he added.

via Settlers uproot hundreds of trees near Ramallah | Maan News Agency.

Today in shitty treatment of women athletes

Canadian tennis player Eugenie Bouchard just became the first woman from her country to advance to the semis of the Australian Open in over three decades. Way to go, Eugenie! What do you want to know about her history-making game? How she prepped before facing Ana Ivanovic? What she thinks put her over the edge in this match? How high she thinks she can rise in this tournament? Duh, of course not, you want to know what man she’d date if she could date any man in the whole wide world. Because that’s so relevant to tennis!

via Today in shitty treatment of women athletes.