Searchlight Logo
special_image

    • News
      • Front Page
      • News
      • Breaking News
      • Press Release
      • Features
      • Special Features
      • From the Courts
      • Sports
      • Regional / World
    • Opinions
      • Editorial
      • Our Readers’ Opinions
      • Bassy – Love Vine
      • Dr. Fraser- Point of View
      • R. Rose – Eye of the Needle
      • On Target
      • Dr Jozelle Miller
      • The World Around Us
      • Random Thoughts
    • Advice
      • Kitchen Corner
      • What’s on Fleek this week
      • Health Wise
      • Physician’s Weekly
      • Business Buzz
      • Hey Rosie!
      • Prime the pump
    • ePaper
    • Obituaries
      • In Memoriam / Acknowledgement
      • Tribute
    • Contact Us
      • Advertise With Us
      • Letters To The Editor
      • General Contact Information
      • Contact our Webmaster
    • About Us
      • Privacy Policy
      • Interactive Media Ltd
      • St. Vincent & the Grenadines
    • Subscribe
    • News
      • Front Page
      • News
      • Breaking News
      • Press Release
      • Features
      • Special Features
      • From the Courts
      • Sports
      • Regional / World
    • Opinions
      • Editorial
      • Our Readers’ Opinions
      • Bassy – Love Vine
      • Dr. Fraser- Point of View
      • R. Rose – Eye of the Needle
      • On Target
      • Dr Jozelle Miller
      • The World Around Us
      • Random Thoughts
    • Advice
      • Kitchen Corner
      • What’s on Fleek this week
      • Health Wise
      • Physician’s Weekly
      • Business Buzz
      • Hey Rosie!
      • Prime the pump
    • ePaper
    • Obituaries
      • In Memoriam / Acknowledgement
      • Tribute
    • Contact Us
      • Advertise With Us
      • Letters To The Editor
      • General Contact Information
      • Contact our Webmaster
    • About Us
      • Privacy Policy
      • Interactive Media Ltd
      • St. Vincent & the Grenadines
    • Subscribe
Pandora’s Box
The World Around Us
October 8, 2021

Pandora’s Box

A pandora’s box was opened earlier this week when the financial affairs of some of the most powerful political and business leaders in the world began leaking. After more than 18 months of investigations by over 600 journalists, part of the International Consortium of Investigative Journalists (ICIJ), it has been revealed that the super-rich are not short of creative ways to hide their finances.

The ICIJ investigations involve 11.9 million leaked files and implicate 35 current and former heads of state and government, over 330 politicians and public officials in 91 countries and territories and more than 100 billionaires. In what is the latest major financial data leak, the ICIJ revelations, dubbed the “pandora papers,” uncover a financial world which allows the wealthy to shield their assets from regulatory oversight and taxes.

Those implicated in the pandora papers are alleged to use companies or trusts incorporated in offshore jurisdictions to hide their assets and avoid paying taxes in their home countries. One Middle Eastern leader is said to have amassed a $100 million global property empire hidden through offshore companies. A Western European Prime Minister is reported to have had his leadership campaign funded by a donor who facilitated a £162 million bribe for the daughter of another European leader.

To be clear, using offshore companies is not illegal, and it does not constitute evidence of wrongdoing on its own. However, such activities could nonetheless provide a permissive environment for wrongdoing. The web of secrecy behind many of the dealings also raises a reasonable question about why someone will shun transparency if they have nothing nefarious to hide.

According to a 2020 study by the Paris-based Organisation for Economic Co-operation and Development (OECD), at least $11.3 trillion in wealth is held offshore. For comparison, this is roughly the combined economic output of Japan, Germany and India.

However, to focus simply on the revelations in the pandora papers would cause us to miss two fundamental points. One is moral failure and the other is double standards of global proportions.

Moral failure refers to disqualifying behaviour in a leader’s life. When a leader, political or business, suffers moral failure, he or she has failed to live up to the expected principles and integrity of a leader and no longer has the moral authority and credibility to lead. That the leader of a country or major corporate entity could find it fitting to stash large sums of money or other assets offshore, away from the prying eyes of domestic regulators, raises a fundamental moral question. Does that individual pass the litmus test of integrity-based leadership?

