News of the Pandora papers document leak has brought renewed attention to accusations of corruption, fraud and suspected money laundering against high net worth individuals who like to enjoy the opacity that offshore arrangements offer.
Whilst the leak of data is a stark reminder of why it is important to maintain high levels of security when handling data, the leak is of great assistance with tracing the assets of high net worth individuals who have set up complex offshore structures, to hold assets and to disguise ownership/interests in order to keep them away from “unwanted creditors”. Such creditors, often including the victims of fraud, are usually left trying hard to enforce judgments or claims only to hit the brick walls of offshore jurisdictions and nominee arrangements.
The Disputes and Investigation Team within FRP are highly experienced in tracing assets, assisting legal teams with forensic analysis of available records and where possible securing assets through UK insolvency processes for the benefit of creditors.
The secret deals and hidden assets of some of the world’s richest and most powerful people have been revealed in the biggest trove of leaked offshore data in history. Branded the Pandora papers, the cache includes 11.9m files from companies hired by wealthy clients to create offshore structures and trusts in tax havens such as Panama, Dubai, Monaco, Switzerland and the Cayman Islands. They expose the secret offshore affairs of 35 world leaders, including current and former presidents, prime ministers and heads of state. They also shine a light on the secret finances of more than 300 other public officials such as government ministers, judges, mayors and military generals in more than 90 countries.