The International Consortium of Investigative Journalists (ICIJ) dubbed the report “Paperes of Pandora” as “the largest extensive exposure of financial secrecy to date,” noting that the investigation involved more than 600 journalists from 117 countries. Over 11.9 million files “covering every corner of the globe”.
According to the BBC, 35 leaders and former leaders and more than 400 civil servants are referenced in the Bandura Papers.
For example, the report mentions the involvement of Jordan’s King Abdullah II, former British Prime Minister Tony Blair and his wife, and Czech Prime Minister Andrej Babis.
The Organized Crime and Corruption Report Project (OCCRP) indicates that Ukrainian President Vladimir Zelensky will also engage in schemes of this kind so that his family will benefit from undisclosed business profits abroad.
US President Joe Biden has pledged to lead international efforts to bring transparency to the global financial system, but the US stands out in the investigative report as the “leader of tax havens”. The files indicate that South Dakota, in particular, harbors billions of dollars in fortunes linked to individuals previously accused of serious financial crimes.
Likewise, there are more than 100 billionaires in the leaked data, as well as celebrities, music stars and corporate leaders. Many use shell companies to hold luxury items such as property and yachts, along with unknown bank accounts, according to the Guardian.
The investigation comes five years after the International Consortium of Investigative Journalists exposed the Panama Papers, which cited documents allegedly belonging to the Panamanian law firm Mossack Fonseca, which alleged that some national leaders and people they trust would use tax havens to hide their fortunes.
Creating external entities is not in itself an illegal action and in some cases people may have legitimate reasons to do so for their own safety. However, the secrecy offered by tax havens has at times proven attractive to tax evaders, persons convicted of fraud, and corrupt entities.
Pandora’s Papers reveal the inner workings of the financial shadow world, providing a rare window into the covert operations of a secretive global economy that allows some of the world’s richest people to hide their wealth and, in some cases, pay little or no taxes. It appears that these documents will be published within the next few weeks. (with Sputnik Brazil)
From Brazil, the name mentioned is Economy Minister Paulo Guedes; It will keep an offshore company in a tax haven with $9.55 million — more than $50 million in currency conversion.
Urgent! I and the other opposition leaders in the room will call the MPF so that Paulo Guedes and Roberto Campos Neto are investigated for keeping companies in a tax haven. Brazilian law prohibits senior members of the government from maintaining this type of business.
– Marcelo Freixo October 3, 2021
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