I learned about an organization, the ICIJ, the International Consortium of Investigative Journalists. An article in Forbes revealed the leak of the Paradise Papers which disclose how the wealthy elite move money through offshore investments. Many of these offshore entities are very secretive. Investing in any business in the world requires reporting all income to the IRS. Failure to report any earnings in excess of $10,000 may be regarded as a felony.
The existence of a great deal of information was leaked to German newspaper, Süddeutsche Zeitung, and that newspaper asked for help from the ICIJ due to the massive data dump that included over 13 million papers.
Following a link to that site this article caught my eye.
“U.S. Commerce Secretary Wilbur L. Ross Jr. has a stake in a shipping firm that receives millions of dollars a year in revenue from a company whose key owners include Russian President Vladimir Putin’s son-in-law and a Russian tycoon sanctioned by the U.S. Treasury Department as a member of Putin’s inner circle.”
I’m sure that Special Counsel Robert Mueller will find this if his team is not already on the trail.
The existence of this business venture was disclosed to Congress during Wilbur Ross’s confirmation hearing in such an indirect way that no one caught it in committee.
The ICIJ is a treasure trove of information that investigates and shares information.
Other tidbits include:
Sovereign offers one stop shopping for those who want to hide money. The services on the website are comprehensive and blatant in the description of their intent.
The company is still being investigated and hasn’t yet been charged.
“Among the site’s offerings are investment vehicles in New Zealand and Delaware, as well as the usual island tax havens; the Sovereign Gold Card, a prepaid debit card; and its ship and yacht registration service".