Moroccan Royals and Former IMF Chief Named in "Pandora Papers" Tax Haven Leak

Princess Lalla Hasnaa, the sister of King Mohammed VI, and Yassir Znagui, the sovereign’s advisor, are cited in the investigation called the "Pandora Papers" (11.9 million documents). The documents examined by the ICIJ indicate that the former Managing Director of the International Monetary Fund (IMF), Dominique Strauss-Kahn, had several million dollars in consulting fees channeled through a tax-exempt Moroccan company.

The International Consortium of Investigative Journalists has found that more than 336 politicians around the world would have used entities in secret jurisdictions to buy real estate, hold money in trust, own other companies and other assets, sometimes anonymously.

In Africa, 43 of these politicians were cited in the "Pandora Papers". With 10 politicians, Nigeria is the African country with the most cases mentioned in the leaked files, reports Agence Ecofin. It is directly followed by Angola (9 politicians). The other countries cited in the investigation are: Morocco, Côte d’Ivoire, Ghana, Chad, Gabon, Congo Brazzaville, Kenya, Zimbabwe and South Africa.

The investigation also reveals how banks and law firms work closely with offshore service providers to design complex corporate structures.