Pandora Papers Massive Leak

I think the big picture finding is that this — we hav uncovered a system that benefits the few at the expense of the many. You know, you mentioned at the outset some of the — the video mentioned some of the big names. King Abdullah of Jordan, through a convoluted shell game, offshore shell game, bought mansions in Malibu. The prime minister of the Czech Republic secretly bought a château in France. And hundreds of other politicians besides. And I think that is really the big takeaway for us, at least, is that some of the people who are in a position to potentially stop offshore abuses are in fact themselves benefiting from this dark system, dark money system.

what we see here is jurisdiction shopping, right? Sort of an international game of arbitrage, where companies have built tremendous expertise in helping their clients find places to hide their money in secrecy and legally, quite legally. So, you know, a small jurisdiction — you know, the British Virgin Islands or the Seychelles. You know, these are jurisdictions where it’s possible to set up a company for a few hundred or few thousand dollars and not even disclose the fact that you are the actual owner of the company. You can set them up through front men, through what’s called nominee shareholders and directors. So, you know, this is in fact — it’s a legal system. I will say that some of what we just charted is also illegal money flowing through offshore, and so that’s sort of a different story. But, broadly speaking, yeah, the use of offshore shelters is legal.

— source | Oct 05, 2021

Nullius in verba

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