Calling the trove of financial information leaked by the International Consortium of Investigative Journalists the “Pandora Papers,” selected news outlets the world over have published stories of hidden wealth secreted in offshore accounts. Who makes up this population of super wealthy tax avoiders and evaders? . . .
. . .35 current and former world leaders, more than 330 politicians and public officials in 91 countries and territories, and a global lineup of fugitives, con artists and murderers. The list of some of the most familiar players on the world stage includes THE:
King of Jordan, presidents of Ukraine, Kenya and Ecuador, prime minister of the Czech Republic and former British Prime Minister Tony Blair. . .Russian President Vladimir Putin’s “unofficial minister of propaganda”. . .India’s cricket superstar Sachin Tendulkar, pop music diva Shakira, supermodel Claudia Schiffer and an Italian mobster known as “Lell the Fat One”. . .mobster, Raffaele Amato
The creation and scope of the offshore system involves key players from – multinational banks, law firms and accounting practices – headquartered in the U.S. and Europe and
<b>highlights how Baker McKenzie, the largest law firm in the U.S., helped create the modern offshore system and continues to be a mainstay of this shadow economy.</b>
Six years ago a similar scheme, branded the “Panama Papers”, leaked from the Panamanian law firm Mossack Fonseca resulted in earth-shaking consequences like police raids and new laws in dozens of countries and the fall of prime ministers in Iceland and Pakistan. It’s not unrealistic to assume similar reforms and fallout will result from this latest leak. Keep your eyes on Latin America, Kenya, UK (Boris Johnson), Azerbaijan, Czechoslovakia, Ukraine, and Cyprus. Additionally,
. . .Vladimir Putin, whom the US suspects of having a secret fortune, does not appear in the files by name. But numerous close associates do, including his best friend from childhood – the late Petr Kolbin – whom critics have called a “wallet” for Putin’s own wealth, and a woman the Russian leader was allegedly once romantically involved with.
On the heels of the Panama Papers came the Paradise Papers which sparked investigations into tax evasion and other criminal activity of the global elite.
Not everyone named in the leaks is guilty of crimes or suspicious dealings. However, for those with high profiles from the past and in the present, knowledge of the wealth they’re “stashing” offshore in tax shelters may cause people’s eyebrows to raise and journalists’ questions to be uncomfortable.
In all, the new leak of documents reveals the real owners of more than 29,000 offshore companies. The owners come from more than 200 countries and territories, with the largest contingents from Russia, the U.K., Argentina and China.
Obviously, what the recent history of hacks and leaks has proven is that it’s getting harder for ill gotten gains to be hidden from the public eye. Some people may look askance at this new world order, but when it comes to world and American politics and politicians, a little sunshine shouldn’t hurt when there’s nothing untoward going on in the picturesque islands and smaller countries of the Caribbean, or the Persian Gulf, or the South China Sea. Make no mistake, legal or illegal, offshore tax havens of the rich hurt the “little people” and explain, in part, why it so easy for the wealth gap to expand.
At least $11.3tn in wealth is held offshore, according to a 2020 study by the Paris-based Organisation for Economic Co-operation and Development (OECD). “This is money that is being lost to treasuries around the world and money that could be used to recover from Covid,” Ryle said. “We’re losing out because some people are gaining. It’s as simple as that. It’s a very simple transaction that’s going on here.” — The Guardian
Monday, Oct 4, 2021 · 1:58:38 AM +00:00
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Limelite
Pandora Papers roil Pakistani politics; PM pledges investigation.
PM Imran Khan (and former international cricketer and captain of the Pakistan national cricket team that won ‘92 World Cup) is under pressure to resign over revelations in today’s Pandora Papers leaks.
Khan was not named in the documents, however a number of his allies were, including Finance Minister Shaukat Fayaz Ahmed Tarin and the son of Khan’s former finance adviser. The papers also detail offshore dealings of Arif Naqvi, a prominent donor to Khan’s party.
(SNIP)
Khan on Sunday said the Pakistani government “welcome[s] the Pandora Papers exposing the ill-gotten wealth of elites, accumulated through tax evasion & corruption & laundered out to financial ‘havens.’”
He said the “ruling elites of the developing world” are adding to poverty-related deaths.
“Just like the East India Company plundered the wealth of India, ruling elites of developing world are doing the same. Unfortunately, the rich states are neither interested in preventing this large-scale plunder nor in repatriating this looted money,” he said.