At least 330 politicians got involved in one of the biggest financial scandals of 2021. A prominent owner of bitcoins also made an appearance in the Pandora Papers.
According to different government authorities, Bitcoin is a financial tool that supposedly paves the way for money laundering and tax evasion.
However, while resources and time get wasted in attacking the cryptocurrency market, politicians and relevant figures of the world take advantage of the loopholes of the traditional financial system to evade taxes.
This conclusion is now evident due to a journalistic investigation recently revealed as Pandora Papers, which has shaken the world of politics, entertainment, and even sports.
The International Consortium of Investigative Journalists (ICIJ) carried out the investigation. It revealed a series of articles published yesterday highlighting the action of more than 300 politicians and public officials. These public officials raised companies and properties in tax havens.
The involved persons keep part of their finances secret abroad through a commercial figure known as an off-shore company. This practice is not illegal because it is the sole creation and registration of companies in nations where these involved persons do not own a business.
A person may decide to distribute his wealth in different nations to avoid the total theft of his capital. However, some individuals use this legal figure to set themselves up in tax havens, evade taxes, or even do money laundering.
According to the journalists behind the Pandora Papers investigation, some people acquired more than 11.9 million financial records from the most influential people in the world for at least two years.
The World Elite Creates Fake Companies
The data arrived from 14 off-shore service providers (off-shores) based in regions such as Belize, Panama, and the British Isles. The documents also pointed out that the world elite used these services to close deals outside their countries and create fictitious companies.
Many national leaders are part of these practices, including three Latin American presidents and several former presidents.
In addition, 130 billionaires worldwide, including 46 Russian oligarchs, bankers, terrorism funders, pop stars, and even athletes got splattered by the scandal.
The documents covered at least five decades of business and commercial operations of these individuals. Many accounts got created between 1996 and 2020.
Which Politicians and Celebrity Stars are on the Pandora Papers
Although the more than 11 million business records have not yet come to public light, thanks to Pandora Papers, several world-class personalities would be enjoying the minimum tax rates of tax havens.
Among those personalities mentioned is the president of Russia, Vladimir Putin, whose executive train recently classified his presence in this scandal as nonsense accusations.
King Abdullah II of Jordan also made an appearance in the Pandora Papers. He mobilized more than $ 100 million to consolidate a UK real estate empire.
The Prime Minister of the Czech Republic, Andrej Babis, and the President of Kenya, Uhuru Kenyatta, and his family are also other international leaders whose business records are part of the investigation.
By: Jenson Nuñez