New Investigation Sheds Light on How Elites Protect Assets

New Investigation Sheds Light on How Elites Protect Assets

( – The world’s elites have long been accused of using all sorts of tricks to hide their money. A new probe revealed just how the rich and powerful are getting away with it.

On October 3, the International Consortium of Investigative Journalists released an earth-shattering report dubbed the “Pandora Papers.” The organization received 11.9 million records from 14 offshore firms, showing how the elites hide their money. According to the investigation, hundreds of religious leaders, politicians, celebrities, and others use shell companies and other tactics to hide their cash and other assets.

The report named more than 330 current and former politicians, including Russian President Vladimir Putin, Jordan’s King Abdullah II, and former UK Prime Minister Tony Blair.

In many of the accounts, individuals tucked money away specifically to dodge taxes. For example, Abdullah reportedly set up shell companies allowing him to hide $106 million.

The investigation fuels calls for countries to crack down on offshore accounts and force the rich to pay their fair share. One expert told NPR, “We literally have countries where people are starving, queuing for food, while their leaders are living lavish lifestyles abroad.”

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