ACT PANDORA PAPERS: 10 COUNTRIES THAT URGENTLY NEED TO
12
10/14/21, 1:47 PM Pandora Papers: 10 countries that urgently need to… - Transparency.org https://www.transparency.org/en/news/pandora-papers-10-countries-investigations-policy-reforms 1/19 News PANDORA PAPERS: 10 COUNTRIES THAT URGENTLY NEED TO ACT Investigations implicate high-level public ocials & private sector intermediaries around the world Image: Transparency International 08 October 2021
Transcript of ACT PANDORA PAPERS: 10 COUNTRIES THAT URGENTLY NEED TO
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 119
News
PANDORA PAPERS 10 COUNTRIES THAT URGENTLY NEED TOACTInvestigations implicate high-level public ocials amp private sector intermediariesaround the world
Image Transparency International
08 October 2021
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 219
The release of the Pandora Papers last Sunday has provided an opportunity to take a
comprehensive look at the underworld of the oshore industry
The Pandora Papers is a large-scale investigative project by the International Consortiu
Investigative Journalists the Organized Crime and Corruption Reporting Project and me
outlets in 117 countries Journalists have analysed the documents leaked from 14 corpo
service providers ndash all based in jurisdictions with high levels of nancial secrecy
The condential documents reportedly show high-level ocials oligarchs and billionair
shell companies to move wealth oshore and to anonymously buy real estate or luxury
Globally the Pandora Papers must create a new momentum for ending the decades-lo
of corporate secrecy and pushing hesitant decision-makers into action These investiga
come at a time when the world is moving closer to a new global standard on corporate
transparency The Financial Action Task Force members should use this crucial opportu
require public central registers of company owners in all countries
Simultaneously national governments need to get their own aairs in order
Pandora Papers The corrupt should have nowhere to hide | Transparency InternatioPandora Papers The corrupt should have nowhere to hide | Transparency Internatio
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 319
Externally hosted content may include ads These arent endorsed by or reect Transparency Internationals views
First power players
Over 300 politicians from 90 countries ndash including 35 former or current government lea
are alleged to have evaded scrutiny and shielded themselves with anonymity Individua
should be taking decisive steps for tackling the ows of dirty money have themselves b
abusing the systemrsquos opacity In the months to come they will have a lot of explaining t
the public and to the authorities
BRAZIL
Latin America did not escape scrutiny from the Pandora Papers with 14 current and fo
heads of state and a myriad of politicians at the highest level of government implicated
massive leakrsquos disheartening ndings One of the noteworthy names is the one of Paulo
who while in oce as Brazilrsquos minister of economy kept a company in the British Virgin
(BVI) with almost US$10 million invested in a Creacutedit Suisse account in New York ndash inform
beyond the publicrsquos reach until now
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 419
Apart from the notorious ethical breach of having untaxed and safely kept oshore inv
while poverty is expected to rise in Brazil ndash investments which are at least immune but
potentially proting from the plummeting value of the countryrsquos currency ndash Paulo Gued
thought to have violated national legislation on conicts of interest As the head of Braz
economy Guedes has scal and monetary policies under his command and the decisio
made to shift the minimum threshold of reporting duties to those who possess investm
oshore from US$100000 to US$1 million ndash coupled with the tax reduction on the repa
of oshore funds he proposed to the Brazilian congress ndash raise an eyebrow
As Brazilrsquos lower chamber summons the countryrsquos minister of economy to explain hims
Transparency International Brazil is calling for more transparency over the real benec
oshore companies as well as for a reform of the countrys asset declaration regime to
that the public can also scrutinise potential conicts of interest by those making decisio
their behalf
CZECH REPUBLIC
In 2018 Transparency International Czech Republic found that Prime Minister Andrej B
the sole beneciary of the two trust funds that owned shares of a Czech conglomerate
which was to receive signicant EU subsidies Their discovery was possible thanks to Sl
free and public platform where ownership information of companies that receive publi
contracts or licences is recorded
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 519
As it turns out Babiš was also the benecial owner of other oshore companies in BVI
and the United States (US) This time around however the discovery was possible only
leaked documents obtained by investigative journalists since none of these countries w
oshore companies were incorporated provide information on the real owners of com
and trusts
With the help of the Panamanian service provider Alemaacuten Cordero Galindo amp Lee ndash kn
Alcogal ndash the Czech Prime Minister set up the anonymous companies and in 2009 mov
to buy among others a luxurious property on the French Riviera while keeping his own
secret The service provider ended up dropping Babiš as a client in 2016 following the
announcement of investigations on whether one of his companies had benetted from
subsidies intended to small businesses
While according to rules in the Czech Republic the Prime Minister has to disclose asset
declaration forms obtained by journalists show that neither the French property nor th
companies linked to him appear in documents that he has led since entering politics
Transparency International Czech Republic is calling for a full investigation into the dea
week the Czech Senate Commission for public procurement held a debate about the re
and the Chairman called for investigations to be opened According to the Commission
revelations should also be analysed by the European Public Prosecutors Oce
LEBANON
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 619
The revelations that Lebanonrsquos top politicians and businesspeople have been oshorin
wealth are dicult to fathom at a time when the country grapples with one of the wors
economic crises Among them is the new Prime Minister Najib Mikati who reportedly b
property worth US$10 million in Monaco through an oshore company registered in Pa
The Prime Minister has stated that his fortune was amassed prior to his involvement in
Lebanese politics and that his assets were disclosed to the Lebanese Constitutional Cou
Lebanese-owned companied topped the list of the BVI-based Trident Trustrsquos ndash where th
number of documents came from ndash leaked clients
Transparency Internationalrsquos chapter the Lebanese Transparency Association has stres
need for competent authorities to investigate the assets of these companies and identi
origin They call for the conscation and recovery of funds derived from corruption if a
for an imposition of taxes if individuals named in the Pandora Papers failed to declare t
assets in Lebanon Our chapter is also calling for the establishment of a National Anti-C
Commission (NACC) to exercise its jurisdiction to investigate suspected corruption and
nancial disclosures and interests of public ocials whenever the need arises
NIGERIA
An investigation by Finance Uncovered and Premium Times found that more than 100
Nigerians used anonymous companies to buy properties with a total worth of pound350 mil
U it d Ki d (UK) i 1990 C t d f hi h l l bli i l h
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 719
United Kingdom (UK) since 1990 Current and former high-level public ocials such as
and state governors are reportedly on the list
Nigerian powerholdersrsquo secretive dealings were previously reported as part of the Pana
Papers and FinCEN Files investigations Inaction over past disclosures has created a sen
impunity says Auwal Musa Rafsanjani Executive Director of our Nigerian chapter CISLA
The Nigerian government needs to investigate the Pandora Papers revelations irrespec
political aliation of the individuals CISLAC believes The government should also equi
Code of Conduct Bureau with sta and resources to adequately scrutinise ocialsrsquo asse
declarations To enable proper prosecution of these cases the authorities should coord
with their counterparts in other countries and exchange information
The failure of the government to investigate and prosecute issuesin the Panama Papers has emboldened these individuals There isfor the government to investigate these discoveries irrespective opolitical aliation of the individuals
Auwal Musa Rafsanjani Executive Director of Transparency Internationa(CISLAC)Daily Trust
Tweet this
SRI LANKA
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 819
SRI LANKA
Thirukumar Nadesan is the husband of Nirupama Rajapaksa former parliamentarian a
former deputy minister of water supply and drainage and a descendant of the Rajapak
which dominated Sri Lankan politics for many years Condential documents reportedl
that he is also the benecial owner of shell companies used to purchase luxurious prop
Australia and the UK as well as an art collection stored in the Geneva free port estimat
more than US$4 million The power couple counted with the help of Asiaciti Trust ndash a co
service provider based in Singapore ndash to create shell companies in secrecy jurisdictions
trusts in New Zealand to transfer funds across countries and even to apply for a lsquogolden
passportrsquo in Cyprus
Transparency International Sri Lanka is calling on the authorities to ensure that indepe
investigations are carried out with expediency Law enforcement authorities and the ju
should not only pursue new evidence but also complete the existing pending investigat
against the couple without interference Our chapter in Sri Lanka has also led a comp
the Bribery Commission requesting an investigation into the unexplained wealth of Na
and Nirupama Rajapaksa
Letrsquos not forget the enablers
Despite the damning evidence from the Panama Papers corporate service providers an
private sector intermediaries continue to operate with little scrutiny and obligations in
countries Lax rules and loopholes have also opened the nancial sectors of the advanc
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 919
economies to abuse
AUSTRALIA
The Pandora Papers reveal that the Sri Lankan power couple Thirukumar Nadesan and
Nirupama Rajapaksa used a Samoa-registered company to purchase properties in Aus
investigation by ABC News found that each transaction involved layers of trusts and co
The countryrsquos weak anti-money laundering laws mean there is no requirement for the
gatekeepers ndash lawyers accountants and real estate agents ndash to ask questions as to the
the money and to report suspicious transactions to the authorities Large sums of illicit
can therefore be concealed and integrated into the legitimate economy through the re
sector This has made the countryrsquos property market attractive to suspicious cash acco
Transparency International Australia
The Financial Action Task Force has been urging Australia to strengthen its anti-money
laundering laws for fteen years While there have been some amendments a lack of
transparency in benecial ownership and a similar lack of coverage of the enablers leav
gaping hole
Australia not only needs to work towards complying with internatstandards but requires a complete mentality shift to prioritise keout criminally derived monies from the economy Unless this occuAustralia will continue to be exposed
Serena Lillywhite CEO of Transparency International Australia
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1019
Tweet this
NEW ZEALAND
In New Zealand trusts were reportedly used by businesspeople and politicians from Ch
Brazil Russia and Romania ndash some of whom faced serious corruption and money laund
charges back home
Until recently New Zealand was a known haven for foreigners who could avoid taxes a
their identities Since 2017 foreign-owned trusts have had to disclose the identities of t
beneciaries and basic information on their assets to the authorities This law led to th
of a register of foreign trusts and a requirement for the provision of a trust deed partic
the settlor and the beneciaries and a copy of the accounts
This law change has resulted in a 75 per cent reduction in the number of foreign trusts
registered in 2020 but problems remain with both foreign-owned and domestic trusts
Transparency International New Zealand is calling for further improvements to the trus
PANAMA
Out of the 14 corporate service providers feature in the Pandora Papers two are based
Panama According to Libertad Ciudadana Transparency Internationalrsquos chapter in Pan
new revelations underscore the importance of moving forward with the implementatio
benecial ownership register after an 18-month-long delay
Corporate service providers play an outsized role in Panamarsquos anti-money laundering f
as they serve as ldquoresident agentsrdquo Oshore companies set up in Panama need a reside
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1119
and the obligation to identify the actual people ndash benecial owners ndash behind companies
them
This is not the rst international scandal implicating the countryrsquos oshore industry Th
