Pandora Papers Reveals London's World's Billionaire Taxpayer's Paradise

Lighter foreign investment rules to attract UK capital and talent benefit taxpayers

LONDON: Proponents of transparency have called on Britain to strengthen Britain's legal system in light of such incidents after the Ladakh Pandora Paper revealed that London had emerged as a major hub for money laundering and tax evasion. A financial analysis of 12 million files has shown how offshore companies of the world's wealth avoid paying taxes by setting up. Among the foreign nationals identified were King Abdullah II of Jordan, Ilham Aliyev, President of Azerbaijan, and an aide to Pakistani Prime Minister Imran Khan.

King Abdullah has denied doing anything wrong. Imran Khan has said that he will investigate whoever is named in this regard. Aliyev has not yet commented on the matter.

These leaked financial data have been dubbed Pandora Papers. It is published by the International Consortium of Investigative Journalists and its media partners. These include Britain's Guardian newspaper and the BBC.

London has become a hub for this because of the state-of-the-art ecosystem for this type of business. Its ecosystem is helpful to taxpayers, from the creation of wealth management firms to high-end lawyers and decades of experienced accounting firms.

Transparency Group Global Witness said in 2016 that 3,000 properties in England and Wales belonged to anonymous companies registered in tax havens. About 90% of these properties are in London. The total value of these assets alone is over અ 100 billion (5 135 billion).

Areas known for this type of property include Westminster, Camden, Kensington and Chelsea. London's struggling property market has also provided an opportunity for the world's rich to hide their wealth. Some of the prime properties are located in the heart of London. In recent years, Russian billionaires have bought a lot of property in London. For decades, the UK authorities have taken a lenient approach to the property market to attract capital and talent, which is now tarnishing its image.