From the Eleventh
The International Consortium of Investigative Journalists (ICIJ) has revealed that the Governor of Bank Negara Malaysia, Tan Sri Zeti Aziz and her family has links to offshore bank accounts. They are a “master client” of several offshore entities as stated by the Swiss banking major UBS AG figures.
What is a Master Client?
1. It refers to an intermediary or go-between, which helps a client to set up offshore entities.
2. Offshore bank accounts are used by the wealthy to avoid taxes, protect assets from the reach of the law while maintaining a high level of secrecy.
Who Are The International Consortium Of Investigation Journalist (ICIJ)?
The International Consortium of Investigative Journalists is a global network of more than 190 investigative journalists in more than 65 countries who collaborate on in-depth investigative stories.
What was the investigation’s outcome?
The UBS AG’s Singapore unit had helped Zeti Aziz’s family to set up the British Virgin Islands while the company named Portcullis TrustNet Group appeared on the record and register keeper of the family’s offshore companies.