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. […]
More Free Trade Zones for these folks to make hiding their money easier