Topline
A trove of financial documents dubbed the “Pandora Papers” sheds new light on the offshore holdings of some of the world’s wealthiest people and reveals that American states now rival foreign tax havens, the Washington Post and The Guardian reported Sunday.
Key Facts
Nearly 12 million financial records from 14 financial-services entities were reportedly obtained by the International Consortium of Investigative Journalists and reviewed by 150 news organizations around the world, including the Post and the Guardian, which reportedly found an extensive network of tax evasion.
Those records reportedly detail 29,000 offshore accounts, including accounts belonging to more than 130 members of the Forbes billionaire list, as well as hundreds of public officials in over 90 countries.
Among the major government officials reportedly on the list are King Abdullah II of Jordan, Ukrainian President Volodymyr Zelensky and leaders of the Dominican Republic, Czech Republic, Montenegro, Ecuador, Chile, the UAE and Kenya.
One American whose holdings are “detailed extensively” in the Pandora Papers, according to the Post, is Robert F. Smith, a private equity billionaire and the nation’s richest Black person, who paid a nearly $140 million fine last year for failing to pay taxes on offshore funds.
The papers also reportedly reveal how tax secrecy laws in states like South Dakota and Nevada help them rival offshore tax havens as prime real estate for wealthy foreigners looking to conceal and protect their assets.
Key Background
Both outlets suggest the new trove of documents builds upon the Panama Papers, a 2016 data leak of offshore holdings that led the leaders of Iceland and Pakistan to resign, but is far larger in scale.
Crucial Quote
“My govt will investigate all our citizens mentioned in the Pandora Papers & if any wrongdoing is established we will take appropriate action. I call on the international community to treat this grave injustice as similar to the climate change crisis,” tweeted Pakistani Prime Minister Imran Khan.
What To Watch For
The Post said it plans to publish eight articles about the Pandora Papers, including pieces focused on Abdullah and Russian President Vladimir Putin, as well as stories centered on U.S. tax havens.
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October 04, 2021 at 12:49AM
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‘Pandora Papers’: Trove Of Documents Reportedly Sheds New Light On Billionaires’ Offshore Accounts - Forbes
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