Pandora Papers ?
Just to recap... There were similar papers were published earlier.
2016 - Panama Papers
2017 - Paradise Papers
2020- Fincen Leaks
2021- Pandora Papers
1. What has been uncovered?
The Pandora Papers is a leak of almost 12 million documents that reveals hidden wealth, tax avoidance and, in some cases, money laundering by some of the world's rich and powerful. Some figures are facing allegations of corruption, money laundering and global tax avoidance.
2. Who has been named in Pandora Papers?
The files expose how some of the most powerful people in the world - including more than 330 politicians from 90 countries who use secret offshore companies to hide their wealth. A few of Malaysian Politically Exposed Person(PEP) and businessman has been named in the Papers
3. Why they used 'offshore'?
The Pandora Papers reveal complex networks of companies that are set up across borders, often resulting in hidden ownership of money and assets.
someone may have a property in the UK, but own it via a chain of companies based in other countries, or "offshore".These offshore countries or territories are where:
i) it's easy to set up companies
ii) there are laws that make it difficult to identify owners of companies
iii) There is low or no corporation tax
4) Is it illegal to use a tax haven?
It's Legal and they need to pay the tax.However some people using a complex network of secret companies to move around money and assets is the perfect way to hide the proceeds of criminality.
5) How easy is it to hide money offshore?
All you need to do is set up a shell company in one of the countries or jurisdictions with high levels of secrecy. This is a company that exists in name only, with no staff or office.
6) Anti- Money Laundering Perspective.
- Source of Fund. Is it legal?
-Beneficial Ownership (BO) requirement.
-Politically Exposed Person(PEP)
Sir Nazri
Kuala Lumpur
#awareness
#education
#AMLA
#dakwah