infamous Mossack Fonseca was at the centre of the 2016 Panama Papers and even if i
since then shut down the repercussions from the damning revelations are still being fe
country Just this week the EU announced Panama will remain black-listed as a non-coo
tax haven
UNITED KINGDOM
The Pandora Papers once again exposed UKrsquos property market as magnet for dirty mon
leaked data contains names of high-prole foreign public ocials individuals accused o
corruption and UK political donors who own more than US$7 billion worth of UK real e
through anonymous companies
Azerbaijanrsquos ruling family reportedly used a BVI-registered company to buy a secret pro
empire worth US$700 million in the UK over the course of 15 years
Now Transparency International UK is calling for the fast-tracking of legislation that wo
the loophole that allows individuals to buy and sell UK property anonymously by using
companies registered in secrecy jurisdictions
UNITED STATES
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1219
The Pandora Papers have exposed the US as one of the worldrsquos leading secrecy jurisdic
Several states ndash including Delaware Florida South Dakota Nevada and New Hampshire
emerged as global hotspots for those seeking to hide their assets and minimise their ta
The Pandora Papers revealed 206 US-based trusts in 15 dierent states that held asset
than US$1 billion Among them some reportedly held assets linked to people or compa
suspected of corruption or fraud Transparency Internationalrsquos US Oce is calling on th
Treasury Department to help close the secrecy loophole for trusts by issuing a rule
implementing the landmark Corporate Transparency Act that requires all trusts not exp
exempted in the law to report their true owners
Furthermore gatekeepers such as lawyers investment advisors accountants and corp
service providers are currently under no obligation to conduct due diligence on their cl
ascertain source of their funds or to report suspicious behaviour to authorities The US
close also this major loophole and extend anti-money laundering obligations to these
professional enablers
It really should be a wakeup call to all of our policymakers to x [Because of the secrecy that we aord in this country because of oof laws we allow illegal and illicit money to ow through our bordwithout penalty or awareness on our part
Gary Kalman Director of Transparency Internationalrsquos US OceStar Tribune
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 219
The release of the Pandora Papers last Sunday has provided an opportunity to take a
comprehensive look at the underworld of the oshore industry
The Pandora Papers is a large-scale investigative project by the International Consortiu
Investigative Journalists the Organized Crime and Corruption Reporting Project and me
outlets in 117 countries Journalists have analysed the documents leaked from 14 corpo
service providers ndash all based in jurisdictions with high levels of nancial secrecy
The condential documents reportedly show high-level ocials oligarchs and billionair
shell companies to move wealth oshore and to anonymously buy real estate or luxury
Globally the Pandora Papers must create a new momentum for ending the decades-lo
of corporate secrecy and pushing hesitant decision-makers into action These investiga
come at a time when the world is moving closer to a new global standard on corporate
transparency The Financial Action Task Force members should use this crucial opportu
require public central registers of company owners in all countries
Simultaneously national governments need to get their own aairs in order
Pandora Papers The corrupt should have nowhere to hide | Transparency InternatioPandora Papers The corrupt should have nowhere to hide | Transparency Internatio
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 319
Externally hosted content may include ads These arent endorsed by or reect Transparency Internationals views
First power players
Over 300 politicians from 90 countries ndash including 35 former or current government lea
are alleged to have evaded scrutiny and shielded themselves with anonymity Individua
should be taking decisive steps for tackling the ows of dirty money have themselves b
abusing the systemrsquos opacity In the months to come they will have a lot of explaining t
the public and to the authorities
BRAZIL
Latin America did not escape scrutiny from the Pandora Papers with 14 current and fo
heads of state and a myriad of politicians at the highest level of government implicated
massive leakrsquos disheartening ndings One of the noteworthy names is the one of Paulo
who while in oce as Brazilrsquos minister of economy kept a company in the British Virgin
(BVI) with almost US$10 million invested in a Creacutedit Suisse account in New York ndash inform
beyond the publicrsquos reach until now
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 419
Apart from the notorious ethical breach of having untaxed and safely kept oshore inv
while poverty is expected to rise in Brazil ndash investments which are at least immune but
potentially proting from the plummeting value of the countryrsquos currency ndash Paulo Gued
thought to have violated national legislation on conicts of interest As the head of Braz
economy Guedes has scal and monetary policies under his command and the decisio
made to shift the minimum threshold of reporting duties to those who possess investm
oshore from US$100000 to US$1 million ndash coupled with the tax reduction on the repa
of oshore funds he proposed to the Brazilian congress ndash raise an eyebrow
As Brazilrsquos lower chamber summons the countryrsquos minister of economy to explain hims
Transparency International Brazil is calling for more transparency over the real benec
oshore companies as well as for a reform of the countrys asset declaration regime to
that the public can also scrutinise potential conicts of interest by those making decisio
their behalf
CZECH REPUBLIC
In 2018 Transparency International Czech Republic found that Prime Minister Andrej B
the sole beneciary of the two trust funds that owned shares of a Czech conglomerate
which was to receive signicant EU subsidies Their discovery was possible thanks to Sl
free and public platform where ownership information of companies that receive publi
contracts or licences is recorded
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 519
As it turns out Babiš was also the benecial owner of other oshore companies in BVI
and the United States (US) This time around however the discovery was possible only
leaked documents obtained by investigative journalists since none of these countries w
oshore companies were incorporated provide information on the real owners of com
and trusts
With the help of the Panamanian service provider Alemaacuten Cordero Galindo amp Lee ndash kn
Alcogal ndash the Czech Prime Minister set up the anonymous companies and in 2009 mov
to buy among others a luxurious property on the French Riviera while keeping his own
secret The service provider ended up dropping Babiš as a client in 2016 following the
announcement of investigations on whether one of his companies had benetted from
subsidies intended to small businesses
While according to rules in the Czech Republic the Prime Minister has to disclose asset
declaration forms obtained by journalists show that neither the French property nor th
companies linked to him appear in documents that he has led since entering politics
Transparency International Czech Republic is calling for a full investigation into the dea
week the Czech Senate Commission for public procurement held a debate about the re
and the Chairman called for investigations to be opened According to the Commission
revelations should also be analysed by the European Public Prosecutors Oce
LEBANON
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 619
The revelations that Lebanonrsquos top politicians and businesspeople have been oshorin
wealth are dicult to fathom at a time when the country grapples with one of the wors
economic crises Among them is the new Prime Minister Najib Mikati who reportedly b
property worth US$10 million in Monaco through an oshore company registered in Pa
The Prime Minister has stated that his fortune was amassed prior to his involvement in
Lebanese politics and that his assets were disclosed to the Lebanese Constitutional Cou
Lebanese-owned companied topped the list of the BVI-based Trident Trustrsquos ndash where th
number of documents came from ndash leaked clients
Transparency Internationalrsquos chapter the Lebanese Transparency Association has stres
need for competent authorities to investigate the assets of these companies and identi
origin They call for the conscation and recovery of funds derived from corruption if a
for an imposition of taxes if individuals named in the Pandora Papers failed to declare t
assets in Lebanon Our chapter is also calling for the establishment of a National Anti-C
Commission (NACC) to exercise its jurisdiction to investigate suspected corruption and
nancial disclosures and interests of public ocials whenever the need arises
NIGERIA
An investigation by Finance Uncovered and Premium Times found that more than 100
Nigerians used anonymous companies to buy properties with a total worth of pound350 mil
U it d Ki d (UK) i 1990 C t d f hi h l l bli i l h
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 719
United Kingdom (UK) since 1990 Current and former high-level public ocials such as
and state governors are reportedly on the list
Nigerian powerholdersrsquo secretive dealings were previously reported as part of the Pana
Papers and FinCEN Files investigations Inaction over past disclosures has created a sen
impunity says Auwal Musa Rafsanjani Executive Director of our Nigerian chapter CISLA
The Nigerian government needs to investigate the Pandora Papers revelations irrespec
political aliation of the individuals CISLAC believes The government should also equi
Code of Conduct Bureau with sta and resources to adequately scrutinise ocialsrsquo asse
declarations To enable proper prosecution of these cases the authorities should coord
with their counterparts in other countries and exchange information
The failure of the government to investigate and prosecute issuesin the Panama Papers has emboldened these individuals There isfor the government to investigate these discoveries irrespective opolitical aliation of the individuals
Auwal Musa Rafsanjani Executive Director of Transparency Internationa(CISLAC)Daily Trust
Tweet this
SRI LANKA
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 819
SRI LANKA
Thirukumar Nadesan is the husband of Nirupama Rajapaksa former parliamentarian a
former deputy minister of water supply and drainage and a descendant of the Rajapak
which dominated Sri Lankan politics for many years Condential documents reportedl
that he is also the benecial owner of shell companies used to purchase luxurious prop
Australia and the UK as well as an art collection stored in the Geneva free port estimat
more than US$4 million The power couple counted with the help of Asiaciti Trust ndash a co
service provider based in Singapore ndash to create shell companies in secrecy jurisdictions
trusts in New Zealand to transfer funds across countries and even to apply for a lsquogolden
passportrsquo in Cyprus
Transparency International Sri Lanka is calling on the authorities to ensure that indepe
investigations are carried out with expediency Law enforcement authorities and the ju
should not only pursue new evidence but also complete the existing pending investigat
against the couple without interference Our chapter in Sri Lanka has also led a comp
the Bribery Commission requesting an investigation into the unexplained wealth of Na
and Nirupama Rajapaksa
Letrsquos not forget the enablers
Despite the damning evidence from the Panama Papers corporate service providers an
private sector intermediaries continue to operate with little scrutiny and obligations in
countries Lax rules and loopholes have also opened the nancial sectors of the advanc
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 919
economies to abuse
AUSTRALIA
The Pandora Papers reveal that the Sri Lankan power couple Thirukumar Nadesan and
Nirupama Rajapaksa used a Samoa-registered company to purchase properties in Aus
investigation by ABC News found that each transaction involved layers of trusts and co
The countryrsquos weak anti-money laundering laws mean there is no requirement for the
gatekeepers ndash lawyers accountants and real estate agents ndash to ask questions as to the
the money and to report suspicious transactions to the authorities Large sums of illicit
can therefore be concealed and integrated into the legitimate economy through the re
sector This has made the countryrsquos property market attractive to suspicious cash acco
Transparency International Australia
The Financial Action Task Force has been urging Australia to strengthen its anti-money
laundering laws for fteen years While there have been some amendments a lack of
transparency in benecial ownership and a similar lack of coverage of the enablers leav
gaping hole
Australia not only needs to work towards complying with internatstandards but requires a complete mentality shift to prioritise keout criminally derived monies from the economy Unless this occuAustralia will continue to be exposed
