“MAS is examining the information from these latest reports and will conduct supervisory follow-up as warranted,” an MAS spokesperson said in response to media queries.
It is “especially controversial” for political figures given how offshore shelters may be used to keep politically unpopular or even illicit activities from public view, added the consortium.named in the Pandora Papers include Jordan’s King Abdullah, Czech Prime Minister Andrej Babis and associates of Russian President Vladimir Putin.
The records also included information “about the dealings of nearly three times as many current and former country leaders as any previous leak of documents from offshore havens”, it added., according to a Reuters report this week.Out of the 11.9 million leaked documents, nearly two million came from inside Asiaciti Trust – a trust and corporate service provider with operations in Singapore, Hong Kong, the Cook Islands, Dubai, Nevis, New Zealand, Panama and Samoa.
These high-profile Russians are Kirill Androsov, a former deputy chief of staff to Russian President Vladimir Putin; Herman Gref, the chief executive of Russian bank Sberbank and a former minister of economics; as well as Evgeny Novitsky, former president of Russia’s largest publicly-traded diversified holding company Sistema.
The report pointed to a company presentation done in 2001 where it “explored apparently legitimate ways help a hypothetical Mexican businessman who held offshore assets that ‘have not been declared to Mexican revenue authorities’ and who did not expect to need to bring the money back to Mexico”. For instance, it failed to look into the background and purpose of “unusually large transactions with no obvious economic purpose” that were undertaken by “politically exposed persons”. Such individuals are defined as those who are or have been entrusted with prominent public functions domestically, in a foreign country or international organisation such as heads of state or government leaders.
Don’t want foreign interference but how are such companies allowed to operate in Singapore that deal with high risk psps? Pandora Papers Explained
Remember what happened after panama paper? When high-profile people from 200nations doing tax evasion, fraud, hiding wealth are exposed. Exactly, nothing happen.
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