Britain's Conservative Government is facing calls to tighten the country''s defenses against “dirty money” after a massive leak of offshore data showed how London, in particular, is the 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, which has been 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.
The U.K. and London specifically are prominent in the data dump, with the documents showing 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. Abdullah has denied any impropriety and Khan tweeted that his government would investigate anyone mentioned and take appropriate action if wrongdoing is found. Aliyev hasn''t commented.
Though the purchases are legal under British law, the latest revelations 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.