ICIJ (International Consortium of Investigative Journalists) has been the sole entity that looks after the rules, regulations and investigative content of journalists all across the globe. Following the disaster of Panama Papers, the ICIJ has now unveiled the Paradise Papers which have exposed a number of influential people who have been involved in evading taxes and making abnormal profits through illegal means of offshore companies. It must be kept in mind that this probe investigation against the loopholes in the banking system and offshore companies all over the world has been the 4th document leaks. The shocking revelations have made the world realize that a small segment of extremely rich individuals and families are ready to do anything for the sake of securing and concealing their assets and wealth.
Paradise Papers is a set of 13.4 million electronic documents that reveal some eye-opening details. These documents originate from the offshore law company of Appleby which have been dealing with the legislative issues of these companies. These papers reveal names of some of the most influential and eminent personalities of the world politics like Queen Elizabeth II, Juan Manuel, Wilbur Ross and Shaukat Aziz along with more than 700 Indian politicians and business tycoons. If the sources are to be believed, these papers reveal the humungous financial kickbacks of around $10 trillion naming more than 120,000 individuals and corporate firms being involved in looting the world economic resources.
Following the chaos created by these Paradise Papers, European Union has come out to thank the ICIJ for its persistent efforts concerning the exposing of offshore company owners and hoarders of economic resources in the world.
The European Economics Affairs Commissioner, Pierre Moscovici, has categorically asked that the countries within the pact of EU to adopt the European tax haven list to ensure the transparency of the distribution of economic resources which has been unfairly being held by certain influential individuals and families.
The Bermuda law firm, Appleby, has been probed now because of its association and affiliation with a network of litigators, accountant firms, bankers, and economists with the aim of understanding the process of illegal money transfer through these offshore firms. These offshore companies have been established over the past century with the aim of evading high taxes, managing real estate properties all across the world, and using the revenue stream of offshore firms to launder money in political campaigns and funding terrorism in different countries.
It is surprising to see how there are two extremes that exist in the world, one end is where we see extreme poverty where people are poor to the extent that they cannot afford the essentialities of life and on the other hand, we see a small group of people who control most of the financial resources of the world. The irony is that rather than emphasizing on the equal distribution of wealth and progressive taxation systems, we resort to temporary measures like giving out grants and aids to underdeveloped nations.