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China's elite linked to offshore tax havens


The Sydeny Morning Herald reported that close family members of China’s political elite, including the brother-in-law of President Xi Jinping, have been exposed as operating companies in offshore tax havens, citing leaked financial documents obtained as part of a major international investigation.

The confidential documents, part of 2.5 million files obtained by the International Consortium of Investigative Journalists, reveal the use of secretive entities in the Cook Islands or British Virgin Islands by a cross-section of China’s most powerful political, military and business elite, the newspaper said.

Among them are some of China’s most powerful men and women – including at least 15 of China’s richest, members of the National People’s Congress and executives from state-owned companies now embroiled in corruption scandals, according to the report.

While the ownership of secret offshore accounts does not necessarily imply illegal conduct, the secretive nature of such offshore accounts make auditing difficult and has the potential to help shroud the true extent of the party elite's wealth, the consortium said.