October 24, 2021 -- "Information
Clearing House -
" The wealthy and powerful live a
life outside of the view of the average
citizen. It is a state of existence that is
no longer constantly controversial but
neither is it necessarily accepted by all.
The delicate balance is upheld by secrecy
and wealth that can usually conceal whatever
becomes unintentionally revealed. In 2021
the disclosure of the Pandora Papers tipped
the precarious balance.
Hundreds of investigative journalists
from around the world and from the most
popular news agencies such as the ABC,
Washington Post and the BBC worked through
the International Consortium of
Investigative Journalists (ICIJ) on the
investigation to reveal one of the biggest
data leaks in history. The papers showed how
the wealthy and powerful were continuing to
use offshore tax havens to hide their
ownership of assets and stash their cash in
what can aptly be described as a parallel
economy.
The wealthy are able to use offshore
territories to set up companies and take
advantage of laws that make it easy to
conceal their identity as owners of these
companies, which means that they can evade
taxes of those assets in their own countries
and also take advantage of lower tax laws
available in these offshore territories.
The information revealed from the
investigation spanned several countries
including the United States, Australia,
Singapore and Russia. It also spans several
industries, including the oil industry,
government agencies, and even farming. The
papers also contained some shocking
revelations that implicated banking
executives and a few world leaders.
It tells a tale of embezzlement, money
laundering of millions of dollars and tax
evasion. The nature of these crimes means
that there is a complex web behind the
scenes that is difficult to unravel. It is
even difficult for governments because so
many countries are involved and the
regulatory laws simply do not cover every
scenario in which the perpetrators will
operate.
The papers are proof that even unknowing
accountants, lawyers and other professionals
can unwittingly get caught up in even
assisting the perpetrators. However, they
also prove that the very individuals who
benefit from these illegal acts are also the
ones who could prevent it. Naturally, it
would not be in their personal interest to
have everything arranged legally as it
should be.
If you are interested in global financial
topics and getting a peek into the unseen
economy then this feature will be
interesting for you.
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