Serena Lillywhite CEO of Transparency International Australia
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1019
Tweet this
NEW ZEALAND
In New Zealand trusts were reportedly used by businesspeople and politicians from Ch
Brazil Russia and Romania ndash some of whom faced serious corruption and money laund
charges back home
Until recently New Zealand was a known haven for foreigners who could avoid taxes a
their identities Since 2017 foreign-owned trusts have had to disclose the identities of t
beneciaries and basic information on their assets to the authorities This law led to th
of a register of foreign trusts and a requirement for the provision of a trust deed partic
the settlor and the beneciaries and a copy of the accounts
This law change has resulted in a 75 per cent reduction in the number of foreign trusts
registered in 2020 but problems remain with both foreign-owned and domestic trusts
Transparency International New Zealand is calling for further improvements to the trus
PANAMA
Out of the 14 corporate service providers feature in the Pandora Papers two are based
Panama According to Libertad Ciudadana Transparency Internationalrsquos chapter in Pan
new revelations underscore the importance of moving forward with the implementatio
benecial ownership register after an 18-month-long delay
Corporate service providers play an outsized role in Panamarsquos anti-money laundering f
as they serve as ldquoresident agentsrdquo Oshore companies set up in Panama need a reside
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1119
and the obligation to identify the actual people ndash benecial owners ndash behind companies
them
This is not the rst international scandal implicating the countryrsquos oshore industry Th
infamous Mossack Fonseca was at the centre of the 2016 Panama Papers and even if i
since then shut down the repercussions from the damning revelations are still being fe
country Just this week the EU announced Panama will remain black-listed as a non-coo
tax haven
UNITED KINGDOM
The Pandora Papers once again exposed UKrsquos property market as magnet for dirty mon
leaked data contains names of high-prole foreign public ocials individuals accused o
corruption and UK political donors who own more than US$7 billion worth of UK real e
through anonymous companies
Azerbaijanrsquos ruling family reportedly used a BVI-registered company to buy a secret pro
empire worth US$700 million in the UK over the course of 15 years
Now Transparency International UK is calling for the fast-tracking of legislation that wo
the loophole that allows individuals to buy and sell UK property anonymously by using
companies registered in secrecy jurisdictions
UNITED STATES
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1219
The Pandora Papers have exposed the US as one of the worldrsquos leading secrecy jurisdic
Several states ndash including Delaware Florida South Dakota Nevada and New Hampshire
emerged as global hotspots for those seeking to hide their assets and minimise their ta
The Pandora Papers revealed 206 US-based trusts in 15 dierent states that held asset
than US$1 billion Among them some reportedly held assets linked to people or compa
suspected of corruption or fraud Transparency Internationalrsquos US Oce is calling on th
Treasury Department to help close the secrecy loophole for trusts by issuing a rule
implementing the landmark Corporate Transparency Act that requires all trusts not exp
exempted in the law to report their true owners
Furthermore gatekeepers such as lawyers investment advisors accountants and corp
service providers are currently under no obligation to conduct due diligence on their cl
ascertain source of their funds or to report suspicious behaviour to authorities The US
close also this major loophole and extend anti-money laundering obligations to these
professional enablers
It really should be a wakeup call to all of our policymakers to x [Because of the secrecy that we aord in this country because of oof laws we allow illegal and illicit money to ow through our bordwithout penalty or awareness on our part
Gary Kalman Director of Transparency Internationalrsquos US OceStar Tribune
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 319
Externally hosted content may include ads These arent endorsed by or reect Transparency Internationals views
First power players
Over 300 politicians from 90 countries ndash including 35 former or current government lea
are alleged to have evaded scrutiny and shielded themselves with anonymity Individua
should be taking decisive steps for tackling the ows of dirty money have themselves b
abusing the systemrsquos opacity In the months to come they will have a lot of explaining t
the public and to the authorities
BRAZIL
Latin America did not escape scrutiny from the Pandora Papers with 14 current and fo
heads of state and a myriad of politicians at the highest level of government implicated
massive leakrsquos disheartening ndings One of the noteworthy names is the one of Paulo
who while in oce as Brazilrsquos minister of economy kept a company in the British Virgin
(BVI) with almost US$10 million invested in a Creacutedit Suisse account in New York ndash inform
beyond the publicrsquos reach until now
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 419
Apart from the notorious ethical breach of having untaxed and safely kept oshore inv
while poverty is expected to rise in Brazil ndash investments which are at least immune but
potentially proting from the plummeting value of the countryrsquos currency ndash Paulo Gued
thought to have violated national legislation on conicts of interest As the head of Braz
economy Guedes has scal and monetary policies under his command and the decisio
made to shift the minimum threshold of reporting duties to those who possess investm
oshore from US$100000 to US$1 million ndash coupled with the tax reduction on the repa
of oshore funds he proposed to the Brazilian congress ndash raise an eyebrow
As Brazilrsquos lower chamber summons the countryrsquos minister of economy to explain hims
Transparency International Brazil is calling for more transparency over the real benec
oshore companies as well as for a reform of the countrys asset declaration regime to
that the public can also scrutinise potential conicts of interest by those making decisio
their behalf
CZECH REPUBLIC
In 2018 Transparency International Czech Republic found that Prime Minister Andrej B
the sole beneciary of the two trust funds that owned shares of a Czech conglomerate
which was to receive signicant EU subsidies Their discovery was possible thanks to Sl
free and public platform where ownership information of companies that receive publi
contracts or licences is recorded
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 519
As it turns out Babiš was also the benecial owner of other oshore companies in BVI
and the United States (US) This time around however the discovery was possible only
leaked documents obtained by investigative journalists since none of these countries w
oshore companies were incorporated provide information on the real owners of com
and trusts
With the help of the Panamanian service provider Alemaacuten Cordero Galindo amp Lee ndash kn
Alcogal ndash the Czech Prime Minister set up the anonymous companies and in 2009 mov
to buy among others a luxurious property on the French Riviera while keeping his own
secret The service provider ended up dropping Babiš as a client in 2016 following the
announcement of investigations on whether one of his companies had benetted from
subsidies intended to small businesses
While according to rules in the Czech Republic the Prime Minister has to disclose asset
declaration forms obtained by journalists show that neither the French property nor th
companies linked to him appear in documents that he has led since entering politics
Transparency International Czech Republic is calling for a full investigation into the dea
week the Czech Senate Commission for public procurement held a debate about the re
and the Chairman called for investigations to be opened According to the Commission
revelations should also be analysed by the European Public Prosecutors Oce
LEBANON
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 619
The revelations that Lebanonrsquos top politicians and businesspeople have been oshorin
wealth are dicult to fathom at a time when the country grapples with one of the wors
economic crises Among them is the new Prime Minister Najib Mikati who reportedly b
property worth US$10 million in Monaco through an oshore company registered in Pa
The Prime Minister has stated that his fortune was amassed prior to his involvement in
Lebanese politics and that his assets were disclosed to the Lebanese Constitutional Cou
Lebanese-owned companied topped the list of the BVI-based Trident Trustrsquos ndash where th
number of documents came from ndash leaked clients
Transparency Internationalrsquos chapter the Lebanese Transparency Association has stres
need for competent authorities to investigate the assets of these companies and identi
origin They call for the conscation and recovery of funds derived from corruption if a
for an imposition of taxes if individuals named in the Pandora Papers failed to declare t
assets in Lebanon Our chapter is also calling for the establishment of a National Anti-C
Commission (NACC) to exercise its jurisdiction to investigate suspected corruption and
nancial disclosures and interests of public ocials whenever the need arises
NIGERIA
An investigation by Finance Uncovered and Premium Times found that more than 100
Nigerians used anonymous companies to buy properties with a total worth of pound350 mil
U it d Ki d (UK) i 1990 C t d f hi h l l bli i l h
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 719
United Kingdom (UK) since 1990 Current and former high-level public ocials such as
and state governors are reportedly on the list
Nigerian powerholdersrsquo secretive dealings were previously reported as part of the Pana
Papers and FinCEN Files investigations Inaction over past disclosures has created a sen
impunity says Auwal Musa Rafsanjani Executive Director of our Nigerian chapter CISLA
The Nigerian government needs to investigate the Pandora Papers revelations irrespec
political aliation of the individuals CISLAC believes The government should also equi
Code of Conduct Bureau with sta and resources to adequately scrutinise ocialsrsquo asse
declarations To enable proper prosecution of these cases the authorities should coord
with their counterparts in other countries and exchange information
The failure of the government to investigate and prosecute issuesin the Panama Papers has emboldened these individuals There isfor the government to investigate these discoveries irrespective opolitical aliation of the individuals
Auwal Musa Rafsanjani Executive Director of Transparency Internationa(CISLAC)Daily Trust
Tweet this
SRI LANKA
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 819
SRI LANKA
Thirukumar Nadesan is the husband of Nirupama Rajapaksa former parliamentarian a
former deputy minister of water supply and drainage and a descendant of the Rajapak
which dominated Sri Lankan politics for many years Condential documents reportedl
that he is also the benecial owner of shell companies used to purchase luxurious prop
Australia and the UK as well as an art collection stored in the Geneva free port estimat
more than US$4 million The power couple counted with the help of Asiaciti Trust ndash a co
service provider based in Singapore ndash to create shell companies in secrecy jurisdictions
trusts in New Zealand to transfer funds across countries and even to apply for a lsquogolden
passportrsquo in Cyprus
Transparency International Sri Lanka is calling on the authorities to ensure that indepe
investigations are carried out with expediency Law enforcement authorities and the ju
should not only pursue new evidence but also complete the existing pending investigat
against the couple without interference Our chapter in Sri Lanka has also led a comp
the Bribery Commission requesting an investigation into the unexplained wealth of Na
and Nirupama Rajapaksa
Letrsquos not forget the enablers
Despite the damning evidence from the Panama Papers corporate service providers an
private sector intermediaries continue to operate with little scrutiny and obligations in
countries Lax rules and loopholes have also opened the nancial sectors of the advanc
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 919
economies to abuse
AUSTRALIA
The Pandora Papers reveal that the Sri Lankan power couple Thirukumar Nadesan and
Nirupama Rajapaksa used a Samoa-registered company to purchase properties in Aus
investigation by ABC News found that each transaction involved layers of trusts and co
The countryrsquos weak anti-money laundering laws mean there is no requirement for the
gatekeepers ndash lawyers accountants and real estate agents ndash to ask questions as to the
the money and to report suspicious transactions to the authorities Large sums of illicit
can therefore be concealed and integrated into the legitimate economy through the re
sector This has made the countryrsquos property market attractive to suspicious cash acco
Transparency International Australia
The Financial Action Task Force has been urging Australia to strengthen its anti-money
laundering laws for fteen years While there have been some amendments a lack of
