PA Institute of CPAs honors Trib reporters for '$ecret Economy' work
The Pennsylvania Institute of Certified Public Accountants will honor Tribune-Review investigative reporters Andrew Conte and Lou Kilzer for their “$ecret Economy” work showing how anyone can establish a shell corporation and hide money in an offshore bank account for less than $1,000.
The institute recognized the Trib story “Offshore Accounts Relatively Easy to Open,” ( https://triblive.com/news/allegheny/2641666-74/bank-account-company-belize-offshore-tax-accounts-money-foreign-services#axzz2gOZc5ALB ), published Oct. 6, 2012, with its Truth in Finances Award.
The award “honors excellent, balanced reporting that clarifies financial issues, uncovers financial fraud, or exposes fraudulent activities that harm the financial wellbeing of individuals, communities, or corporations.”
$hadow Economy was a series of stories last year revealing the impacts of corporations and individuals hiding money in offshore accounts. More than half of the world's cash — more than $20 trillion — passes through financial havens in more than 70 jurisdictions worldwide that hide it from tax collectors, shareholders, partners and wives.
The series explained the drain these secret accounts have on economies, hindering growth for poorer nations, and how laws in some states make the United States a hiding place for cash for many Latin Americans and Chinese. Read the series at www.Shadow-Economy.com
Conte and Kilzer will share a $500 cash award and be recognized at the Pennsylvania Newspaper Association's Newspaper of the Year brunch on Nov. 8 at The Sands Resort & Casino in Bethlehem.