Pandora Papers: Latest News

COLOMBO (News 1st); The Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has decided to launch an inquiry into the alleged irregularities during the process of importing Nano nitrogen fertilizer from India.The Commission says the investigation was launched based on a complaint received.The CIABOC has also decided to obtain a statement from former Parliamentarian Ranjan Ramanayake who incarcerated, in connection to the ongoing investigations into the Pandora Papers.The commission’s spokesperson said that Ramanayake has been requested to provide the statement by the form of an affidavit via his lawyer.The Spokesperson stated further investigations will be conducted based on his statement.The Commission added that statements have been recorded from former MP Nirupama Rajapaksa and Thirukumar Nadesan in connection with the Pandora Papers so far.Moreover, necessary documents have been obtained from the Inland Revenue Department, state and commerical banks to carry out the investigation.The Pandora Papers was a leak of almost 12 million documents that revealed hidden wealth, tax avoidance and, in some cases, money laundering by some of the world’s rich and powerful.

Pandora Papers, the latest leak of offshore financial records, don’t seem to have a particular focus on Canada — at least based on what has been revealed so far.But they nonetheless shed light on a global network of illicit financial flows of which “Canada is a hub,” says James Cohen, executive director of the Canadian chapter of Transparency International.The nearly 12 million documents from 14 offshore services providers offer more detail on how the wealthy can shelter their money from the prying eyes of tax authorities and law enforcement.