transparency in benecial ownership and a similar lack of coverage of the enablers leav
gaping hole
Australia not only needs to work towards complying with internatstandards but requires a complete mentality shift to prioritise keout criminally derived monies from the economy Unless this occuAustralia will continue to be exposed
Serena Lillywhite CEO of Transparency International Australia
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1019
Tweet this
NEW ZEALAND
In New Zealand trusts were reportedly used by businesspeople and politicians from Ch
Brazil Russia and Romania ndash some of whom faced serious corruption and money laund
charges back home
Until recently New Zealand was a known haven for foreigners who could avoid taxes a
their identities Since 2017 foreign-owned trusts have had to disclose the identities of t
beneciaries and basic information on their assets to the authorities This law led to th
of a register of foreign trusts and a requirement for the provision of a trust deed partic
the settlor and the beneciaries and a copy of the accounts
This law change has resulted in a 75 per cent reduction in the number of foreign trusts
registered in 2020 but problems remain with both foreign-owned and domestic trusts
Transparency International New Zealand is calling for further improvements to the trus
PANAMA
Out of the 14 corporate service providers feature in the Pandora Papers two are based
Panama According to Libertad Ciudadana Transparency Internationalrsquos chapter in Pan
new revelations underscore the importance of moving forward with the implementatio
benecial ownership register after an 18-month-long delay
Corporate service providers play an outsized role in Panamarsquos anti-money laundering f
as they serve as ldquoresident agentsrdquo Oshore companies set up in Panama need a reside
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1119
and the obligation to identify the actual people ndash benecial owners ndash behind companies
them
This is not the rst international scandal implicating the countryrsquos oshore industry Th
infamous Mossack Fonseca was at the centre of the 2016 Panama Papers and even if i
since then shut down the repercussions from the damning revelations are still being fe
country Just this week the EU announced Panama will remain black-listed as a non-coo
tax haven
UNITED KINGDOM
The Pandora Papers once again exposed UKrsquos property market as magnet for dirty mon
leaked data contains names of high-prole foreign public ocials individuals accused o
corruption and UK political donors who own more than US$7 billion worth of UK real e
through anonymous companies
Azerbaijanrsquos ruling family reportedly used a BVI-registered company to buy a secret pro
empire worth US$700 million in the UK over the course of 15 years
Now Transparency International UK is calling for the fast-tracking of legislation that wo
the loophole that allows individuals to buy and sell UK property anonymously by using
companies registered in secrecy jurisdictions
UNITED STATES
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1219
The Pandora Papers have exposed the US as one of the worldrsquos leading secrecy jurisdic
Several states ndash including Delaware Florida South Dakota Nevada and New Hampshire
emerged as global hotspots for those seeking to hide their assets and minimise their ta
The Pandora Papers revealed 206 US-based trusts in 15 dierent states that held asset
than US$1 billion Among them some reportedly held assets linked to people or compa
suspected of corruption or fraud Transparency Internationalrsquos US Oce is calling on th
Treasury Department to help close the secrecy loophole for trusts by issuing a rule
implementing the landmark Corporate Transparency Act that requires all trusts not exp
exempted in the law to report their true owners
Furthermore gatekeepers such as lawyers investment advisors accountants and corp
service providers are currently under no obligation to conduct due diligence on their cl
ascertain source of their funds or to report suspicious behaviour to authorities The US
close also this major loophole and extend anti-money laundering obligations to these
professional enablers
It really should be a wakeup call to all of our policymakers to x [Because of the secrecy that we aord in this country because of oof laws we allow illegal and illicit money to ow through our bordwithout penalty or awareness on our part
Gary Kalman Director of Transparency Internationalrsquos US OceStar Tribune
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 419
Apart from the notorious ethical breach of having untaxed and safely kept oshore inv
while poverty is expected to rise in Brazil ndash investments which are at least immune but
potentially proting from the plummeting value of the countryrsquos currency ndash Paulo Gued
thought to have violated national legislation on conicts of interest As the head of Braz
economy Guedes has scal and monetary policies under his command and the decisio
made to shift the minimum threshold of reporting duties to those who possess investm
oshore from US$100000 to US$1 million ndash coupled with the tax reduction on the repa
of oshore funds he proposed to the Brazilian congress ndash raise an eyebrow
As Brazilrsquos lower chamber summons the countryrsquos minister of economy to explain hims
Transparency International Brazil is calling for more transparency over the real benec
oshore companies as well as for a reform of the countrys asset declaration regime to
that the public can also scrutinise potential conicts of interest by those making decisio
their behalf
CZECH REPUBLIC
In 2018 Transparency International Czech Republic found that Prime Minister Andrej B
the sole beneciary of the two trust funds that owned shares of a Czech conglomerate
which was to receive signicant EU subsidies Their discovery was possible thanks to Sl
free and public platform where ownership information of companies that receive publi
contracts or licences is recorded
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 519
As it turns out Babiš was also the benecial owner of other oshore companies in BVI
and the United States (US) This time around however the discovery was possible only
leaked documents obtained by investigative journalists since none of these countries w
oshore companies were incorporated provide information on the real owners of com
and trusts
With the help of the Panamanian service provider Alemaacuten Cordero Galindo amp Lee ndash kn
Alcogal ndash the Czech Prime Minister set up the anonymous companies and in 2009 mov
to buy among others a luxurious property on the French Riviera while keeping his own
secret The service provider ended up dropping Babiš as a client in 2016 following the
announcement of investigations on whether one of his companies had benetted from
subsidies intended to small businesses
While according to rules in the Czech Republic the Prime Minister has to disclose asset
declaration forms obtained by journalists show that neither the French property nor th
companies linked to him appear in documents that he has led since entering politics
Transparency International Czech Republic is calling for a full investigation into the dea
week the Czech Senate Commission for public procurement held a debate about the re
and the Chairman called for investigations to be opened According to the Commission
revelations should also be analysed by the European Public Prosecutors Oce
LEBANON
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 619
The revelations that Lebanonrsquos top politicians and businesspeople have been oshorin
wealth are dicult to fathom at a time when the country grapples with one of the wors
economic crises Among them is the new Prime Minister Najib Mikati who reportedly b
property worth US$10 million in Monaco through an oshore company registered in Pa
The Prime Minister has stated that his fortune was amassed prior to his involvement in
Lebanese politics and that his assets were disclosed to the Lebanese Constitutional Cou
Lebanese-owned companied topped the list of the BVI-based Trident Trustrsquos ndash where th
number of documents came from ndash leaked clients
Transparency Internationalrsquos chapter the Lebanese Transparency Association has stres
need for competent authorities to investigate the assets of these companies and identi
origin They call for the conscation and recovery of funds derived from corruption if a
for an imposition of taxes if individuals named in the Pandora Papers failed to declare t
assets in Lebanon Our chapter is also calling for the establishment of a National Anti-C
Commission (NACC) to exercise its jurisdiction to investigate suspected corruption and
nancial disclosures and interests of public ocials whenever the need arises
NIGERIA
An investigation by Finance Uncovered and Premium Times found that more than 100
Nigerians used anonymous companies to buy properties with a total worth of pound350 mil
U it d Ki d (UK) i 1990 C t d f hi h l l bli i l h
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 719
United Kingdom (UK) since 1990 Current and former high-level public ocials such as
and state governors are reportedly on the list
Nigerian powerholdersrsquo secretive dealings were previously reported as part of the Pana
Papers and FinCEN Files investigations Inaction over past disclosures has created a sen
impunity says Auwal Musa Rafsanjani Executive Director of our Nigerian chapter CISLA
The Nigerian government needs to investigate the Pandora Papers revelations irrespec
political aliation of the individuals CISLAC believes The government should also equi
Code of Conduct Bureau with sta and resources to adequately scrutinise ocialsrsquo asse
declarations To enable proper prosecution of these cases the authorities should coord
with their counterparts in other countries and exchange information
The failure of the government to investigate and prosecute issuesin the Panama Papers has emboldened these individuals There isfor the government to investigate these discoveries irrespective opolitical aliation of the individuals
Auwal Musa Rafsanjani Executive Director of Transparency Internationa(CISLAC)Daily Trust
Tweet this
SRI LANKA
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 819
SRI LANKA
Thirukumar Nadesan is the husband of Nirupama Rajapaksa former parliamentarian a
former deputy minister of water supply and drainage and a descendant of the Rajapak
which dominated Sri Lankan politics for many years Condential documents reportedl
that he is also the benecial owner of shell companies used to purchase luxurious prop
Australia and the UK as well as an art collection stored in the Geneva free port estimat
more than US$4 million The power couple counted with the help of Asiaciti Trust ndash a co
service provider based in Singapore ndash to create shell companies in secrecy jurisdictions
trusts in New Zealand to transfer funds across countries and even to apply for a lsquogolden
passportrsquo in Cyprus
Transparency International Sri Lanka is calling on the authorities to ensure that indepe
investigations are carried out with expediency Law enforcement authorities and the ju
should not only pursue new evidence but also complete the existing pending investigat
against the couple without interference Our chapter in Sri Lanka has also led a comp
the Bribery Commission requesting an investigation into the unexplained wealth of Na
and Nirupama Rajapaksa
Letrsquos not forget the enablers
Despite the damning evidence from the Panama Papers corporate service providers an
private sector intermediaries continue to operate with little scrutiny and obligations in
countries Lax rules and loopholes have also opened the nancial sectors of the advanc
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 919
economies to abuse
AUSTRALIA
The Pandora Papers reveal that the Sri Lankan power couple Thirukumar Nadesan and
Nirupama Rajapaksa used a Samoa-registered company to purchase properties in Aus
investigation by ABC News found that each transaction involved layers of trusts and co
The countryrsquos weak anti-money laundering laws mean there is no requirement for the
gatekeepers ndash lawyers accountants and real estate agents ndash to ask questions as to the
the money and to report suspicious transactions to the authorities Large sums of illicit
can therefore be concealed and integrated into the legitimate economy through the re
sector This has made the countryrsquos property market attractive to suspicious cash acco
Transparency International Australia
The Financial Action Task Force has been urging Australia to strengthen its anti-money
laundering laws for fteen years While there have been some amendments a lack of
transparency in benecial ownership and a similar lack of coverage of the enablers leav
gaping hole
Australia not only needs to work towards complying with internatstandards but requires a complete mentality shift to prioritise keout criminally derived monies from the economy Unless this occuAustralia will continue to be exposed
Serena Lillywhite CEO of Transparency International Australia
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1019
Tweet this
NEW ZEALAND
In New Zealand trusts were reportedly used by businesspeople and politicians from Ch
Brazil Russia and Romania ndash some of whom faced serious corruption and money laund
charges back home
Until recently New Zealand was a known haven for foreigners who could avoid taxes a
