EUROPOL PANDORA PAPERS REPORT WARNS OF ‘PARALLEL UNDERGROUND SYSTEM’ EXPLOITED BY CRIMINAL NETWORKS

On 8 December, ICIJ reported that the Europol director has said in an interview that the Pandora Papers showed that criminals were using offshore jurisdictions where there were “few rules and little supervision”.  A Europol report warns the scale of money laundering activities affecting the EU has been underestimated, and calls for a coordinated approach to combat the illicit activities exposed by the investigation.

Following the leak of documents, Europol undertook its own analysis to understand the significance of the Pandora Papers for its own work and for the wider law enforcement sector.  This has been collated into a report that contextualises the Pandora Papers amongst similar major leaks of financial data, and details policy recommendations that arose from analysis.

The report from Europol is available at –

https://www.europol.europa.eu/publication-events/publications/shadow-money-international-networks-of-illicit-finance

https://www.icij.org/investigations/pandora-papers/europol-pandora-papers-report-warns-of-parallel-underground-system-exploited-by-criminal-networks/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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