Posted by: | Posted on: Ноябрь 10, 2021

The release of the Pandora Papers last Sunday has provided an opportunity to take a comprehensive look at the underworld of the offshore industry.

The Pandora Papers is a large-scale investigative project by the International Consortium of Investigative Journalists, the Organized Crime and Corruption Reporting Project and media outlets in 117 countries. Journalists have analysed the documents leaked from 14 corporate service providers – all based in jurisdictions with high levels of financial secrecy.

The confidential documents reportedly show high-level officials, oligarchs and billionaires using shell companies to move wealth offshore and to anonymously buy real estate or luxury goods.

Globally, the Pandora Papers must create a new momentum for ending the decades-long abuse of corporate secrecy and pushing hesitant decision-makers into action. These investigations come at a time when the world is moving closer to a new global standard on corporate transparency. The Financial Action Task Force members should use this crucial opportunity to require public, central registers of company owners in all countries.

Simultaneously, national governments need to get their own affairs in order.

First, power players

Over 300 politicians from 90 countries – including 35 former or current government leaders – are alleged to have evaded scrutiny and shielded themselves with anonymity. Individuals who should be taking decisive steps for tackling the flows of dirty money have themselves been abusing the system’s opacity. In the months to come, they will have a lot of explaining to do – to the public and to the authorities.

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