The second lesson from the pandora revelations is that we live in a world of double standards. For many years, so-called tax havens in the Caribbean and in other small states have come under enormous scrutiny from the OECD and other global actors. These jurisdictions have been no strangers to financial blacklisting which causes reputational harm and loss of income. The pandora papers have implicated places like Switzerland, Dubai, South Dakota in the United States and London in the United Kingdom. For example, the pandora papers allege that South Dakota is sheltering billions of dollars in wealth, even for individuals and companies accused of financial crimes or serious wrongdoing.

It would be interesting to see whether “tax havens” in the developed world receive greater scrutiny or end up on a blacklist. Such an outcome is highly unlikely and failure on that front would suggest that Caribbean countries and many other small states, do have a strong argument when they claim that the scrutiny and blacklisting which they endure are arbitrary and unfair. When donkey says that the world is not level, we should believe.

  • FacebookComments
  • ALSO IN THE NEWS
    Domestic worker killed at Long Wall
    Front Page
    Domestic worker killed at Long Wall
    Webmaster 
    September 12, 2025
    FAMILY MEMBERS of a woman who was killed at Long Wall say they suspect their relative was hacked by a person they all know very well. On Tuesday, Sept...
    NDP never built a single house in SVG – Finance Minister
    Front Page
    NDP never built a single house in SVG – Finance Minister
    Webmaster 
    September 12, 2025
    THE IDEA THAT HOUSING is a right, that every Vincentian has a right to safe and secure housing, and that the government has a role to play in ensuring...
    No bail for Police officer charged with attempted murder
    Front Page
    No bail for Police officer charged with attempted murder
    Webmaster 
    September 12, 2025
    A POLICE OFFICER, who allegedly stabbed his ex-girlfriend 26 times about her body was remanded even as his lawyer argued that the Royal St Vincent and...
    New ULP Administration will roll out AI policy
    Front Page
    New ULP Administration will roll out AI policy
    Webmaster 
    September 12, 2025
    A NEW UNITY LABOUR PARTY ADMINISTRATION will be rolling out an Artificial Intelligence (AI) policy to embrace its positives and guard against the nega...
    Sandy Bay Secondary School marks 20th Anniversary
    Front Page
    Sandy Bay Secondary School marks 20th Anniversary
    Webmaster 
    September 12, 2025
    TUESDAY, SEPTEMBER, 9,2025 was a memorable day for the staff and students of the Sandy Bay Secondary School, which was marking its 20th anniversary wi...
    Foundation implements community driven project in SVG
    News
    Foundation implements community driven project in SVG
    Webmaster 
    September 12, 2025
    THE ASHLEY LASHLEY Foundation, with support from the United States Government, is implementing a local-level project entitled “Community-Driven Strate...
    News
    Foundation implements community driven project in SVG
    News
    Foundation implements community driven project in SVG
    Webmaster 
    September 12, 2025
    THE ASHLEY LASHLEY Foundation, with support from the United States Government, is implementing a local-level project entitled “Community-Driven Strate...
    Skills not available locally, non-nationals have to be hired says Finance Minister
    News
    Skills not available locally, non-nationals have to be hired says Finance Minister
    Webmaster 
    September 12, 2025
    NON- NATIONALS ARE being hired to fill several jobs in St Vincent and the Grenadines (SVG) simply because locals did not have the required skill sets....
    Montgomery Daniel squashes rumours that he’s sick
    News
    Montgomery Daniel squashes rumours that he’s sick
    Webmaster 
    September 12, 2025
    DEPUTY PRIME MINISTER Montgomery Daniel has sought to clear around rumours that have been circulating relating to his health. Speaking on NBC radio on...
    $1.3 billion in Tourism investment to yield 2,000 jobs – Camillo
    News
    $1.3 billion in Tourism investment to yield 2,000 jobs – Camillo
    Webmaster 
    September 12, 2025
    The GOVERNMENT of St Vincent and the Grenadines is set to sign agreements for tourism investment of $1.3 billion on mainland St.Vincent. On Monday, Se...
    Bagga’ man pleads guilty to illegal gun, ammo possession
    From the Courts, News
    Bagga’ man pleads guilty to illegal gun, ammo possession
    Webmaster 
    September 12, 2025
    A BARROUALLIE MAN will be sentenced next week after pleading guilty to being in illegal possession of a firearm and eight rounds of ammunition. Demron...

    E-EDITION
    ePaper
    google_play
    app_store
    Subscribe Now
    • Interactive Media Ltd. • P.O. Box 152 • Kingstown • St. Vincent and the Grenadines • Phone: 784-456-1558 © Copyright Interactive Media Ltd.. All rights reserved.
    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok