The revelations of the Paradise Papers

  • Категория: News

It all started with the leaked Mossack Fonseca’s records (i.e. Panama Papers), now it’s turn for the Appleby 6.8 mln documents to reveal the truth about doing business globally. Panama has been considered as a blooming tax haven for a while. So when the truth about hidden accounts and illicit activities of the third world countries’ businesspersons and politicians came to the surface, no one was really surprised. However, the Paradise Papers made some interesting revelations, including the fact that European politicians, celebrities, corporations and even members of the royal family are naughty too.

Obviously, the tax evasion is blooming. No matter how much money you have, you will try to save on taxes. That’s why firms, funds, yachts end up being registered in the offshore jurisdictions. Moreover, this is a way to hide some of your assets from the public eye or a spouse.

Next, the secrecy is the main advantage of the offshores. Apparent rivals turn out to conduct business through numerous shell companies and confidential transactions. That allowed Russian companies to bypass the US sanctions and invest into the American business, not to mention the evidence of commercial ties of highly ranked US and Russian politicians regardless the seeming public hostility between them.

That leads to another conclusion, that there have evolved financial innovations, new tools and ways of tax evasion. These complex measures exist due to numerous loopholes in the international law. It seems that these loopholes exist on purpose. How else can be explained the fact that the OECD has given high credits to all offshore jurisdictions involved in the Paradise Papers scandal (i.e. Bermuda, Singapore, Cayman Islands etc.)?

Be as it may, offshore jurisdictions will not seize to exist soon. Apple, Nike, Roshen, Shakira, Milner, even the Queen endorse them in some sense. Even the politicians that call for transparency and war against money laundering secretly back the offshores by creating legislative loopholes. They want to have a stash and an escape plan in case their rivals get the power one day.



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