their identities Since 2017 foreign-owned trusts have had to disclose the identities of t
beneciaries and basic information on their assets to the authorities This law led to th
of a register of foreign trusts and a requirement for the provision of a trust deed partic
the settlor and the beneciaries and a copy of the accounts
This law change has resulted in a 75 per cent reduction in the number of foreign trusts
registered in 2020 but problems remain with both foreign-owned and domestic trusts
Transparency International New Zealand is calling for further improvements to the trus
PANAMA
Out of the 14 corporate service providers feature in the Pandora Papers two are based
Panama According to Libertad Ciudadana Transparency Internationalrsquos chapter in Pan
new revelations underscore the importance of moving forward with the implementatio
benecial ownership register after an 18-month-long delay
Corporate service providers play an outsized role in Panamarsquos anti-money laundering f
as they serve as ldquoresident agentsrdquo Oshore companies set up in Panama need a reside
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1119
and the obligation to identify the actual people ndash benecial owners ndash behind companies
them
This is not the rst international scandal implicating the countryrsquos oshore industry Th
infamous Mossack Fonseca was at the centre of the 2016 Panama Papers and even if i
since then shut down the repercussions from the damning revelations are still being fe
country Just this week the EU announced Panama will remain black-listed as a non-coo
tax haven
UNITED KINGDOM
The Pandora Papers once again exposed UKrsquos property market as magnet for dirty mon
leaked data contains names of high-prole foreign public ocials individuals accused o
corruption and UK political donors who own more than US$7 billion worth of UK real e
through anonymous companies
Azerbaijanrsquos ruling family reportedly used a BVI-registered company to buy a secret pro
empire worth US$700 million in the UK over the course of 15 years
Now Transparency International UK is calling for the fast-tracking of legislation that wo
the loophole that allows individuals to buy and sell UK property anonymously by using
companies registered in secrecy jurisdictions
UNITED STATES
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1219
The Pandora Papers have exposed the US as one of the worldrsquos leading secrecy jurisdic
Several states ndash including Delaware Florida South Dakota Nevada and New Hampshire
emerged as global hotspots for those seeking to hide their assets and minimise their ta
The Pandora Papers revealed 206 US-based trusts in 15 dierent states that held asset
than US$1 billion Among them some reportedly held assets linked to people or compa
suspected of corruption or fraud Transparency Internationalrsquos US Oce is calling on th
Treasury Department to help close the secrecy loophole for trusts by issuing a rule
implementing the landmark Corporate Transparency Act that requires all trusts not exp
exempted in the law to report their true owners
Furthermore gatekeepers such as lawyers investment advisors accountants and corp
service providers are currently under no obligation to conduct due diligence on their cl
ascertain source of their funds or to report suspicious behaviour to authorities The US
close also this major loophole and extend anti-money laundering obligations to these
professional enablers
It really should be a wakeup call to all of our policymakers to x [Because of the secrecy that we aord in this country because of oof laws we allow illegal and illicit money to ow through our bordwithout penalty or awareness on our part
Gary Kalman Director of Transparency Internationalrsquos US OceStar Tribune
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 519
As it turns out Babiš was also the benecial owner of other oshore companies in BVI
and the United States (US) This time around however the discovery was possible only
leaked documents obtained by investigative journalists since none of these countries w
oshore companies were incorporated provide information on the real owners of com
and trusts
With the help of the Panamanian service provider Alemaacuten Cordero Galindo amp Lee ndash kn
Alcogal ndash the Czech Prime Minister set up the anonymous companies and in 2009 mov
to buy among others a luxurious property on the French Riviera while keeping his own
secret The service provider ended up dropping Babiš as a client in 2016 following the
announcement of investigations on whether one of his companies had benetted from
subsidies intended to small businesses
While according to rules in the Czech Republic the Prime Minister has to disclose asset
declaration forms obtained by journalists show that neither the French property nor th
companies linked to him appear in documents that he has led since entering politics
Transparency International Czech Republic is calling for a full investigation into the dea
week the Czech Senate Commission for public procurement held a debate about the re
and the Chairman called for investigations to be opened According to the Commission
revelations should also be analysed by the European Public Prosecutors Oce
LEBANON
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 619
The revelations that Lebanonrsquos top politicians and businesspeople have been oshorin
wealth are dicult to fathom at a time when the country grapples with one of the wors
economic crises Among them is the new Prime Minister Najib Mikati who reportedly b
property worth US$10 million in Monaco through an oshore company registered in Pa
The Prime Minister has stated that his fortune was amassed prior to his involvement in
Lebanese politics and that his assets were disclosed to the Lebanese Constitutional Cou
Lebanese-owned companied topped the list of the BVI-based Trident Trustrsquos ndash where th
number of documents came from ndash leaked clients
Transparency Internationalrsquos chapter the Lebanese Transparency Association has stres
need for competent authorities to investigate the assets of these companies and identi
origin They call for the conscation and recovery of funds derived from corruption if a
for an imposition of taxes if individuals named in the Pandora Papers failed to declare t
assets in Lebanon Our chapter is also calling for the establishment of a National Anti-C
Commission (NACC) to exercise its jurisdiction to investigate suspected corruption and
nancial disclosures and interests of public ocials whenever the need arises
NIGERIA
An investigation by Finance Uncovered and Premium Times found that more than 100
Nigerians used anonymous companies to buy properties with a total worth of pound350 mil
U it d Ki d (UK) i 1990 C t d f hi h l l bli i l h
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 719
United Kingdom (UK) since 1990 Current and former high-level public ocials such as
and state governors are reportedly on the list
Nigerian powerholdersrsquo secretive dealings were previously reported as part of the Pana
Papers and FinCEN Files investigations Inaction over past disclosures has created a sen
impunity says Auwal Musa Rafsanjani Executive Director of our Nigerian chapter CISLA
The Nigerian government needs to investigate the Pandora Papers revelations irrespec
political aliation of the individuals CISLAC believes The government should also equi
Code of Conduct Bureau with sta and resources to adequately scrutinise ocialsrsquo asse
declarations To enable proper prosecution of these cases the authorities should coord
with their counterparts in other countries and exchange information
The failure of the government to investigate and prosecute issuesin the Panama Papers has emboldened these individuals There isfor the government to investigate these discoveries irrespective opolitical aliation of the individuals
Auwal Musa Rafsanjani Executive Director of Transparency Internationa(CISLAC)Daily Trust
Tweet this
SRI LANKA
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 819
SRI LANKA
Thirukumar Nadesan is the husband of Nirupama Rajapaksa former parliamentarian a
former deputy minister of water supply and drainage and a descendant of the Rajapak
which dominated Sri Lankan politics for many years Condential documents reportedl
that he is also the benecial owner of shell companies used to purchase luxurious prop
Australia and the UK as well as an art collection stored in the Geneva free port estimat
more than US$4 million The power couple counted with the help of Asiaciti Trust ndash a co
service provider based in Singapore ndash to create shell companies in secrecy jurisdictions
trusts in New Zealand to transfer funds across countries and even to apply for a lsquogolden
passportrsquo in Cyprus
Transparency International Sri Lanka is calling on the authorities to ensure that indepe
investigations are carried out with expediency Law enforcement authorities and the ju
should not only pursue new evidence but also complete the existing pending investigat
against the couple without interference Our chapter in Sri Lanka has also led a comp
the Bribery Commission requesting an investigation into the unexplained wealth of Na
and Nirupama Rajapaksa
Letrsquos not forget the enablers
Despite the damning evidence from the Panama Papers corporate service providers an
private sector intermediaries continue to operate with little scrutiny and obligations in
countries Lax rules and loopholes have also opened the nancial sectors of the advanc
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 919
economies to abuse
AUSTRALIA
The Pandora Papers reveal that the Sri Lankan power couple Thirukumar Nadesan and
Nirupama Rajapaksa used a Samoa-registered company to purchase properties in Aus
investigation by ABC News found that each transaction involved layers of trusts and co
The countryrsquos weak anti-money laundering laws mean there is no requirement for the
gatekeepers ndash lawyers accountants and real estate agents ndash to ask questions as to the
the money and to report suspicious transactions to the authorities Large sums of illicit
can therefore be concealed and integrated into the legitimate economy through the re
sector This has made the countryrsquos property market attractive to suspicious cash acco
Transparency International Australia
The Financial Action Task Force has been urging Australia to strengthen its anti-money
laundering laws for fteen years While there have been some amendments a lack of
transparency in benecial ownership and a similar lack of coverage of the enablers leav
gaping hole
Australia not only needs to work towards complying with internatstandards but requires a complete mentality shift to prioritise keout criminally derived monies from the economy Unless this occuAustralia will continue to be exposed
Serena Lillywhite CEO of Transparency International Australia
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1019
Tweet this
NEW ZEALAND
In New Zealand trusts were reportedly used by businesspeople and politicians from Ch
Brazil Russia and Romania ndash some of whom faced serious corruption and money laund
charges back home
Until recently New Zealand was a known haven for foreigners who could avoid taxes a
their identities Since 2017 foreign-owned trusts have had to disclose the identities of t
beneciaries and basic information on their assets to the authorities This law led to th
of a register of foreign trusts and a requirement for the provision of a trust deed partic
the settlor and the beneciaries and a copy of the accounts
This law change has resulted in a 75 per cent reduction in the number of foreign trusts
registered in 2020 but problems remain with both foreign-owned and domestic trusts
Transparency International New Zealand is calling for further improvements to the trus
PANAMA
Out of the 14 corporate service providers feature in the Pandora Papers two are based
Panama According to Libertad Ciudadana Transparency Internationalrsquos chapter in Pan
new revelations underscore the importance of moving forward with the implementatio
benecial ownership register after an 18-month-long delay
Corporate service providers play an outsized role in Panamarsquos anti-money laundering f
as they serve as ldquoresident agentsrdquo Oshore companies set up in Panama need a reside
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1119
and the obligation to identify the actual people ndash benecial owners ndash behind companies
them
This is not the rst international scandal implicating the countryrsquos oshore industry Th
infamous Mossack Fonseca was at the centre of the 2016 Panama Papers and even if i
since then shut down the repercussions from the damning revelations are still being fe
country Just this week the EU announced Panama will remain black-listed as a non-coo
tax haven
UNITED KINGDOM
The Pandora Papers once again exposed UKrsquos property market as magnet for dirty mon
leaked data contains names of high-prole foreign public ocials individuals accused o
corruption and UK political donors who own more than US$7 billion worth of UK real e
through anonymous companies
Azerbaijanrsquos ruling family reportedly used a BVI-registered company to buy a secret pro
empire worth US$700 million in the UK over the course of 15 years
Now Transparency International UK is calling for the fast-tracking of legislation that wo
the loophole that allows individuals to buy and sell UK property anonymously by using
