Transparency advocates calling for the UK to tighten the country’s defense against money laundering and tax avoidance after a large leak of financial data shows how London is the main goal of choice for some of the richest and strong people in the world to hide their cash.
The cache of nearly 12 million files shows how rich people around the world are reportedly preparing offshore companies to buy property and avoid taxes.
Foreigners identified as beneficiaries of the types of offshore accounts in London include King Jordan Abdullah II, President of Azerbaijan Ilham Aliyev and Associates from Pakistan PM Imran Khan.
Abdullah has denied the needles and Khan tweets that the government will take if the error is found.
Aliyev hasn’t commented yet.
Data leaked, nicknamed “Pandora Paper,” was published by the International Consortium for Investigative Journalists.
Despite the legal purchase under the UK law, they highlight complex financial practices – and often anonymous – rich individuals used to avoid taxes, far from the daily experience of most of the population.
London is a boost for rich and strong people because it is home to sophisticated business ecosystems that can help in the process, including creative wealth management companies, starting lawyers and accounting companies for a long time established.
Analysis of 2019 by the global transparency group witnesses indicated that around 87,000 properties in the UK and Wales are owned by anonymous companies registered in the Havens Tax.
It is said that 40% of the properties that are identified anonymously are in London and that the total value of the property is likely to be more than £ 100 billion ($ 135 billion).
For decades, the authorities in the UK have encouraged a touch of light to regulations to attract capital and foreign talents.
The critics say that it has become a magnet to avoid taxes, which can legal, and more criminal activities, including money laundering.