Cyprus Confidential Investigation is a joint reporting project by The Bureau of Investigative Journalism, ICIJ, and other media outlets that investigated the offshore services in Cyprus.
It was led by the International Consortium of Investigative Journalists (ICIJ) and Paper Trail Media and revealed significant insights into the offshore services in Cyprus. Some of the key findings of the investigation include:
Analysis of more than 3.6 million leaked documents found nearly 800 companies and trusts, including over 650 Cyprus companies and trusts.
The investigation was based on seven separate leaks from six Cyprus-based firms: Cypcodirect, DJC Accountants, Kallias & Associates, MeritKapital, and MeritServus, as well as one Latvian company.
The leaked files show how Cypriot firms provided services to help key backers of Russian President Vladimir Putin's regime shelter assets and evade sanctions.
The investigation exposed the role of global accounting giant PwC in helping Russia's richest industrialist, Alexey, transfer a $1.4 billion investment to his life partner in a bid to elude European Union sanctions.
The reporting revealed hidden payments by middlemen close to Russian oligarchs to a famous German bank, as well as the involvement of Petr Aven, one of the key strategists behind Russian financial sanctions evasion.
These findings highlight the role of Cyprus as a gateway for Russian oligarchs and other billionaires with murky histories to move their cash from Russia to Europe, exploiting the island's financial and legal services.
What is the role of Cyprus in the offshore financial system? Cyprus plays a significant role in the global offshore financial system, attracting billions of euros in deposits from the Middle East, Northern Africa, and the former Soviet Union.
The country has built a successful offshore financial industry since the mid-1970s, serving as a gateway for Russian oligarchs and other billionaires with murky histories to move their cash from Russia to Europe. The Cypriot offshore financial sector, while not as large as other offshore centers, has provided services to help key backers of Russian President Vladimir Putin's regime shelter assets and evade sanctions.
Cyprus's offshore financial sector has been facilitated by its preferential tax regime, an extensive network of double tax treaties, and a legal and accounting framework based on U.K. law and practice, among other factors
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