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Shell’s Bahamas trading office made $6.2 billion in profit from 2018 to 2023 with just 37 staff and a 0% tax rate. Leaked data analysed by SOMO and Leiden University reveals that is 104 times more profit per employee than Shell’s average, achieved by routing standard crude oil through a tax haven.

Palantir earns billions from government contracts around the world, including across Europe. Yet European trade unions say the US tech giant pays next to nothing in tax. How does a company profiting from so much public money contribute so little in return?

Tech giant Palantir accused of ‘agressive tax avoidance’ at Europe’s expense

Tech company Palantir has contracts with governments across Europe yet pays minimal tax in those countries, new research shows. Trade unions and critics say European taxpayers are helping fund a compa...

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As the global hunger crisis worsens, the world's biggest economies are pulling back. The US drove 70% of aid cuts in 2025. Europe also slashed spending. China has given nothing to the World Food Programme this year, while India has contributed relatively little. The UN warns millions could die.

Hunger crisis grows while major donors retreat

Conflict and climate change are driving a global hunger crisis, threatening millions with starvation. But as food insecurity deepens in many countries, wealthy donors are scaling back humanitarian aid...

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He swapped ski racing for shell companies, fraud, and luxury cars. Now he’s in a Milan prison. As the EPPO turns five, we revisit one of its biggest cases: Alexander Mair and a €600m scheme that exposed how vulnerable Europe’s recovery funds were to fraud.

Ski racer swindled hundreds of millions to splash on cars, watches, and property

This summer, as the European Prosecutor’s Office has turned five, FTM revisits some of the office’s biggest, crucial, and weirdest fraud cases. This installment: Operation “Resilient Crime”.

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This week at Follow the Money: 🎙 We launched our summer podcast series by exploring the legacy of murdered Slovak journalist Ján Kuciak 🕵️‍♂️ We revealed new details about the AI researcher suspected of spying on NATO 💣 We examined Estonia’s controversial new deal with a Turkish arms manufacturer

Risky business, deadly consequences

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Ján Kuciak paid the ultimate price for exposing how money and power collide in Slovakia. His murder sparked a movement to finish what he started. In our summer podcast series, Lukáš Diko of Investigatívne centrum Jána Kuciaka joins FTM to discuss Kuciak’s legacy and investigative journalism today.

For a year, she interned at the military heart of NATO. Last week, Canadian AI researcher Claire Z. was arrested on suspicion of spying. Her unusual behaviour and questions about security put her on authorities’ radar. How did an internship turn into an espionage case?

Espionage at NATO: This is the suspect who was arrested last week

After allegations of a spy at NATO’s offices emerged over the weekend, FTM and media partners can reveal details on the identity of the suspect.

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A 2010 leaked document reveals why a carmaker giant saw cleaner engines as a “major risk” – plus a former EU auditor dodges trial and the EU’s diplomatic service claims it doesn’t have a reform memo about itself that everyone else seems to. Read our last Bureau Brussels before the summer break 👇

Why a French carmaker saw greener cars as a ‘risk’

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To protect Europe from Russia, Estonia is getting a new munitions factory. The builder: a Turkish arms manufacturer with an explosive reputation. Why was the country chosen for this company?

This arms manufacturer was jailed in Brussels. Now Estonia is welcoming his investment

As Estonia moves to increase munitions production amid threats from Moscow, a mining town is pinning its hopes on a €300-million investment by a controversial Turkish arms manufacturer.

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This week at Follow the Money: 🌏 China’s secret EU real estate investments exposed 💰 Leaked files reveal Shell’s tax haven billions 🍰 Big Food’s lobby against sugar taxes 🎙️ Podcast: the reality of Brussels’ hydrogen hype Plus partner leaks on Russian tech links & failing polluter pays rules.

Leaks, loopholes & lobbyists

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What do Scottish wind farms have in common with Amsterdam’s Red Light District? They’re both partially owned by China. As it turns out, China’s central bank has quietly injected capital into European infrastructure and real estate. “This is only the tip of the iceberg.”

