Shadow Economy

More than half the world's money passes almost undetected through a series of financial black holes that shelter it from not only the tax collector but from shareholders, partners and wives, a Tribune-Review investigation found. Once employed by gangsters such as Meyer Lansky and Lucky Luciano, these secret bank accounts have grown so vast and lawless that some experts tell the Trib they fear the amount of money involved threatens societies from China to Africa, Europe and the United States. World leaders railed against the impact of secret havens during the G20 summit in Pittsburgh three years ago.

Internal Revenue Service: Offshore accounts yield $5.5 billion

Thousands of U.S. citizens with offshore accounts have fessed up to hiding money and paid the Internal Revenue Service about $5.5 billion in back taxes ...

Exporting natural gas risky business for U.S.

Sitting with about 100 landowners inside the Wysox fire hall, Carolyn Knapp listened to a gas company landman discuss the money that would come from ...

U.S. ranks among top financial secrecy havens

Described by the FBI as a "ruthless criminal," Russian gangster Semion Mogilevich used a tiny magnet firm in Southeastern Pennsylvania to defraud thousands ...

Africa's wealth floods offshore as corrupt leaders, corporations use banks to hide fortunes

Bonny Island off the west coast of Africa was the last place many slaves saw before being hauled to the New World. Centuries ago, corrupt African ...

Offshore accounts relatively easy to open

The cash sits about 1,600 miles away in an obscure Central American country with palm-lined streets and sandy beaches that neither of us has visited. For ...

'Huge flaw' in nation's tax code aids government contractors

When the United States needs fuel for planes and ships, it often turns to Miami-based World Fuel Services. But rather than sending money to the company's ...

Overseas corporate holdings dwarf economies of tax havens

Multinational corporations hold an estimated $1.5 trillion in cash overseas, dwarfing the entire economies of some tax haven countries where the money has been stashed, ...

Corruption enables trillions to slip out of China

Political and business leaders in China are illegally placing hundreds of billions of dollars in offshore bank accounts, drastically undermining one of the world's largest ...

Chinese trial clouds billion-dollar laundering racket

The recent publicized trial of a woman once called the Jackie Kennedy of China dramatically altered the true picture of what brought down her husband, ...

HSBC holds $2B for anticipated fines, costs of laundered money

HSBC Holdings Plc, the London-based international bank accused of helping terrorists, drug lords and criminals launder money through secret bank accounts by engaging in lax ...

Market for secret bank accounts spreads

Secret bank accounts hold more money than the economies of the United States and Japan combined. They are growing rapidly and pose devastating effects around ...

HSBC compliance director resigns amid Senate findings

WASHINGTON — The top compliance officer at HSBC announced his resignation on Tuesday as other top bank officials and the U.S. Comptroller expressed regret in ...

From a West Virginia hilltop to Hong Kong, investigators follow secret money

VIENNA, W.Va. — The trail to Dr. Barton Adams' money ran from the wooded, dead-end street where he used to live above this Ohio River ...

Trillions hidden in offshore accounts

More than half the world's money passes almost undetected through a series of financial black holes that shelter it from not only the tax collector ...

Shadow Economy