companies registered in secrecy jurisdictions
UNITED STATES
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1219
The Pandora Papers have exposed the US as one of the worldrsquos leading secrecy jurisdic
Several states ndash including Delaware Florida South Dakota Nevada and New Hampshire
emerged as global hotspots for those seeking to hide their assets and minimise their ta
The Pandora Papers revealed 206 US-based trusts in 15 dierent states that held asset
than US$1 billion Among them some reportedly held assets linked to people or compa
suspected of corruption or fraud Transparency Internationalrsquos US Oce is calling on th
Treasury Department to help close the secrecy loophole for trusts by issuing a rule
implementing the landmark Corporate Transparency Act that requires all trusts not exp
exempted in the law to report their true owners
Furthermore gatekeepers such as lawyers investment advisors accountants and corp
service providers are currently under no obligation to conduct due diligence on their cl
ascertain source of their funds or to report suspicious behaviour to authorities The US
close also this major loophole and extend anti-money laundering obligations to these
professional enablers
It really should be a wakeup call to all of our policymakers to x [Because of the secrecy that we aord in this country because of oof laws we allow illegal and illicit money to ow through our bordwithout penalty or awareness on our part
Gary Kalman Director of Transparency Internationalrsquos US OceStar Tribune
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 619
The revelations that Lebanonrsquos top politicians and businesspeople have been oshorin
wealth are dicult to fathom at a time when the country grapples with one of the wors
economic crises Among them is the new Prime Minister Najib Mikati who reportedly b
property worth US$10 million in Monaco through an oshore company registered in Pa
The Prime Minister has stated that his fortune was amassed prior to his involvement in
Lebanese politics and that his assets were disclosed to the Lebanese Constitutional Cou
Lebanese-owned companied topped the list of the BVI-based Trident Trustrsquos ndash where th
number of documents came from ndash leaked clients
Transparency Internationalrsquos chapter the Lebanese Transparency Association has stres
need for competent authorities to investigate the assets of these companies and identi
origin They call for the conscation and recovery of funds derived from corruption if a
for an imposition of taxes if individuals named in the Pandora Papers failed to declare t
assets in Lebanon Our chapter is also calling for the establishment of a National Anti-C
Commission (NACC) to exercise its jurisdiction to investigate suspected corruption and
nancial disclosures and interests of public ocials whenever the need arises
NIGERIA
An investigation by Finance Uncovered and Premium Times found that more than 100
Nigerians used anonymous companies to buy properties with a total worth of pound350 mil
U it d Ki d (UK) i 1990 C t d f hi h l l bli i l h
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 719
United Kingdom (UK) since 1990 Current and former high-level public ocials such as
and state governors are reportedly on the list
Nigerian powerholdersrsquo secretive dealings were previously reported as part of the Pana
Papers and FinCEN Files investigations Inaction over past disclosures has created a sen
impunity says Auwal Musa Rafsanjani Executive Director of our Nigerian chapter CISLA
The Nigerian government needs to investigate the Pandora Papers revelations irrespec
political aliation of the individuals CISLAC believes The government should also equi
Code of Conduct Bureau with sta and resources to adequately scrutinise ocialsrsquo asse
declarations To enable proper prosecution of these cases the authorities should coord
with their counterparts in other countries and exchange information
The failure of the government to investigate and prosecute issuesin the Panama Papers has emboldened these individuals There isfor the government to investigate these discoveries irrespective opolitical aliation of the individuals
Auwal Musa Rafsanjani Executive Director of Transparency Internationa(CISLAC)Daily Trust
Tweet this
SRI LANKA
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 819
SRI LANKA
Thirukumar Nadesan is the husband of Nirupama Rajapaksa former parliamentarian a
former deputy minister of water supply and drainage and a descendant of the Rajapak
which dominated Sri Lankan politics for many years Condential documents reportedl
that he is also the benecial owner of shell companies used to purchase luxurious prop
Australia and the UK as well as an art collection stored in the Geneva free port estimat
more than US$4 million The power couple counted with the help of Asiaciti Trust ndash a co
service provider based in Singapore ndash to create shell companies in secrecy jurisdictions
trusts in New Zealand to transfer funds across countries and even to apply for a lsquogolden
passportrsquo in Cyprus
Transparency International Sri Lanka is calling on the authorities to ensure that indepe
investigations are carried out with expediency Law enforcement authorities and the ju
should not only pursue new evidence but also complete the existing pending investigat
against the couple without interference Our chapter in Sri Lanka has also led a comp
the Bribery Commission requesting an investigation into the unexplained wealth of Na
and Nirupama Rajapaksa
Letrsquos not forget the enablers
Despite the damning evidence from the Panama Papers corporate service providers an
private sector intermediaries continue to operate with little scrutiny and obligations in
countries Lax rules and loopholes have also opened the nancial sectors of the advanc
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 919
economies to abuse
AUSTRALIA
The Pandora Papers reveal that the Sri Lankan power couple Thirukumar Nadesan and
Nirupama Rajapaksa used a Samoa-registered company to purchase properties in Aus
investigation by ABC News found that each transaction involved layers of trusts and co
The countryrsquos weak anti-money laundering laws mean there is no requirement for the
gatekeepers ndash lawyers accountants and real estate agents ndash to ask questions as to the
the money and to report suspicious transactions to the authorities Large sums of illicit
can therefore be concealed and integrated into the legitimate economy through the re
sector This has made the countryrsquos property market attractive to suspicious cash acco
Transparency International Australia
The Financial Action Task Force has been urging Australia to strengthen its anti-money
laundering laws for fteen years While there have been some amendments a lack of
transparency in benecial ownership and a similar lack of coverage of the enablers leav
gaping hole
Australia not only needs to work towards complying with internatstandards but requires a complete mentality shift to prioritise keout criminally derived monies from the economy Unless this occuAustralia will continue to be exposed
Serena Lillywhite CEO of Transparency International Australia
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1019
Tweet this
NEW ZEALAND
In New Zealand trusts were reportedly used by businesspeople and politicians from Ch
Brazil Russia and Romania ndash some of whom faced serious corruption and money laund
charges back home
Until recently New Zealand was a known haven for foreigners who could avoid taxes a
their identities Since 2017 foreign-owned trusts have had to disclose the identities of t
beneciaries and basic information on their assets to the authorities This law led to th
of a register of foreign trusts and a requirement for the provision of a trust deed partic
the settlor and the beneciaries and a copy of the accounts
This law change has resulted in a 75 per cent reduction in the number of foreign trusts
registered in 2020 but problems remain with both foreign-owned and domestic trusts
Transparency International New Zealand is calling for further improvements to the trus
PANAMA
Out of the 14 corporate service providers feature in the Pandora Papers two are based
Panama According to Libertad Ciudadana Transparency Internationalrsquos chapter in Pan
new revelations underscore the importance of moving forward with the implementatio
benecial ownership register after an 18-month-long delay
Corporate service providers play an outsized role in Panamarsquos anti-money laundering f
as they serve as ldquoresident agentsrdquo Oshore companies set up in Panama need a reside
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1119
and the obligation to identify the actual people ndash benecial owners ndash behind companies
them
This is not the rst international scandal implicating the countryrsquos oshore industry Th
infamous Mossack Fonseca was at the centre of the 2016 Panama Papers and even if i
since then shut down the repercussions from the damning revelations are still being fe
country Just this week the EU announced Panama will remain black-listed as a non-coo
tax haven
UNITED KINGDOM
The Pandora Papers once again exposed UKrsquos property market as magnet for dirty mon
leaked data contains names of high-prole foreign public ocials individuals accused o
corruption and UK political donors who own more than US$7 billion worth of UK real e
through anonymous companies
Azerbaijanrsquos ruling family reportedly used a BVI-registered company to buy a secret pro
empire worth US$700 million in the UK over the course of 15 years
Now Transparency International UK is calling for the fast-tracking of legislation that wo
the loophole that allows individuals to buy and sell UK property anonymously by using
companies registered in secrecy jurisdictions
UNITED STATES
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1219
The Pandora Papers have exposed the US as one of the worldrsquos leading secrecy jurisdic
Several states ndash including Delaware Florida South Dakota Nevada and New Hampshire
emerged as global hotspots for those seeking to hide their assets and minimise their ta
The Pandora Papers revealed 206 US-based trusts in 15 dierent states that held asset
than US$1 billion Among them some reportedly held assets linked to people or compa
suspected of corruption or fraud Transparency Internationalrsquos US Oce is calling on th
Treasury Department to help close the secrecy loophole for trusts by issuing a rule
implementing the landmark Corporate Transparency Act that requires all trusts not exp
exempted in the law to report their true owners
Furthermore gatekeepers such as lawyers investment advisors accountants and corp
service providers are currently under no obligation to conduct due diligence on their cl
ascertain source of their funds or to report suspicious behaviour to authorities The US
close also this major loophole and extend anti-money laundering obligations to these
professional enablers
It really should be a wakeup call to all of our policymakers to x [Because of the secrecy that we aord in this country because of oof laws we allow illegal and illicit money to ow through our bordwithout penalty or awareness on our part
Gary Kalman Director of Transparency Internationalrsquos US OceStar Tribune
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 719
United Kingdom (UK) since 1990 Current and former high-level public ocials such as
and state governors are reportedly on the list
Nigerian powerholdersrsquo secretive dealings were previously reported as part of the Pana
Papers and FinCEN Files investigations Inaction over past disclosures has created a sen
impunity says Auwal Musa Rafsanjani Executive Director of our Nigerian chapter CISLA
The Nigerian government needs to investigate the Pandora Papers revelations irrespec
political aliation of the individuals CISLAC believes The government should also equi
Code of Conduct Bureau with sta and resources to adequately scrutinise ocialsrsquo asse
declarations To enable proper prosecution of these cases the authorities should coord
with their counterparts in other countries and exchange information
The failure of the government to investigate and prosecute issuesin the Panama Papers has emboldened these individuals There isfor the government to investigate these discoveries irrespective opolitical aliation of the individuals
Auwal Musa Rafsanjani Executive Director of Transparency Internationa(CISLAC)Daily Trust
Tweet this
SRI LANKA
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 819
SRI LANKA
Thirukumar Nadesan is the husband of Nirupama Rajapaksa former parliamentarian a
former deputy minister of water supply and drainage and a descendant of the Rajapak
which dominated Sri Lankan politics for many years Condential documents reportedl
that he is also the benecial owner of shell companies used to purchase luxurious prop
Australia and the UK as well as an art collection stored in the Geneva free port estimat
more than US$4 million The power couple counted with the help of Asiaciti Trust ndash a co
service provider based in Singapore ndash to create shell companies in secrecy jurisdictions
trusts in New Zealand to transfer funds across countries and even to apply for a lsquogolden
passportrsquo in Cyprus
Transparency International Sri Lanka is calling on the authorities to ensure that indepe
investigations are carried out with expediency Law enforcement authorities and the ju
