PANDORA PAPERS REVEAL TAX SCHEMES

Pandora papers reveal tax schemes. The Pandora Papers, and prior to that, the Panama Papers, have revealed a worldwide conspiracy by the world’s richest individuals, celebrities, politicians, and sports figures, to hide assets and income, in offshore bank accounts, trust accounts, and dubious corporate entities used exclusively to hide assets and the reporting of those assets. The news becomes more extreme in its impact on the global relief efforts, from the Covid pandemic and need for additional revenue from governments worldwide to fight off the economic distress of the pandemic. Pandora Papers reveal tax schemes.

Despite the scandals and reforms triggered by previous revelations like those in the Panama Papers–which led to a new transparency law in the British Virgin Islands and other tax havens–the Pandora trove highlights the enduring demand for mechanisms to hide money and the continuing abundance of firms to provide them. These individuals won’t be in need of Tax Resolution Services. Trident Trust, a firm that operates in more than a dozen offshore jurisdictions, mounted an effort in 2016 to recruit account holders fleeing Mossack Fonseca, the Panama City Law Firm that collapsed after its internal records and client lists were exposed in the Panama Papers case, according to Pandora documents. Trident said it does not discuss clients with the media.

Alcogal touts itself as a “top tier” practice with high ethical standards. The firm has become a purveyor of services that help elite clients hide wealth offshore. Nearly half of the politicians whose names surfaced in the Pandora trove were clients of Alcogal. Despite international standards calling on firms to apply extra scrutiny when they take on politicians, government officials, or those close to them as cleints, intake forms show that Alcogal at times did not mark even country leaders as “politically exposed persons”.

It seems that until the International Community derives some sort of Judicial watchdog, with the power to jail individuals, this will continue. Until then, everything being done is lip service, to make the world think something in fact is being done. In reality the game is simply changing with one set of crooked attorney’s being exchanged for another, until the next set gets exposed, then the next will be replaced as well.