Definition of Pandora papers
What are Pandora papers?
The Pandora Papers are a publication of more than 12 million leaked documents that reveal the hidden and sometimes unethical or corrupt transactions of the rich and the global elite, including prominent world leaders, politicians, business executives, celebrities and billionaires. This is the largest data dump released to date, larger than previous Panama Papers and Paradise Papers leaks. The documents reveal the interests and offshore activities of these people as well as their tax shelter plans. The name “Pandora” was given because these documents could open a Pandora’s box of investigations and prosecutions in the future.
The data was obtained over several years and released in the fall of 2021 by a group known as the International Consortium of Investigative Journalists (ICIJ) in Washington, DC, which worked with more than 140 media organizations on its most major world survey never carried out. This leak is important because, if wrongdoing is discovered and exposed, these prominent people could be forced out of office and / or stripped of their powers. Already, politicians from 90 countries have been exposed as hiding money abroad and avoiding taxes.
Key points to remember
- The Pandora Papers are a 2021 leak of more than 12 million documents incriminating hundreds of global politicians and wealthy elites for tax evasion and corruption.
- The documents detail how these people sheltered money in offshore accounts, shell companies and real estate investments.
- The articles were compiled by the International Consortium of Investigative Journalists (ICIJ), who then shared them with other media outlets. This is the same group that provided the Panama Papers and Paradise Papers, exposing similar transactions.
- While offshore assets and accounts are not always illegal, hiding assets and avoiding tax is.
Understanding Pandora Papers
In October 2021, the International Consortium of Investigative Journalists (ICIJ) released the Pandora Papers to the media and the general public, consisting of nearly 12 million files filling nearly 3 terabytes of data. The Pandora Papers reveal a complex web of tax havens, shell companies and offshore accounts that hide the true ownership of billions of dollars in assets. According to the ICIJ, those exposed include “35 current and former world leaders, more than 330 politicians and officials in 91 countries and territories, and a global list of billionaires, fugitives, crooks and murderers.”
The documents revealed in the Pandora Papers, some dating back decades, come from 14 offshore financial service providers. Offshore accounts and legal entities are often legal, on their own, and most of the material disclosed does not actually show inappropriate or illegal behavior. However, some of the documents do implicate certain people in unethical or illegal activities.
In many countries, offshore accounts or ownership in foreign companies are neither illegal nor unethical. However, not reporting these assets and using them to avoid taxes or to hide business transactions is.
That was exposed in the Pandora papers
As reporters and investigators comb through the hundreds of people named in the millions of files released, some notable revelations have already been made. Some of them include:
- Famous artists Elton John, Ringo Starr, Jackie Chan, Bono, Julio Iglesias and Shakira have been named in newspapers. Lawyers for many of these celebrities have claimed that no wrongdoing has been committed and that the proper disclosures and taxes have been filed on all offshore funds.
- Beatles drummer Ringo Starr, with a net worth of around $ 400 million, started two companies in the Bahamas that were used to buy real estate, including a “private home in Los Angeles.” He has also created at least five trusts in Panama, three of which hold life insurance policies on behalf of his children, and another trust keeps income from royalties and shows.
- The ruling Qatari family bought two of England’s most expensive mansions while avoiding £ 18.5million in taxes owed.
- King Abdullah II of Jordan secretly owned 14 luxury homes in the UK and US with a total value of over $ 106 million. The Jordanian nation is a major recipient of foreign aid, receiving more than $ 1.5 billion in military aid and funding from the United States alone in 2020 (placing it second after Israel) , and the EU has agreed to provide the kingdom with more than $ 218 million. help.
- The Czech prime minister failed to disclose an offshore investment company used to buy two French villas for $ 16.3 million.
Where do the 336 politicians in the Pandora Papers come from?
The Pandora Papers reveal hidden bank accounts, business ownership, and post office boxes in tax havens like Bermuda, British Virgin Islands, Panama and the Bahamas. It has been shown that other foreign participations exist in Russia, the United Kingdom and France.
ICIJ and other surveys
The ICIJ is a Washington-based global network of nearly 300 investigative journalists and over 100 media partners, known to publish groundbreaking reports with high-profile leaks and data dumps such as the Panama Papers in 2016. , which won the group the Pulitzer Prize. The Panama Papers exposed a vast network involving tax havens established by individuals from over 200 countries.
The so-called Paradise Papers were disclosed a year later by the ICIJ, in 2017. The 13.4 million documents and 1.4 terabytes of data once again exposed complex international tax evasion patterns comprised of loan agreements, financial statements, emails, trust deeds and other documents from a Bermuda-based law firm called Appleby. The Paradise Papers also included around 500,000 documents from Singapore-based Asiaciti and 6 million documents from company registers in 19 secret jurisdictions.
Recent offshore leaks | |||
---|---|---|---|
To flee | Year | Data size | #Documents |
WikiLeaks | 2013 | 260 GB | 2.5 million |
Panama Papers | 2016 | 2.6 TB | 11.5 million |
Paradise Papers | 2017 | 1.40 TB | 13.4 million |
Pandora Papers | 2021 | 2.94 TB | 11.9 million |