Britain’s offshore financial industry has, reportedly, leaked the identities of millions of individuals from around the world who have hidden away wealth mainly in the British Virgin Islands – commonly referred to as an offshore tax haven.
The individuals who have been identified range from presidents to plutocrats, according to reports.
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The naming project may be extremely damaging for confidence among the world’s wealthiest people, who will not be certain about the size of their fortunes whih has remained hidden from governments so far.
Former chief economist at McKinsey has estimated that wealthy individuals may have as much as US$32 trillion stashed in overseas havens, as exposed by the leak of two million emails and other documents, mainly with regard to BVI.
For instance, in France, Jean-Jacques Augier, President François Hollande’s campaign co-treasurer and close friend, has been forced to publicly identify his Chinese business partner.
In Mongolia, the country’s former finance minister and deputy speaker of its parliament has said he may have to resign from politics as a result of this investigation.
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By GlobalDataThe new BVI data, reportedly, contains more than 200 gigabytes, covering more than a decade of financial information about the global transactions of BVI private incorporation agencies.
