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LATEST NEWS UPDATES | Taking the lid off illicit financial flows -Arun Kumar

Taking the lid off illicit financial flows -Arun Kumar

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published Published on Oct 13, 2021   modified Modified on Oct 14, 2021

-The Hindu

The Pandora Papers have only highlighted the need for concerted steps to alter the global financial architecture

The Pandora Papers, published on October 3, once again expose the illegal activities of the rich and the mighty across the world. The Pandora Papers investigation is “the world’s largest-ever journalistic collaboration, involving more than 600 journalists from 150 media outlets in 117 countries”. The International Consortium of Investigative Journalists (ICIJ) has researched and analysed the approximately 12 million documents in order to unravel the functioning of the global financial architecture which helps illicit financial flows, in turn enabling the rich to throw a cloak over their incomes and activities.

Given the complexity of the tax laws and the loopholes available, some of the deft moves may be strictly legal, but not necessarily morally justified. The ICIJ says that while some of the files date to the 1970s, most of those it reviewed were created between 1996 and 2020. The ICIJ has also said that the “data trove covers more than 330 politicians and 130 Forbes billionaires, as well as celebrities... drug dealers, royal family members and leaders of religious groups around the world”.

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The Hindu, 13 October, 2021, https://www.thehindu.com/opinion/lead/taking-the-lid-off-illicit-financial-flows/article36974015.ece?homepage=true&fbclid=IwAR0hIUmjzU8b0GB2POOTAwHXVFoZ5aTNWLTpqxCkgaYcjxAoYoWn94Vxp5o


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