should not only pursue new evidence but also complete the existing pending investigat
against the couple without interference Our chapter in Sri Lanka has also led a comp
the Bribery Commission requesting an investigation into the unexplained wealth of Na
and Nirupama Rajapaksa
Letrsquos not forget the enablers
Despite the damning evidence from the Panama Papers corporate service providers an
private sector intermediaries continue to operate with little scrutiny and obligations in
countries Lax rules and loopholes have also opened the nancial sectors of the advanc
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 919
economies to abuse
AUSTRALIA
The Pandora Papers reveal that the Sri Lankan power couple Thirukumar Nadesan and
Nirupama Rajapaksa used a Samoa-registered company to purchase properties in Aus
investigation by ABC News found that each transaction involved layers of trusts and co
The countryrsquos weak anti-money laundering laws mean there is no requirement for the
gatekeepers ndash lawyers accountants and real estate agents ndash to ask questions as to the
the money and to report suspicious transactions to the authorities Large sums of illicit
can therefore be concealed and integrated into the legitimate economy through the re
sector This has made the countryrsquos property market attractive to suspicious cash acco
Transparency International Australia
The Financial Action Task Force has been urging Australia to strengthen its anti-money
laundering laws for fteen years While there have been some amendments a lack of
transparency in benecial ownership and a similar lack of coverage of the enablers leav
gaping hole
Australia not only needs to work towards complying with internatstandards but requires a complete mentality shift to prioritise keout criminally derived monies from the economy Unless this occuAustralia will continue to be exposed
Serena Lillywhite CEO of Transparency International Australia
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1019
Tweet this
NEW ZEALAND
In New Zealand trusts were reportedly used by businesspeople and politicians from Ch
Brazil Russia and Romania ndash some of whom faced serious corruption and money laund
charges back home
Until recently New Zealand was a known haven for foreigners who could avoid taxes a
their identities Since 2017 foreign-owned trusts have had to disclose the identities of t
beneciaries and basic information on their assets to the authorities This law led to th
of a register of foreign trusts and a requirement for the provision of a trust deed partic
the settlor and the beneciaries and a copy of the accounts
This law change has resulted in a 75 per cent reduction in the number of foreign trusts
registered in 2020 but problems remain with both foreign-owned and domestic trusts
Transparency International New Zealand is calling for further improvements to the trus
PANAMA
Out of the 14 corporate service providers feature in the Pandora Papers two are based
Panama According to Libertad Ciudadana Transparency Internationalrsquos chapter in Pan
new revelations underscore the importance of moving forward with the implementatio
benecial ownership register after an 18-month-long delay
Corporate service providers play an outsized role in Panamarsquos anti-money laundering f
as they serve as ldquoresident agentsrdquo Oshore companies set up in Panama need a reside
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1119
and the obligation to identify the actual people ndash benecial owners ndash behind companies
them
This is not the rst international scandal implicating the countryrsquos oshore industry Th
infamous Mossack Fonseca was at the centre of the 2016 Panama Papers and even if i
since then shut down the repercussions from the damning revelations are still being fe
country Just this week the EU announced Panama will remain black-listed as a non-coo
tax haven
UNITED KINGDOM
The Pandora Papers once again exposed UKrsquos property market as magnet for dirty mon
leaked data contains names of high-prole foreign public ocials individuals accused o
corruption and UK political donors who own more than US$7 billion worth of UK real e
through anonymous companies
Azerbaijanrsquos ruling family reportedly used a BVI-registered company to buy a secret pro
empire worth US$700 million in the UK over the course of 15 years
Now Transparency International UK is calling for the fast-tracking of legislation that wo
the loophole that allows individuals to buy and sell UK property anonymously by using
companies registered in secrecy jurisdictions
UNITED STATES
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1219
The Pandora Papers have exposed the US as one of the worldrsquos leading secrecy jurisdic
Several states ndash including Delaware Florida South Dakota Nevada and New Hampshire
emerged as global hotspots for those seeking to hide their assets and minimise their ta
The Pandora Papers revealed 206 US-based trusts in 15 dierent states that held asset
than US$1 billion Among them some reportedly held assets linked to people or compa
suspected of corruption or fraud Transparency Internationalrsquos US Oce is calling on th
Treasury Department to help close the secrecy loophole for trusts by issuing a rule
implementing the landmark Corporate Transparency Act that requires all trusts not exp
exempted in the law to report their true owners
Furthermore gatekeepers such as lawyers investment advisors accountants and corp
service providers are currently under no obligation to conduct due diligence on their cl
ascertain source of their funds or to report suspicious behaviour to authorities The US
close also this major loophole and extend anti-money laundering obligations to these
professional enablers
It really should be a wakeup call to all of our policymakers to x [Because of the secrecy that we aord in this country because of oof laws we allow illegal and illicit money to ow through our bordwithout penalty or awareness on our part
Gary Kalman Director of Transparency Internationalrsquos US OceStar Tribune
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 819
SRI LANKA
Thirukumar Nadesan is the husband of Nirupama Rajapaksa former parliamentarian a
former deputy minister of water supply and drainage and a descendant of the Rajapak
which dominated Sri Lankan politics for many years Condential documents reportedl
that he is also the benecial owner of shell companies used to purchase luxurious prop
Australia and the UK as well as an art collection stored in the Geneva free port estimat
more than US$4 million The power couple counted with the help of Asiaciti Trust ndash a co
service provider based in Singapore ndash to create shell companies in secrecy jurisdictions
trusts in New Zealand to transfer funds across countries and even to apply for a lsquogolden
passportrsquo in Cyprus
Transparency International Sri Lanka is calling on the authorities to ensure that indepe
investigations are carried out with expediency Law enforcement authorities and the ju
should not only pursue new evidence but also complete the existing pending investigat
against the couple without interference Our chapter in Sri Lanka has also led a comp
the Bribery Commission requesting an investigation into the unexplained wealth of Na
and Nirupama Rajapaksa
Letrsquos not forget the enablers
Despite the damning evidence from the Panama Papers corporate service providers an
private sector intermediaries continue to operate with little scrutiny and obligations in
countries Lax rules and loopholes have also opened the nancial sectors of the advanc
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 919
economies to abuse
AUSTRALIA
The Pandora Papers reveal that the Sri Lankan power couple Thirukumar Nadesan and
Nirupama Rajapaksa used a Samoa-registered company to purchase properties in Aus
investigation by ABC News found that each transaction involved layers of trusts and co
The countryrsquos weak anti-money laundering laws mean there is no requirement for the
gatekeepers ndash lawyers accountants and real estate agents ndash to ask questions as to the
the money and to report suspicious transactions to the authorities Large sums of illicit
can therefore be concealed and integrated into the legitimate economy through the re
sector This has made the countryrsquos property market attractive to suspicious cash acco
Transparency International Australia
The Financial Action Task Force has been urging Australia to strengthen its anti-money
laundering laws for fteen years While there have been some amendments a lack of
transparency in benecial ownership and a similar lack of coverage of the enablers leav
gaping hole
Australia not only needs to work towards complying with internatstandards but requires a complete mentality shift to prioritise keout criminally derived monies from the economy Unless this occuAustralia will continue to be exposed
Serena Lillywhite CEO of Transparency International Australia
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1019
Tweet this
NEW ZEALAND
In New Zealand trusts were reportedly used by businesspeople and politicians from Ch
Brazil Russia and Romania ndash some of whom faced serious corruption and money laund
charges back home
Until recently New Zealand was a known haven for foreigners who could avoid taxes a
their identities Since 2017 foreign-owned trusts have had to disclose the identities of t
beneciaries and basic information on their assets to the authorities This law led to th
of a register of foreign trusts and a requirement for the provision of a trust deed partic
the settlor and the beneciaries and a copy of the accounts
This law change has resulted in a 75 per cent reduction in the number of foreign trusts
registered in 2020 but problems remain with both foreign-owned and domestic trusts
Transparency International New Zealand is calling for further improvements to the trus
PANAMA
Out of the 14 corporate service providers feature in the Pandora Papers two are based
Panama According to Libertad Ciudadana Transparency Internationalrsquos chapter in Pan
new revelations underscore the importance of moving forward with the implementatio
benecial ownership register after an 18-month-long delay
Corporate service providers play an outsized role in Panamarsquos anti-money laundering f
as they serve as ldquoresident agentsrdquo Oshore companies set up in Panama need a reside
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1119
and the obligation to identify the actual people ndash benecial owners ndash behind companies
them
This is not the rst international scandal implicating the countryrsquos oshore industry Th
infamous Mossack Fonseca was at the centre of the 2016 Panama Papers and even if i
since then shut down the repercussions from the damning revelations are still being fe
country Just this week the EU announced Panama will remain black-listed as a non-coo
tax haven
UNITED KINGDOM
The Pandora Papers once again exposed UKrsquos property market as magnet for dirty mon
leaked data contains names of high-prole foreign public ocials individuals accused o
corruption and UK political donors who own more than US$7 billion worth of UK real e
through anonymous companies
Azerbaijanrsquos ruling family reportedly used a BVI-registered company to buy a secret pro
empire worth US$700 million in the UK over the course of 15 years
Now Transparency International UK is calling for the fast-tracking of legislation that wo
the loophole that allows individuals to buy and sell UK property anonymously by using
companies registered in secrecy jurisdictions
UNITED STATES
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1219
The Pandora Papers have exposed the US as one of the worldrsquos leading secrecy jurisdic
Several states ndash including Delaware Florida South Dakota Nevada and New Hampshire
emerged as global hotspots for those seeking to hide their assets and minimise their ta
The Pandora Papers revealed 206 US-based trusts in 15 dierent states that held asset
than US$1 billion Among them some reportedly held assets linked to people or compa
suspected of corruption or fraud Transparency Internationalrsquos US Oce is calling on th
Treasury Department to help close the secrecy loophole for trusts by issuing a rule
implementing the landmark Corporate Transparency Act that requires all trusts not exp
exempted in the law to report their true owners
Furthermore gatekeepers such as lawyers investment advisors accountants and corp
service providers are currently under no obligation to conduct due diligence on their cl
ascertain source of their funds or to report suspicious behaviour to authorities The US
close also this major loophole and extend anti-money laundering obligations to these
professional enablers
It really should be a wakeup call to all of our policymakers to x [Because of the secrecy that we aord in this country because of oof laws we allow illegal and illicit money to ow through our bordwithout penalty or awareness on our part
Gary Kalman Director of Transparency Internationalrsquos US OceStar Tribune
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 919
economies to abuse
AUSTRALIA
The Pandora Papers reveal that the Sri Lankan power couple Thirukumar Nadesan and
Nirupama Rajapaksa used a Samoa-registered company to purchase properties in Aus
investigation by ABC News found that each transaction involved layers of trusts and co
The countryrsquos weak anti-money laundering laws mean there is no requirement for the
