Calls grow for end to financial secrecy that has allowed many of world's richest and most powerful people to hide their wealth from tax collectors, after release of PandoraPapers
Campaigners and activists hail the"Pandora Papers" report, calling for end to financial secrecy that has allowed many of world's richest and most powerful people to hide their wealth from tax collectors.
The report by the International Consortium of Investigative Journalists brought promises of tax reform and demands for resignations and investigations, as well as explanations and denials from those targeted. "Each of these arrangements represents a risible fiction: a shell company is a business, a business is a person, that person resides in a file-drawer in the desk of a bank official on some distant treasure island.''
The latest bombshell is even more expansive, relying on data leaked from 14 different service providers doing business in 38 different jurisdictions. The records date back to the 1970s, but most are from 1996 to 2020.The investigation dug into accounts registered in familiar offshore havens, including the British Virgin Islands, Seychelles, Hong Kong, and Belize.
While a beneficial owner may be required to pay taxes in the home country, it’s often difficult for authorities to discover that an offshore account exists, especially if offshore governments don’t cooperate. Pointing to the secrecy behind many of the tax dodges, some critics are calling for a global wealth registry that would make sham investments in shell companies public, embarrassing politicians or celebrities worried about their reputations.
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