From the International Consortium of Investigative Journalists ICIJ
The reporting shows how the United States, in particular, has become an increasingly attractive destination for hidden wealth, although the U.S. and its Western allies condemn smaller countries for allowing the flow of money and assets tied to corruption and crime.
What is the Pandora Papers?
The Pandora Papers investigation is the world’s largest-ever journalistic collaboration, involving more than 600 journalists from 150 media outlets in 117 countries.
The investigation is based on a leak of confidential records of 14 offshore service providers that give professional services to wealthy individuals and corporations seeking to incorporate shell companies, trusts, foundations and other entities in low- or no-tax jurisdictions. The entities enable owners to conceal their identities from the public and sometimes from regulators. Often, the providers help them open bank accounts in countries with light financial regulation.
The 2.94 terabytes of data, leaked to ICIJ and shared with media partners around the world, arrived in various formats: as documents, images, emails, spreadsheets, and more.
What’s in the Pandora Papers?
The more than 330 politicians exposed by the leak were from more than 90 countries and territories. They used entities in secrecy jurisdictions to buy real estate, hold money in trust, own other companies and other assets, sometimes anonymously.
The Pandora Papers investigation also reveals how banks and law firms work closely with offshore service providers to design complex corporate structures. The files show that providers don’t always know their customers, despite their legal obligation to take care not to do business with people who engage in questionable dealings.
The investigation also reports on how U.S. trust providers have taken advantage of some states’ laws that promote secrecy and help wealthy overseas clients hide wealth to avoid taxes in their home countries.
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About The Pandora Papers
ICIJ’s largest-ever investigation on the offshore world unlocks financial secrets of politicians, billionaires and the global elite
By Fergus Shiel
