Europol Pandora Papers report warns against “parallel underground financial system” exploited by criminal organisations
report, which includes allegations ranging from corruption to money laundering and tax evasion., has underlined the worrying revelations in the Pandora Papers that hundreds of politicians have been benefiting from the secrecy of offshore tax havens, alongside criminal organisations, terrorists and tax evaders.
Beyond tax concerns, “offshore companies play a key role in money laundering schemes involving organised crime and are often used to hide the true origin of the funds. Money laundering sustains a complex and sophisticated criminal economy throughout the EU,” the report said. The report said criminals directly control or infiltrate legal business structures for their criminal activities which gives them a facade of legitimacy and helps to evade prosecution.
For example, a nominee director is generally a straw man who appears on the paperwork however the real owner orchestrates the operations. Nominee directors act as the face of the business, signing official documents, opening bank accounts, potentially performing a number of functions that limits the exposure the beneficial owner has to the company.
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