Sunday, 28 November, 2021

World leaders scramble to limit 'Pandora Papers' damage

NEW YORK: Governments moved on Monday to limit the fallout from a release of millions of documents detailing how leaders have used offshore tax havens to stash assets worth hundreds of millions of dollars, reports AFP.

Some 35 current and former leaders are featured in roughly 11.9 million documents leaked from financial services companies across the world that include reports of luxury homes on the French Riviera, Monte Carlo and California.

The documents, known as the "Pandora Papers," were obtained by the International Consortium of Investigative Journalists (ICIJ) and released in stories by media partners including The Washington Post, the BBC and The Guardian.

Allegations range from corruption to money laundering and tax avoidance.

Although holding assets offshore or using shell companies is not illegal in most countries, the revelations are embarrassing for leaders who have pushed austerity measures or campaigned against corruption.