The Pandora Papers are the latest development in a series of investigations into how the world’s most powerful and wealthiest individuals use offshore accounts.
Documents that are being reported by international association of investigative journalists (ICIJ) made international headlines on Monday for its revelations – and it continues to do so, as Granthshala powers begin to deny any wrongdoing.
According to its website, the ICIJ spent more than a year scouring the 11.9 million records it reports. The project is similar to the group’s investigations into the Panama Papers and the Paradise Papers.
So what are the Pandora Papers, and why are they making headlines?
ICIJ brought together over 600 journalists from 150 media outlets in 117 countries to work on the project. The consortium examined 2.94 terabytes of data leaked in various forms such as emails and spreadsheets. The group said on its website.
In all, more than 330 politicians, 130 billionaires, celebrities, fraudsters and drug dealers were identified as using offshore accounts in secret jurisdictions.
The investigation also reveals how banks and law firms deal with offshore providers to create complex structures, and how US trust providers took advantage of some state laws that allow wealthy foreign clients to pay taxes in their home countries. Encourage secrecy to help hide money to avoid.
“The new data leak should be a wake-up call,” Green Party MP in the European Parliament, Sven Gigold, said in an Associated Press story. “Granthshala tax evasion fuels Granthshala inequality. We now need to expand and intensify countermeasures.”
During the reporting, several Granthshala elites have been named, including Jordan’s King Abdullah, who amassed nearly US$100 million in US and UK real estate between 2003 and 2017 by firms registered in the tax haven.
Abdullah, a London law office representing DLA Piper, told ICIJ that he “has not at any time misappropriated public funds or used any aid or proceeds of aid for public use,” Reuters report of.
The Prime Minister of the Czech Republic, Lady Babis, was also named in the reporting as US$22 million was moved through offshore companies to purchase a property on the French Riviera in 2009. His ownership was kept secret, but the report did not say whether the deal broke the law.
During Sunday’s televised debate ahead of the 8 and 9 October elections, Babis denied any wrongdoing, saying, “The check was taxed on the money left at the bank, it was my money, and the check returned to the bank.” Gone,” Reuters reported.
In addition, members of the inner circle of Russian President Vladimir Putin, as well as close confidants of the Prime Minister of Pakistan, came to the fore. Imran Khan.
For James Cohen, the Pandora Papers are redefining the definition of offshore accounting.
“The term ‘offshore’ no longer means outside the country,” the executive director of Transparency International Canada told Granthshala News.
“There is already a revelation coming out of the Pandora Papers that South Dakota is a very prime jurisdiction for incorporation of anonymous companies.”
one of the following The discovery of the project was that South Dakota was used for financial secrecy. Documents show that about US$360 billion in client assets was sitting in trusts in the state. One of the largest trust companies out there, the South Dakota Trust Company has international clients in 54 countries.
Michael Smart, a professor of economics at the University of Toronto, told Granthshala News that over the years this type of reporting has given the general public a better understanding of how much money is flowing through tax-haven jurisdictions.
Smart said, “It’s been a very significant change over the years – how much of the Granthshala capital, businesses and individuals that are saving and investing money, is in some way channeled through these tax-haven jurisdictions.” being done.” He is also the co-director of Finance of the Nation, an academic think tank on tax and spending issues.
“Again, there is nothing illegal in this; Canadians and others are allowed to keep their money where they want, but it raises questions because it can be very difficult for the Canada Revenue Agency to … the amounts that are flowing out of those places.”
In a statement to Granthshala News, Canada Revenue Agency (CRA) spokesman Christopher Doody said the agency would continue to protect the country’s tax system.
“Following the recent release of the Pandora Papers, the Canada Revenue Agency has reiterated that it is committed to protecting the integrity of the Canadian tax system by combating international tax evasion and aggressive tax avoidance domestically and internationally,” Doody said.
“CRA supports all efforts aimed at increasing Granthshala transparency in support of international tax evasion and aggressive tax avoidance.”
Through these investigations, Ottawa has changed the rules and is trying to…