gatekeepers ndash lawyers accountants and real estate agents ndash to ask questions as to the
the money and to report suspicious transactions to the authorities Large sums of illicit
can therefore be concealed and integrated into the legitimate economy through the re
sector This has made the countryrsquos property market attractive to suspicious cash acco
Transparency International Australia
The Financial Action Task Force has been urging Australia to strengthen its anti-money
laundering laws for fteen years While there have been some amendments a lack of
transparency in benecial ownership and a similar lack of coverage of the enablers leav
gaping hole
Australia not only needs to work towards complying with internatstandards but requires a complete mentality shift to prioritise keout criminally derived monies from the economy Unless this occuAustralia will continue to be exposed
Serena Lillywhite CEO of Transparency International Australia
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1019
Tweet this
NEW ZEALAND
In New Zealand trusts were reportedly used by businesspeople and politicians from Ch
Brazil Russia and Romania ndash some of whom faced serious corruption and money laund
charges back home
Until recently New Zealand was a known haven for foreigners who could avoid taxes a
their identities Since 2017 foreign-owned trusts have had to disclose the identities of t
beneciaries and basic information on their assets to the authorities This law led to th
of a register of foreign trusts and a requirement for the provision of a trust deed partic
the settlor and the beneciaries and a copy of the accounts
This law change has resulted in a 75 per cent reduction in the number of foreign trusts
registered in 2020 but problems remain with both foreign-owned and domestic trusts
Transparency International New Zealand is calling for further improvements to the trus
PANAMA
Out of the 14 corporate service providers feature in the Pandora Papers two are based
Panama According to Libertad Ciudadana Transparency Internationalrsquos chapter in Pan
new revelations underscore the importance of moving forward with the implementatio
benecial ownership register after an 18-month-long delay
Corporate service providers play an outsized role in Panamarsquos anti-money laundering f
as they serve as ldquoresident agentsrdquo Oshore companies set up in Panama need a reside
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1119
and the obligation to identify the actual people ndash benecial owners ndash behind companies
them
This is not the rst international scandal implicating the countryrsquos oshore industry Th
infamous Mossack Fonseca was at the centre of the 2016 Panama Papers and even if i
since then shut down the repercussions from the damning revelations are still being fe
country Just this week the EU announced Panama will remain black-listed as a non-coo
tax haven
UNITED KINGDOM
The Pandora Papers once again exposed UKrsquos property market as magnet for dirty mon
leaked data contains names of high-prole foreign public ocials individuals accused o
corruption and UK political donors who own more than US$7 billion worth of UK real e
through anonymous companies
Azerbaijanrsquos ruling family reportedly used a BVI-registered company to buy a secret pro
empire worth US$700 million in the UK over the course of 15 years
Now Transparency International UK is calling for the fast-tracking of legislation that wo
the loophole that allows individuals to buy and sell UK property anonymously by using
companies registered in secrecy jurisdictions
UNITED STATES
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1219
The Pandora Papers have exposed the US as one of the worldrsquos leading secrecy jurisdic
Several states ndash including Delaware Florida South Dakota Nevada and New Hampshire
emerged as global hotspots for those seeking to hide their assets and minimise their ta
The Pandora Papers revealed 206 US-based trusts in 15 dierent states that held asset
than US$1 billion Among them some reportedly held assets linked to people or compa
suspected of corruption or fraud Transparency Internationalrsquos US Oce is calling on th
Treasury Department to help close the secrecy loophole for trusts by issuing a rule
implementing the landmark Corporate Transparency Act that requires all trusts not exp
exempted in the law to report their true owners
Furthermore gatekeepers such as lawyers investment advisors accountants and corp
service providers are currently under no obligation to conduct due diligence on their cl
ascertain source of their funds or to report suspicious behaviour to authorities The US
close also this major loophole and extend anti-money laundering obligations to these
professional enablers
It really should be a wakeup call to all of our policymakers to x [Because of the secrecy that we aord in this country because of oof laws we allow illegal and illicit money to ow through our bordwithout penalty or awareness on our part
Gary Kalman Director of Transparency Internationalrsquos US OceStar Tribune
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1019
Tweet this
NEW ZEALAND
In New Zealand trusts were reportedly used by businesspeople and politicians from Ch
Brazil Russia and Romania ndash some of whom faced serious corruption and money laund
charges back home
Until recently New Zealand was a known haven for foreigners who could avoid taxes a
their identities Since 2017 foreign-owned trusts have had to disclose the identities of t
beneciaries and basic information on their assets to the authorities This law led to th
of a register of foreign trusts and a requirement for the provision of a trust deed partic
the settlor and the beneciaries and a copy of the accounts
This law change has resulted in a 75 per cent reduction in the number of foreign trusts
registered in 2020 but problems remain with both foreign-owned and domestic trusts
Transparency International New Zealand is calling for further improvements to the trus
PANAMA
Out of the 14 corporate service providers feature in the Pandora Papers two are based
Panama According to Libertad Ciudadana Transparency Internationalrsquos chapter in Pan
new revelations underscore the importance of moving forward with the implementatio
benecial ownership register after an 18-month-long delay
Corporate service providers play an outsized role in Panamarsquos anti-money laundering f
as they serve as ldquoresident agentsrdquo Oshore companies set up in Panama need a reside
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1119
and the obligation to identify the actual people ndash benecial owners ndash behind companies
them
This is not the rst international scandal implicating the countryrsquos oshore industry Th
infamous Mossack Fonseca was at the centre of the 2016 Panama Papers and even if i
since then shut down the repercussions from the damning revelations are still being fe
country Just this week the EU announced Panama will remain black-listed as a non-coo
tax haven
UNITED KINGDOM
The Pandora Papers once again exposed UKrsquos property market as magnet for dirty mon
leaked data contains names of high-prole foreign public ocials individuals accused o
corruption and UK political donors who own more than US$7 billion worth of UK real e
through anonymous companies
Azerbaijanrsquos ruling family reportedly used a BVI-registered company to buy a secret pro
empire worth US$700 million in the UK over the course of 15 years
Now Transparency International UK is calling for the fast-tracking of legislation that wo
the loophole that allows individuals to buy and sell UK property anonymously by using
companies registered in secrecy jurisdictions
UNITED STATES
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1219
The Pandora Papers have exposed the US as one of the worldrsquos leading secrecy jurisdic
Several states ndash including Delaware Florida South Dakota Nevada and New Hampshire
emerged as global hotspots for those seeking to hide their assets and minimise their ta
The Pandora Papers revealed 206 US-based trusts in 15 dierent states that held asset
than US$1 billion Among them some reportedly held assets linked to people or compa
suspected of corruption or fraud Transparency Internationalrsquos US Oce is calling on th
Treasury Department to help close the secrecy loophole for trusts by issuing a rule
implementing the landmark Corporate Transparency Act that requires all trusts not exp
exempted in the law to report their true owners
Furthermore gatekeepers such as lawyers investment advisors accountants and corp
service providers are currently under no obligation to conduct due diligence on their cl
ascertain source of their funds or to report suspicious behaviour to authorities The US
close also this major loophole and extend anti-money laundering obligations to these
professional enablers
It really should be a wakeup call to all of our policymakers to x [Because of the secrecy that we aord in this country because of oof laws we allow illegal and illicit money to ow through our bordwithout penalty or awareness on our part
Gary Kalman Director of Transparency Internationalrsquos US OceStar Tribune
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1119
and the obligation to identify the actual people ndash benecial owners ndash behind companies
them
This is not the rst international scandal implicating the countryrsquos oshore industry Th
infamous Mossack Fonseca was at the centre of the 2016 Panama Papers and even if i
since then shut down the repercussions from the damning revelations are still being fe
country Just this week the EU announced Panama will remain black-listed as a non-coo
tax haven
UNITED KINGDOM
The Pandora Papers once again exposed UKrsquos property market as magnet for dirty mon
leaked data contains names of high-prole foreign public ocials individuals accused o
corruption and UK political donors who own more than US$7 billion worth of UK real e
through anonymous companies
Azerbaijanrsquos ruling family reportedly used a BVI-registered company to buy a secret pro
empire worth US$700 million in the UK over the course of 15 years
Now Transparency International UK is calling for the fast-tracking of legislation that wo
the loophole that allows individuals to buy and sell UK property anonymously by using
companies registered in secrecy jurisdictions
UNITED STATES
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1219
The Pandora Papers have exposed the US as one of the worldrsquos leading secrecy jurisdic
Several states ndash including Delaware Florida South Dakota Nevada and New Hampshire
emerged as global hotspots for those seeking to hide their assets and minimise their ta
The Pandora Papers revealed 206 US-based trusts in 15 dierent states that held asset
than US$1 billion Among them some reportedly held assets linked to people or compa
suspected of corruption or fraud Transparency Internationalrsquos US Oce is calling on th
Treasury Department to help close the secrecy loophole for trusts by issuing a rule
implementing the landmark Corporate Transparency Act that requires all trusts not exp
exempted in the law to report their true owners
Furthermore gatekeepers such as lawyers investment advisors accountants and corp
service providers are currently under no obligation to conduct due diligence on their cl
ascertain source of their funds or to report suspicious behaviour to authorities The US
close also this major loophole and extend anti-money laundering obligations to these
professional enablers
It really should be a wakeup call to all of our policymakers to x [Because of the secrecy that we aord in this country because of oof laws we allow illegal and illicit money to ow through our bordwithout penalty or awareness on our part
Gary Kalman Director of Transparency Internationalrsquos US OceStar Tribune
Tweet this
101421 147 PM Pandora Papers 10 countries that urgently need tohellip - Transparencyorg
httpswwwtransparencyorgennewspandora-papers-10-countries-investigations-policy-reforms 1219
The Pandora Papers have exposed the US as one of the worldrsquos leading secrecy jurisdic
Several states ndash including Delaware Florida South Dakota Nevada and New Hampshire
emerged as global hotspots for those seeking to hide their assets and minimise their ta
The Pandora Papers revealed 206 US-based trusts in 15 dierent states that held asset
than US$1 billion Among them some reportedly held assets linked to people or compa
suspected of corruption or fraud Transparency Internationalrsquos US Oce is calling on th
Treasury Department to help close the secrecy loophole for trusts by issuing a rule
implementing the landmark Corporate Transparency Act that requires all trusts not exp
exempted in the law to report their true owners
Furthermore gatekeepers such as lawyers investment advisors accountants and corp
service providers are currently under no obligation to conduct due diligence on their cl
ascertain source of their funds or to report suspicious behaviour to authorities The US
close also this major loophole and extend anti-money laundering obligations to these
professional enablers
It really should be a wakeup call to all of our policymakers to x [Because of the secrecy that we aord in this country because of oof laws we allow illegal and illicit money to ow through our bordwithout penalty or awareness on our part
Gary Kalman Director of Transparency Internationalrsquos US OceStar Tribune
Tweet this
