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The Pandora Papers website as displayed on a smartphone. Photo Illustration by Mykola Tys/SOPA Images/LightRocket via Getty Images.

In response to the recent revelations of the Pandora Papers, the UK’s Chancellor of the Exchequer Rishi Sunak claimed the UK is one of the best in the world at tackling money laundering – a debatable claim given, while the UK laws are robust, enforcement of them is often lacking.

But Sunak’s point misses the main issue anyway, because the majority of the Pandora stories are not about money laundering – the transference of illicit funds – but the proceeds of grand corruption or ‘kleptocracy’.

Such proceeds may include some illegal funds but most is money which is technically earned ‘legally’.…  Seguir leyendo »

The City of London Is Hiding the World’s Stolen Money

En 1969, dos años después de que las Islas Caimán, un territorio británico, aprobaron su primera ley para permitir fideicomisos secretos de baja fiscalidad, un informe oficial del gobierno abordó una nota siniestra. Advertía que una oleada de propuestas deslumbrantes de desarrolladoras privadas estaba llenando las islas. Las Islas Caimán se estaban convirtiendo rápidamente en un Estado capturado por finanzas turbias.

Esos fueron los inicios punzantes de un sistema moderno que evidenciaron los Papeles de Pandora, una enorme filtración de datos que coordinó el Consorcio Internacional de Periodistas de Investigación. Los documentos expusieron un revoltijo de acuerdos financieros cuestionables y secretos que involucran a más de 330 políticos y funcionarios públicos de más de 90 países y territorios, y a más de 130 multimillonarios de Rusia, Estados Unidos y otras partes del mundo.…  Seguir leyendo »

The City of London Is Hiding the World’s Stolen Money

In 1969, two years after the Cayman Islands, a British territory, passed its first law to allow secretive offshore trusts, an official government report struck an ominous note. A tide of glossy propositions from private developers, it warned, was washing through the islands. Cayman was fast becoming a state captured by shady finance.

Those were the pungent beginnings of a modern system brought to light by the Pandora Papers, an enormous data leak coordinated by the International Consortium of Investigative Journalists. The papers exposed a smorgasbord of secretive and questionable financial dealings by more than 330 politicians and public officials from over 90 countries and territories — and over 130 billionaires from Russia, the United States and elsewhere.…  Seguir leyendo »