Pandora Papers leaks have no impact on Guernsey

The so-called Pandora Papers seem to concentrate interest on ‘secrecy providers’, mostly based in the British Virgin Islands.

The Pandora Papers investigation sees the International Consortium of Investigative Journalists pursuing a fresh leak of almost 12 million documents which, they claim, reveal hidden wealth, tax avoidance and money laundering by some of the most rich and powerful people in the world.

The Guernsey Financial Services Commission said that it would act if evidence was produced against Guernsey-based business. Nothing has been exposed so far.

‘If accusations emerge suggesting improper conduct by any Guernsey-regulated entity, the commission will treat them with the seriousness which they deserve,’ said a GFSC spokesman.

The GFSC said multiple public statements it has issued are available on its website, proving it had taken action against failing financial services firms over the past few years.

‘There are a considerable number of examples of action being taken against firms which have not complied with the Bailiwick’s robust laws against money laundering.’

The only explicit reference to Guernsey so far was in a statement relating to intergenerational wealth transfer in a Pakistani family, included in a report on members of the cabinet of Pakistan prime minister Imran Khan.

Shahnaz Sajjad Ahmad was reported to have inherited from her father, a retired lieutenant general, through an offshore trust that owns two London apartments, purchased in 1997 and 2011 in Knightsbridge, a short walk from Harrods.

She, in turn, has been reported to have set up a trust for her daughters in 2003 in Guernsey. There is no evidence of any wrongdoing in establishing such a trust.

Other world leaders, politicians and celebrities have come under fire for activities uncovered in connection with the leaks, including the UK’s former Labour prime minister Tony Blair and his barrister wife Cherie.

In total, the papers revealed the financial secrets and dealings of 336 politicians and public officials in 91 countries and territories across the globe, including nine from the UK and Northern Ireland.