According to a review of nearly 12 million files obtained from 14 firms located around the world, hundreds of powerful politicians, billionaires, celebrities, religious leaders, and drug dealers have been concealing their investments in mansions, exclusive property, art, and other assets for the past quarter-century.
The International Consortium of Investigative Journalists issued a report on Sunday that included 600 journalists from 150 news organizations in 117 countries. The revelations have been called the “Pandora Papers” because they shine a light on the elite’s previously concealed transactions and how they have utilized offshore accounts to hide trillions of dollars in assets.
More than 330 current and former politicians were identified as beneficiaries of the secret accounts, including Russian President Vladimir Putin and former UK Prime Minister Tony Blair. But why are wealthy and powerful people like these hiding their money in offshore accounts? According to the investigation, many of the accounts were created to avoid taxes and hide assets.
The Pandora Papers are a follow-up to the “Panama Papers,” a similar study published by the same organization in 2016. However, the newest exposé is much bigger, including three terabytes of data leaked from service providers worldwide. The Panama Papers, on the other hand, were gathered from 2.6 terabytes of data.
The Pandora Papers has revealed the greed and corruption depriving governments of tax revenue that should have been used to fund initiatives. When politicians argue there is “no money” to pay for climate initiatives and public services, they aren’t talking about the trillions of dollars hidden in offshore accounts.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.