The International Consortium of Investigative Journalists just published a huge database about how some of the world’s wealthiest and most powerful people legally hide their cash — dubbed the “Panama Papers.”
Nestled within the database of 200,000 companies, trusts, foundations, and funds incorporated in 21 countries, is information about where many of the largest banks around the world legally shelter cash for rich people.
The findings of the so-called Panama Papers investigation were first unveiled at the beginning of April.
Over 11 million documents held by the Panama-based law firm Mossack Fonseca had been leaked to the German newspaper Süddeutsche Zeitung. The paper shared the information with the ICIJ, which is made up of 107 media organisations in 78 countries.
The global news outlets examined 28,000 pages of documents, also revealing the full scale of the tax breaks won by 340 companies. The ICIJ published this statement on their website along with the documents: “There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly.”
The details of the investigation have already claimed the scalp of Spain’s acting industry minister Jose Manuel Soria and Icelandic Prime Minister Sigmundur David Gunnlaugsson — both of whom stepped down because of activities exposed by the Panama Papers documents.
Business Insider took a quick look at what offshore entities banks and their subsidiaries are using to shelter cash. We have taken a spider map for one of the selected bank’s units as an example. Each green dot represents an offshore entity with associations to the bank or bank subsidiary:
UBS AG London -- 43 offshore entities. There are 29 UBS units and people listed in the database as having offshore entities or being a director of one.
Royal Bank of Scotland -- 1 offshore entity. It's called Yellow River Investments Limited and has 17 other master clients. There are only two RBS units that are linked to offshore entities.
HSBC Private Bank (Suisse) SA -- 18 offshore entities. There are 63 HSBC master clients and officers related to offshore entities in total.
JPMorgan Chase Bank -- 4 offshore entities. There is other JPMorgan Chase Bank entities (ending with NA) also has links to 6 offshore entities.
Goldman Sachs (Singapore) Pte Ltd -- 24 offshore entities. Alongside Goldman's Singapore unit there are three other Goldman units that are officers and master clients of offshore funds and firms and they are all Asia based.
Credit Suisse Group -- 1 offshore entity. Credit Suisse Group, the overarching firm for all of the Swiss bank's operation has one offshore entity, Milan Investment Limited. The bank became a shareholder in Milan on June 9 2006, the ICIJ reports.
Standard Chartered Bank -- 16 offshore entities. Standard Chartered's main banking entity is the of such firms as Medal Gold Offshore Ltd, and Popular Forever Worldwide Ltd.
Deutsche Bank AG, Hong Kong -- 59 offshore entities. Deutsche Bank is headquartered in Frankfurt, Germany and the main bank has no offshore entities attached to it. However, the ICIJ's data shows 59 offshore entities attached to the bank's Hong Kong subsidiary.
Barclays Private Bank -- 2 offshore entities. Barclays' Private banking arm includes two offshore entities, Prince Path and Skylight Financial Services.
Societe General Bank & Trust (Sinagpore) -- 48 offshore entities. Sociéte Générale is based in France. The bank's main entity has no offshore companies associated with it, the Panama Papers show, however there are nearly 50 entities linked to the bank's Singapore operation.
RBS Coutts Singapore -- 17 offshore entities. RBS-owned Coutts is famous for being the bank of many of Britain's oldest families and richest people. While its main UK unit has no offshore entities, the bank's Singapore arm does.
Commerzbank International Trust Singapore -- 35 offshore entities. The Singapore-based International Trust unit of Commerzbank -- one of Germany's largest banks -- has 35 offshore entities, including Juvenus Corporation, and White Horse Ventures Ltd.
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