Arab Today, arab today offshore accounts data reveal financial crimes in us
Last Updated : GMT 10:57:41
Arab Today, arab today
Arab Today, arab today

Over 23 companies linked to $230m tax fraud

Offshore accounts data reveal financial crimes in US

Arab Today, arab today

Arab Today, arab today Offshore accounts data reveal financial crimes in US

At least 30 US citizens have been accused of criminal cases for fraud and misconduct
Washington - Arabstoday

At least 30 US citizens have been accused of criminal cases for fraud and misconduct A trove of data obtained by a US-based journalists' group that details thousands of offshore accounts reveals several instances of swindles and other financial crimes, The Washington Post newspaper reported on Sunday. Among the 4,000 US individuals listed in the records, at least 30 were American citizens accused in lawsuits or criminal cases of fraud, money laundering or other serious financial misconduct, the report said.
They include billionaire hedge fund manager Raj Rajaratnam, who was convicted in 2011 in one of the biggest insider trading scandals in US history, and Paul Bilzerian, who was convicted of securities fraud, the paper noted.
The report was the latest by prominent newspapers around the world which were given copies of the data for scrutiny by the Washington-based International Consortium of Investigative Journalists.
The head of the ICIJ, Gerard Ryle, obtained the data -- involving 2.5 million records of more than 120,000 companies and trusts set up by two offshore companies operating in the British Virgin Islands and in Asia and the South Pacific -- on a hard drive after investigating a fraud and offshore haven case in Australia.
Several newspapers, including France's Le Monde and Britain's Guardian, have been publishing revelations based on the data.
The Washington Post's report said the records contained information on at least 23 companies linked to an alleged $230m tax fraud in Russia that was investigated by a Moscow-based lawyer named Sergei Magnitsky.
After Magnitsky informed Russian authorities of his findings, he was accused of fraud himself and thrown in prison, where he died in 2009 under suspicious circumstances.
One of the companies mentioned in the records was used to set up Swiss bank accounts, into which the husband of a Russian tax official deposited millions in cash, the paper said.
Today, there are between 50 and 60 offshore financial centres around the world holding billions of dollars at a time of historic US deficits and budget cuts, The Washington Post said.
Groups that monitor tax issues estimate that between $8tn and $32tn in private global wealth is parked offshore, according to the paper.
According to fraud experts, offshore bank accounts and companies are vital to those wishing to conceal complex financial crimes.
For example, Allen Stanford, who ran a $7bn Ponzi scheme, used a bank he controlled in Antigua, The Post noted.
And Bernard Madoff, who ran the largest Ponzi scheme in US history, used a series of offshore "feeder funds" to fuel the growth of his scam.
The Washington Post quoted a top official in the US Justice Department's fraud section, Paul Pelletier, as saying US owners of offshore accounts were sometimes trying to hide money from US tax authorities, law enforcement or regulators.
"As a prosecutor, it was very difficult pursuing these people," he said.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today offshore accounts data reveal financial crimes in us Arab Today, arab today offshore accounts data reveal financial crimes in us

 



Arab Today, arab today
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 10:01 2017 Tuesday ,21 February

Egypt pound rebounds from flotation slide

GMT 09:57 2017 Tuesday ,21 February

Greece agrees to bailout reforms compromise

GMT 09:55 2017 Monday ,20 February

Thailand 2016 growth up but below junta target

GMT 09:29 2017 Monday ,20 February

Kraft Heinz withdraws bid for Unilever

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank

GMT 18:23 2017 Sunday ,19 February

Darwesh vows to provide job opportunities for youth

GMT 12:10 2017 Sunday ,19 February

Welcomes the F&B solution of the future
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday