Darcie Draudt, Charles McClean, Will Piekos, and Sharone Tobias look at the top stories in Asia this week.
1. Report reveals that several of China’s top leaders hold trillions in offshore accounts. A new report by the International Consortium of Investigative Journalists (ICIJ) revealed nearly 22,000 tax haven clients from Hong Kong and mainland China. Among the confidential files cited, there are details of a real estate company co-owned by President Xi Jinping’s brother-in-law, and British Virgin Island companies set up by former Premier Wen Jiabao’s son and son-in-law. The report also states that PricewaterhouseCooper, UBS, and other Western banks have acted as middlemen aiding in setting up the offshore accounts. According to the report, “by some estimates, between $1 trillion and $4 trillion in untraced assets have left the country since 2000.” The ICIJ website is now blocked in China. Read more »