The Pandora Papers: Tax Dodges of the Rich and Famous Exposed

by | Oct 4, 2021 | Money Over People, Politics & Corruption

Photo by Jan Antonin Kolar

The Pandora Papers: Tax Dodges of the Rich and Famous Exposed

by | Oct 4, 2021 | Money Over People, Politics & Corruption

Photo by Jan Antonin Kolar
The Pandora Papers being called the "biggest-ever leak of offshore data," a cache of nearly 12 million documents published Sunday laid bare the hidden wealth, secret dealings, and corruption of hundreds of world leaders, billionaires, public officials, celebrities, and others.

Republished with permission from Common Dreams, by Brett Wilkins

In what’s being called the “biggest-ever leak of offshore data,” a cache of nearly 12 million documents published Sunday laid bare the hidden wealth, secret dealings, and corruption of hundreds of world leaders, billionaires, public officials, celebrities, and others.

The bombshell revelations—known as the Pandora Papers—were published by the International Consortium of Investigative Journalists (ICIJ) and include private emails, secret contracts, and other records obtained during a two-year investigation involving more than 600 journalists in 117 countries and territories.

“This is the Panama Papers on steroids,” said ICIJ director Gerard Ryle, referring to the 2016 exposé of the tax-evading secrets of the super-rich. “It’s broader, richer, and has more detail.”

According to The Guardian:

More than 100 billionaires feature in the leaked data, as well as celebrities, rock stars, and business leaders. Many use shell companies to hold luxury items such as property and yachts, as well as incognito bank accounts. There is even art ranging from looted Cambodian antiquities to paintings by Picasso and murals by Banksy.

“There’s never been anything on this scale and it shows the reality of what offshore companies can offer to help people hide dodgy cash or avoid tax,” said ICIJ’s Fergus Shiel, who added that the people in the files “are using those offshore accounts, those offshore trusts, to buy hundreds of millions of dollars of property in other countries, and to enrich their own families, at the expense of their citizens.”

The leaked documents reveal how some of the world’s wealthiest people avert the financial consequences of their misdeeds by using offshore entities. Dozens of current and former world leaders feature prominently in the files, including Russian President Vladimir Putin, Jordanian King Abdullah II, and former British Prime Minister Tony Blair.

While most of the richest Americans do not appear in the files, The Washington Post reports that “perhaps the most troubling revelations for the United States… center on its expanding complicity in the offshore economy.”

Chuck Collins, author of The Wealth Hoarders: How Billionaires Pay Millions to Hide Trillions, and co-editor of Inequality.org at the Institute for Policy Studies, said in a statement that “the U.S. has become the weak link in stopping global crime and wealth hiding.”

“States like South Dakota and Delaware have morphed their laws to attract billions, sometimes illicitly obtained, from around the world,” he said. “We in the U.S. should be embarrassed that we’ve become a magnet for kleptocratic funds.”

Collins added that the Pandora Papers show “it is time for U.S. lawmakers to shut down the hidden wealth system that allows for such aggressive tax avoidance and the sequestering of wealth.”

ICIJ said Sunday that the “publication of Pandora Papers stories comes at a critical moment in a global debate over the fairness of the international tax system, the role of Western professionals in the shadow economy, and the failure of governments to stanch the flow of dirty money into hidden companies and trusts,” and that the documents “are expected to yield new revelations for years to come.”

<a href="http://commondreams.org" target="_blank">Common Dreams</a>

Common Dreams

Common Dreams has been providing breaking news & views for the progressive community since 1997. They are independent, non-profit, advertising-free and 100% reader supported.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Follow Us

Related Articles

Feb 03 2023

Private Medicare Advantage Plans That Stole Money From Medicare Are Being Allowed to Keep It

In a dizzying display of twisted “logic,” the Centers for Medicare and Medicaid Services are not requiring repayments of funds stolen through rampant...
Feb 02 2023

Profiteering Nursing Home Owners Grabbed Cash During the Pandemic While Their Residents Deteriorated

Owners of multiple nursing homes operated as virtual slumlords, neglecting buildings, staffing and patient care all the while paying themselves and their families...
Feb 01 2023

Ethics Concerns at the Supreme Court: Roberts’ Wife Is the Latest Flap

The wife of Chief Justice John Roberts, like insurrectionist Ginni Thomas, apparently has been utilizing her position of being “married to the Court” for...
Scott Jenkins, sheriff of Culpeper County, Va., is one of a large number of so-called ‘constitutional sheriffs’ in the U.S. Eva Hambach/AFP via Getty Images
Jan 31 2023

Barrier to Gun Control: The Delusional Authority of Constitutional Sheriffs

The Constitutional Sheriffs and Peace Officers Association has spent more than a decade actively recruiting and training sheriffs to believe that their office is more...
Jan 30 2023

More George Santos: His Top Donors Don’t Seem to Exist

The burners under the pot of questions and investigations surrounding the lies and possible crimes of George Santos appear to have been turned up full blast.
Jan 29 2023

GOP House Goes Big on Hiring Big Oil Lobbyists for Staff Positions

It’s no surprise that Big Oil is infiltrating the halls of Congress after spending millions to elect some of the most extreme legislators in American...
Jan 27 2023

Chevron Follows Up Massive Price Gouging With a Massive Stock Buyback

Chevron’s announcement came as they and other big oil producers are set to announce a record $199 billion in collective 2022 profits, 50% higher than the previous...
Jan 25 2023

Election Denial Has Been a Lucrative Business for Kari Lake

Kari Lake raised over $2.5 million after her election loss, but less than 10% of her post-election spending went to lawyers.
Jan 25 2023

Your Money or Your Life: The Travesty of America’s Healthcare System

Universal healthcare is not that complicated. But the people who promote its perceived complexity are the same people who are creating that complexity—for their own...
Jan 24 2023

New Brett Kavanaugh Documentary Hopes to Spark a Full Investigation

A surprise documentary about Brett Kavanaugh reveals disturbing new evidence of misconduct by Kavanaugh and his associates surrounding the right-wing justice’s...
Subscribe for Updates!

Subscribe for Updates!

Join our mailing list to receive the latest news and updates from our team.

You have Successfully Subscribed!

Pin It on Pinterest

Share This