Hailed as shedding new light on the global elite’s complex financial arrangements, the Pandora Papers pose many questions – not least where are the Americans? Are the authors unwilling to bite the hidden hand that fed them?
On October 3, the Washington, DC-based International Consortium of Investigative Journalists (ICIJ) announced the leak of almost three terabytes of incriminating data on the use of offshore financial arrangements by celebrities, fraudsters, drug dealers, royal family members, and religious leaders the world over.
The ICIJ led what it called “the world’s largest-ever journalistic collaboration,” involving over 600 journalists from 150 media outlets in 117 countries, to comb through the trove of 12 million documents, dubbed the ‘Pandora Papers’.
Among other things, the data reveals the use of tax and financial secrecy havens “to purchase real estate, yachts, jets and life insurance; their use to make investments and to move money between bank accounts; estate planning and other inheritance issues; and the avoidance of taxes through complex financial schemes.” Some documents are also said to be tied to “financial crimes, including money laundering.”