What is Pandora Paper Leak? Explained.

 Why in News 

The Pandora Papers are a leak of almost 12 million papers and files that reveal world leaders', politicians', and billionaires' hidden riches and transactions. The data was collected by the International Consortium of Investigative Journalists in Washington, DC, and has resulted in one of the most comprehensive worldwide investigations ever conducted. Over 600 journalists from 117 countries investigated the secret wealth of some of the world's most prominent people.

The information was collected by the International Consortium of Investigative Journalists (ICIJ) in Washington, DC, which has been working on its largest-ever worldwide investigation involving more than 140 media organizations.

What is Pandora Paper?

  • The secret records are known as the Pandora PapersThe Pandora Papers investigation involves more than 600 journalists from 150 media sites in 117 countries, making it the world's largest-ever journalistic collaboration.
  • The inquiry is based on the disclosure of secret documents from 14 offshore service providers who provide professional services to rich people and organizations looking to establish shell companies, trusts, foundations, and other entities in low- or no-tax jurisdictions. 
  • The entities allow owners to hide their names from the public and, in certain cases, regulators. The providers frequently assist them in opening bank accounts in nations with lax financial regulations.

What format did the information originate in?

  1. The records, which numbered in the millions, were mostly unorganized. Text documents made up more than half of the files (6.4 million), including more than 4 million PDFs, some of which were over.
  2. 10,000 pages long. Passports, bank statements, tax declarations, firm formation papers, real estate contracts, and due diligence questionnaires were among the documents. The data breach also included over 4.1 million photos and emails.
  3. Spreadsheets accounted for 4% of the papers, or over 467,000. Slide displays, as well as audio and video files, were included in the records.


What has been discovered so far?

  1. The Pandora Papers show how the wealthy, famous, and notorious, many of whom were already on the radar of law enforcement authorities, set up complex multi-layered trust structures for estate planning in jurisdictions that are lightly regulated for tax reasons but have strict secret laws.
  2. The Pandora Papers contain 6.4 million documents, almost three million pictures, over a million emails, and nearly half a million spreadsheets.
  3. The Pandora Papers exposes how banks and legal firms collaborate with offshore service providers to create complicated company structures. Despite their legal responsibility to avoid doing business with persons who engage in dubious transactions, the files indicate that providers don't always know their clients.
  4. The documents reveal how some of the world's most influential people, including more than 330 lawmakers from 90 nations, hide their wealth through hidden offshore corporations.

 


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