From police headquarters to wind farms: China’s hidden investments in infrastructure and real estate across Europe

Through an opaque network of shell companies and Luxembourg holding firms, an agency that manages China’s foreign reserves has quietly acquired stakes in Europe’s critical infrastructure, utilities, a...

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Spain has dominated headlines recently, from its FIFA World Cup win to Prime Minister Pedro Sánchez standing firm against Donald Trump. Politically, it has become one of Europe's most progressive voices. But do Spaniards agree? We asked political analyst Elsa Arnaiz Chico.

How did Shell make $6.2 billion through an office with just 37 employees? Leaked financial reports and research by SOMO reveal how the oil giant shifted profits through the Bahamas and other tax havens, potentially depriving countries of billions in tax revenue.

Shell shifted billions in profits to tax havens, leaked files reveal

Leaked financial reports show how Shell moved profits through tax havens such as the Bahamas and Switzerland – potentially depriving developing nations of hundreds of millions of euros. While some of ...

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Should we pay more for sugary foods? For governments, a sugar tax is a simple way to encourage healthier choices. But Big Food companies are doing everything in their power to block these plans – from legal threats to warnings of job losses. And more often than not, they get their way.

A refined strategy: how Europe’s industry lobby managed to block sugar taxes

Across Europe, plans for sugar taxes are being shelved, existing levies watered down, or scrapped altogether. Behind these political decisions lies a recurring pattern: food and soft drink companies d...

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Europe set sky-high targets for green hydrogen. Today, it’s nowhere near meeting them. Journalist Jesse Pinster traced Brussels’ big hydrogen bet back to one professor: Ad van Wijk. How did his vision become that of Europe?

Podcast | The man who sold Brussels the hydrogen dream

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🚨 Calling all investigative journalists! Got an investigation that uncovers corruption, exposes wrongdoing, or holds power to account? Whether you're a freelancer or part of a newsroom, we'd love to hear your pitch. Fill out the form and send it to pitches@ftm.eu.

Pitch your next investigation to Follow the Money

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🇪🇺 The Commission wants a “Brussels perestroika” – a major restructuring. But its transparency claims don’t match its own data. We checked the numbers. Plus: EU tax simplification and maze-like access to the EU’s anti-fraud office.

The Commission’s transparency problem, in its own words

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Is FIFA heading for a red card? After controversy over its ties to Donald Trump, FIFA now risks scrutiny over $1.2 million sent to Russian clubs linked to sanctioned entities. With another round of payments approaching, will it repeat the same foul? Read the full article: www.ftm.eu/articles/fif...

This week's Crime & Corruption newsletter: 🇭🇺 Hungary finally joins EPPO, while its leadership transforms ⚽ FIFA faces heat over US player’s suspension 🇺🇸 US launches offensive against the International Criminal Court By FTM journalists @simonvandorpe.bsky.social & @salsabilfayed.bsky.social

EU prosecutor’s office: more members, more problems?

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Is Spain really Europe’s progressive poster child? 🇪🇸🏛️ Across Europe, Spain is seen as proof that progressive politics can still succeed and govern with confidence. But the reality behind its image as the continent’s left-wing darling is more complicated.

Podcast | Special: Is Spain really Europe’s progressive poster child?

For many observers across Europe, Spain has become a rare success story – offering hope that progressive politics can still succeed, govern, and project confidence on the world stage. But the reality ...

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The latest Secrecy Tracker newsletter is out! 🚨🔐 What's inside? 🇵🇸 Secrecy over EU-funded infrastructure in Gaza ⚖️ Concerns over transparency at the EU’s top court 🇩🇪 Germany’s plans to weaken information access 📱 A new probe into von der Leyen’s texts 🔍 Beneficial ownership updates

Commission buries Gaza audits as EU top court faces transparency backlash

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