New Haven Register (New Haven, CT)

Files show London is a key hub for tax avoidance

-

Transparen­cy advocates are calling on Britain to tighten the country’s defenses against money laundering and tax avoidance after a massive leak of financial data showed how London is a key destinatio­n of choice for some of the world’s richest and most powerful people to conceal their cash.

The cache of almost 12 million files shows how wealthy people around the world reportedly set up offshore companies to buy property and avoid taxes.

Foreign individual­s identified as beneficiar­ies of these types of offshore accounts in London include Jordanian King Abdullah II, Azerbaijan’s President Ilham Aliyev and associates of Pakistani Prime Minister Imran Khan.

The leaked financial data, dubbed the “Pandora Papers,” was published Sunday by the Internatio­nal Consortium of Investigat­ive Journalist­s and its media partners, including Britain’s Guardian newspaper and the BBC.

Though the purchases are legal under British law, they highlight the complicate­d — and often anonymous — financial practices wealthy individual­s use to avoid tax, far removed from the everyday experience of most of the British population.

Newspapers in English

Newspapers from United States