(Photo by LOIC VENANCE / AFP) (Photo by LOIC VENANCE/AFP via Getty Images) AFP via Getty Images The "Pandora Papers" investigation involving some 600 journalists from media including The Washington Post, the BBC and The Guardian is based on a leak of some 11.9 million documents from 14 financial services companies around the world. Russia on October 4 dismissed revelations leaked in the Pandora Papers as "unsubstantiated claims" after an investigation by a media consortium shone a light on wealth amassed by Kremlin-linked individuals. This photograph illustration shows the logo of Pandora Papers, in Lavau-sur-Loire, western France. taxpayers have not been pursued with equal fervor. Indeed, the Tax Justice Network 2020 Financial Secrecy Index ranked the United States the second most secretive jurisdiction, compared with 132 others, noting that “after initially agreeing to multilateral information exchange, the made a rapid U-turn and has since refused to provide information to most other jurisdictions-despite continuing to insist, with menaces, on receiving information from others.” jurisdictions as tax havens for the benefit of non-U.S.
tax obligations-through programs such as the IRS Offshore Voluntary Disclosure Program and the DOJ Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks-efforts to constrain the use of U.S.
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Government actively focuses on strengthening financial transparency” and “consistently push for full implementation of existing standards and, where necessary, stronger measures” aimed at the disclosure of shell company beneficiaries and other means of hiding illicit funds, the Pandora Papers reveal a more complex reality. For example, the Pandora Papers exposed numerous trusts linked to foreign interests in South Dakota (81), Florida (37), Delaware (35), Texas (24), and Nevada (14). Based on the Pandora Papers, investigative journalists have alleged that almost 30 of 206 U.S.-based trusts holding combined assets worth more than $1 billion are linked to foreign individuals and companies that have been accused of wrongdoing. The Pandora Papers uncovered, among other U.S.-based arrangements, South Dakota trusts established by both the former Vice President of the Dominican Republic and the now-president of Ecuador, each of whom transferred assets to the United States in the wake of legislation in other jurisdictions cracking down on offshore assets.Īs I have written about previously, while the Internal Revenue Service and the Department of Justice have devoted significant resources to combating the evasion of U.S. State Department Spokesperson Ned Price stated “that the U.S. jurisdictions in the Pandora Papers also stands in stark contrast with U.S. real estate through BVI companies, juxtaposed with the United States’ role as Jordan’s largest provider of bilateral assistance (amounting to more than $1.5 billion in 2020), dramatically underscores the tension inherent in U.S.
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Last week, the International Consortium of Investigative Journalists published the leaked cache of financial documents known as the “ Pandora Papers,” consisting of more than 11.9 million confidential files from fourteen offshore services firms located in numerous countries. Publication of these files augments the existing trove of similarly sensational material revealed in prior leaks, including the Panama Papers, published in April 2016, and the Paradise Papers, published in November 2017, which detailed trillions of dollars of funds held “offshore” by taxpayers around the world. More so than in prior leaks, the United States plays a prominent role in the Pandora Papers-not just as a source of the immense wealth held offshore, or of the professional expertise facilitating such arrangements, but as an offshore destination in its own right.Īmong the more spectacular disclosures was the revelation that King Abdullah II of Jordan used shell companies based in the British Virgin Islands to buy, among other properties, a $23 million California mansion. The King’s covert purchase of high-end U.S.
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