Pandora Papers

For the past few days, there is coverage on 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” according to The International Consortium of Investigative Journalists website.

Screenshot source: The Washington Post

The leaked financial data, dubbed the “Pandora Papers,” was published Sunday by the International Consortium of Investigative Journalists and its media partners, including Britain’s Guardian newspaper and the BBC.

AP News

The leak revealed how wealthy people around the world use Offshore companies to hide their wealth and assets to hide taxes, writes Iain Marlow on Bloomberg Politics.

[The leak] offered “a sweeping look at an industry that helps the world’s ultrawealthy, powerful government officials and other elites conceal trillions of dollars from tax authorities, prosecutors and others.”

– From Bloomberg Politics

In The Hill has the following four take away from the leaked Pandora papers:

  • South Dakota Emerges as tax heaven
  • Lawmakers seek crackdown on financial ‘enablers’
  • King of Jordan has vast overseas assets, including in US
  • ‘The Panama Papers wasn’t just a one-off situation’

Gerard Ryle, the director of the ICIJ, told The Guardian “When you have world leaders, when you have politicians, when you have public officials, all using the secrecy and all using this world, then I don’t think we’re going to see an end to it.”

This is the Panama papers on steroids. It’s broader, richer and has more detail.

Gerard Ryle, the director of the ICIJ (source: The Guardian)

Ryle added “This is money that is being lost to treasuries around the world and money that could be used to recover from Covid. We’re losing out because some people are gaining. It’s as simple as that. It’s a very simple transaction that’s going on here.”

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