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After Pandora Papers exposed, the UK Government face new proposals to toughen protection toward “dirty money”. Pandora Papers, it called, has a stockpile of almost 12 million files. It has money activities consists of 35 current or former world leaders, more than 300 public officials and 100 billionaires since 2013.
Pandora Papers: the UK pushed to toughen protection against dirty money
Those leak offshore data published some of the world’s richest and most powerful people’s secret finances. The details mentioned the work of offshore financial services companies in locations such as Belize, the British Virgin Islands, and Switzerland among others.
How Pandora Papers show
It happens after the team of 600 reporters coordinated by the International Consortium of Investigated Journalists (ICIJ) in Washington, investigated the data over months.
Based on BBC Panorama, the papers have features of how they have been legally setting up companies to privately buy property in the UK
Former prime minister Tony Blair and his wife, Cherie, fiercely rejected any wrongdoing after the Guardian and Panorama stated.
A spokeswoman for them exposed they had purchased the property in “a normal way through reliable agents”. She also mentioned that the Blairs pay full tax on all their earnings. They never used offshore schemes either to cover transactions or evade tax.
Pandora Papers is a wake up call
Policy director at the campaign group Transparency International UK, Duncan Hames, said the revealings should act as a “wake up call” for the Government. So they can carry on long-overdue actions to increase Britain’s defences against “dirty money”.
The UK must increase its attempts in stopping illegal finance, bringing in long-overdue transparency changes, resourcing regulators and law enforcement to clamp down on criminal professionals and corrupt cash maintained in the UK.