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William Brittain-Catlin Investigates 'Offshore'

Jul 26, 2005 (Fresh Air)

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Cover of 'Offshore: The Dark Side of the Global Economy'

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In his new book Offshore: The Dark Side of the Global Economy, reporter Brittain-Catlin delves into the shadowy world of offshore banking.

He estimates that one-third of the world's wealth — or $7 trillion — and 80% of international banking transactions take place in the shadowy offices of banks in the Cayman Islands or the Islamic financial center of Labuan, Malaysia.

Giant corporations such as Wal-Mart, BP and Citigroup hide their profits in these institutions, away from the eyes of investors and regulators.

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