The International Consortium of Investigative Journalists (ICIJ) has announced the Russian Archive, a document that revealed the hidden wealth of oligarchs, elites close to President Vladimir Putin.
This was confirmed in a statement issued by the group of investigative journalists and seen by Nairametrics on Thursday.
According to the group, the development is in response to the brutal invasion of Ukraine, which made governments around the world impose a series of unprecedented economic sanctions against Russia, its oligarchs and the political leaders surrounding Putin.
What ICIJ is saying about Archive
It stated, “Russian elites have long been important clients of the secretive offshore financial industry that helps to funnel vast wealth — much of it stolen public assets — out of Russia and into Western bank accounts, financial instruments, lavish homes, yachts and other stores of value.
“And for 10 years, the International Consortium of Investigative Journalists, the global leader in cross-border collaborative journalism, has worked to expose this ill-gotten wealth, along with the secretive offshore network that helps to hide it.
“Starting with the groundbreaking Offshore Leaks in 2013, followed by Bahamas Leaks, Luxembourg Leaks, Swiss Leaks, the celebrated Panama Papers of 2016, the Paradise Papers, Mauritius Leaks, Luanda Leaks, last year’s massive Pandora Papers, and others, ICIJ has worked to locate and identify billion-dollar networks of wealth tied to Russian President Vladimir Putin and his closest allies. ICIJ’s reporting has uncovered secret accounts and their owners, shadowy transfers of huge amounts of cash and untold wealth tied up in offshore companies and luxury assets.“
It added that ICIJ also compiled and maintain the Offshore Leaks Database, which contains information on more than 800,000 offshore entities found in the leaks, covering more than 80 years to 2018 and linking individuals and companies in more than 200 countries and territories.
“Today, ICIJ announces the Russia Archive, a library of previous Russia-related exposés, now the focus of renewed interest, as well as ongoing investigations into the hidden wealth of the Putin regime’s ruling elites. Along with our network of media partners, ICIJ continues to mine tens of millions of files that have accrued from across multiple major leaks, multiple major investigations,” it added.
What you should know about top figures critical to the Russian regime
From one offshore leak to another, ICIJ had revealed how top figures critical to the Russian regime have allegedly funnelled billions into Western bank accounts, financial instruments, lavish homes, yachts, art and other stores of value. Some of them are:
ERNST SANCTIONED
Top propagandist and boss of Russia’s leading TV network, Konstantin Ernst was one of 10 figures from Putin’s inner circle sanctioned by Canada today. Ernst was the subject of a major Pandora Papers investigation.
The Canadian Prime Minister Justin Trudeau had announced economic sanctions against 10 close allies of Russian President Vladimir Putin, including prominent figures in Russia’s media and information apparatus.
Among those targeted by the Canadian sanctions is Ernst, considered Putin’s top image-maker and the head of television broadcaster Channel One, as well as television personality Vladimir Solovyov and Margarita Simonyan, editor-in-chief of state television news network and the Russia Today news agency.
“These sanctions will increase pressure on Russia’s leadership, including on Putin’s inner circle,” Trudeau told reporters on Monday in London, where he met British Prime Minister Boris Johnson and Dutch Prime Minister Mark Rutte.
ERICSSON LIST FALLOUT
Within days of ICIJ’s latest investigation, the telecom giant Ericsson is facing a class-action lawsuit, questions about its $2.6 billion government contract with Malaysia, and the possibility of more civil and criminal penalties.
A Malaysian opposition lawmaker called on the country’s anti-corruption agencies to probe a $2.6 billion government contract with the multinational telecom giant Ericsson following allegations of possible financing of terrorism in Iraq and wide-scale corruption in more than a dozen countries.
Fahmi Fadzil, a member of Malaysia’s People’s Justice Party, asked the Malaysia Anti-Corruption Commission and other authorities to investigate possible corruption and to conduct a full audit of Ericsson’s 10-year-contract with a government-owned entity tasked to oversee the country’s 5G network. Other cases are:
UK DIRTY MONEY
The U.K. announced new anti-money laundering measures (bill) meant to target Russian wealth hidden in the country, citing ICIJ’s FinCEN Files reporting in plans to overhaul the corporate registry Companies House.
The bill would establish a new register of foreign owners of U.K. property, cracking down on the practice of oligarchs buying and holding British real estate through shadowy shell companies registered in other secrecy jurisdictions. Offshore property owners will be forced to reveal and verify their identities or face harsh penalties, including up to five years in prison.
In addition, the bill would also remove barriers to “unexplained wealth orders” (UWOs), an investigative tool used by the National Crime Agency to determine how suspiciously wealthy politically exposed persons obtained their fortunes.
UAE GRAYLISTED
The world’s main anti-money laundering watchdog says the United Arab Emirates needs extra monitoring for dirty money. The Pandora Papers examined the UAE’s thriving offshore industry and its role as a rising hub for financial crime.
The world’s main anti-money laundering watchdog has placed the United Arab Emirates on its “gray list” of countries that need extra monitoring.
The Paris-based Financial Action Task Force said that the UAE has made “significant progress” in enhancing its systems for fighting financial crime, including improvements in its ability to confiscate criminal proceeds and cooperate with investigators from other countries.
ICIJ said, “By using a secret financial system, these elites keep their assets out of sight and out of reach from law enforcement, tax officials and international authorities. Those massive money manoeuvres are now the subject of unprecedented international scrutiny as governments around the world respond to Russia’s brutal invasion of Ukraine through targeted sanctions.
“To highlight and advance what our investigations have uncovered about how the offshore system bolsters networks of wealth behind Putin and his longtime allies, ICIJ is launching the Russia Archive. In the Russia Archive, you can explore past ICIJ exposés on the financial secrets of Russian elites, insights on the professional enablers who’ve made it possible for them to move and hide money offshore, and our ongoing coverage of sanctions regimes, dirty money reforms and more.
“Plus, ICIJ and our media partners around the globe are continuing to mine tens of millions of leaked files from across multiple major leaks to investigate secret money trails tied to more Russian figures and entities now in the spotlight.”
