Pandora Papers Explained
October 19, 2021
18
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as posted by the channelHey, Geeks! We’ve got lots of news this week so let’s dive right in!
Welcome back to Oh My World! with Hagar Chemali, your weekly dose of world news and foreign policy! Be sure to like, subscribe, and hit the notification bell for all things Bold.
The Pandora Papers
The Pandora Papers or in simpler terms, “The Money Stashed Abroad For Thug Papers.” This is a project led by the International Consortium of Investigative Journalists. They received 12 million documents from firms that mostly open secret accounts for people in places where you have shady financial systems like Panama and the Cayman Islands. The papers also showed that the United States is also a tax haven. The papers uncovered how people around the world including Presidents, Prime Ministers, senior government officials, celebrities, rock stars, and convicted criminals stash, hide, and launder their money.
What is offshore money? It is when someone has money or an asset held outside their jurisdiction. What is laundering money? It means you have money that isn’t clean, because maybe you got it through illegal ways or maybe you owe taxes on it. The individual finds a way to make the money look clean or legal by investing it somehow or stashing it somewhere. One alleged story was a Jordanian king who stashed his money in Panama under a fake LLC and used that LLC to go buy $80 million worth of real estate in the United States. While his country, which is one of the poorest in the Middle East, receives your taxpayer dollars.
Establishing offshore companies is not necessarily illegal. While this is true, it is a problem if the money is being received through corruption, it’s being stolen from a country’s citizens, or when that money should actually be taxed. This also should matter even more to us when these individuals are using the United States to do this. Not only does it hurt people on an individual level but also enables a system where corrupt leaders can protect themselves and continue engaging in illegal activity. The US Congress has also now called for action that would prevent this from happening.
Want to see more on these topics, and who’s on our Crush List this week? Stay tuned to the video!
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