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Shell companies, a favored tax evasion vehicle, are often layered in complex networks that conceal the identity of the beneficial owners of assets - those who ultimately control an offshore company or other asset, or benefit from it financially, while other people’s names are listed on registration documents. Legally sanctioned trusts, for example, can be subject to abuse by tax evaders and fraudsters who crave the privacy and autonomy they offer compared with traditional business entities. The document trove reveals how powerful people are able to deploy anonymous shell companies, trusts and other artifices to conceal the true owners of corrupt or illicit assets. But some were also in trusts set up in the U.S., including 81 in South Dakota and 37 in Florida. The investigation dug into accounts registered in familiar offshore havens, including the British Virgin Islands, Seychelles, Hong Kong and Belize.
The records date back to the 1970s, but most are from 1996 to 2020. The latest bombshell is even more expansive, relying on data leaked from 14 different service providers doing business in 38 different jurisdictions. The Pandora Papers are a follow-up to a similar project released in 2016 called the “Panama Papers” compiled by the same journalistic group. The European Commission, the 27-nation European Union’s executive arm, said in response to the revelations that it is preparing new legislative proposals to enhance tax transparency and reinforce the fight against tax evasion. “This is where the pay-packets sit of all the extra teachers and firefighters and public servants we need.” “This is where our missing hospitals are,” Oxfam said in a statement. Oxfam International, a British consortium of charities, applauded the Pandora Papers for exposing brazen examples of greed that deprived countries of tax revenue that could be used to finance programs and projects for the greater good. Some of those targeted strongly denied the claims. Prime Minister Tony Blair, Czech Republic Prime Minister Andrej Babis, Kenyan President Uhuru Kenyatta, Ecuador’s President Guillermo Lasso, and associates of both Pakistani Prime Minister Imran Khan and Russian President Vladimir Putin. The more than 330 current and former politicians identified as beneficiaries of the secret accounts include Jordan’s King Abdullah II, former U.K. “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 legality is the true scandal,″ activist and science-fiction author Cory Doctorow wrote on Twitter. Gabriel Zucman, a University of California, Berkeley, economist who studies income inequality and taxes, said in a statement one solution is “obvious”: Ban “shell companies - corporations with no economic substance, whose sole purpose is to avoid taxes or other laws.’’ “The Pandora Papers is all about individuals using secrecy jurisdictions, which we would call tax havens, when the goal is to evade taxes,″ said Steve Wamhoff, director of federal tax policy at the left-leaning Institute on Taxation and Economic Policy in Washington. Hundreds of politicians, celebrities, religious leaders and drug dealers have used shell companies or other tactics to hide their wealth and investments in mansions, exclusive beachfront property, yachts and other assets, according to a review of nearly 12 million files obtained from 14 firms located around the world.
The investigation, dubbed the Pandora Papers, was published Sunday and involved 600 journalists from 150 media outlets in 117 countries. 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. The outcry came after a report revealed the way that world leaders, billionaires and others have used shell companies and offshore accounts to keep trillions of dollars out of government treasuries over the past quarter-century, limiting the resources for helping the poor or combating climate change.
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