An investigation conducted by the International Consortium of Investigative Journalists revealed celebrities to world leaders have locked away billions of dollars in offshore accounts.
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The documents titled the Pandora Papers contain a collection of 12 million financial records that reveal the existence of over 29,000 offshore accounts. According to Insider, investigators will reveal the accounts of dozen world leaders which include former and current presidents, prime ministers, billionaires, and others. Many of these accounts are located in different countries such as Belize, Switzerland, and Singapore.
“The leaked records reveal that many of the power players who could help bring an end to the offshore system instead benefit from it – stashing assets in covert companies and trusts while their governments do little to slow a global stream of illicit money that enriches criminals and impoverishes nations,” The ICIJ wrote in their report.
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The Pandora Papers investigation unmasks the covert owners of offshore companies, incognito bank accounts, private jets, yachts, mansions, even artworks by Picasso, Banksy and other masters – providing more information than what’s usually available to law enforcement agencies and cash-strapped governments.
The reveal was a more in-depth investigation in comparison to the Panama Papers where it revealed an offshore account from the Panamanian law firm Mossack Fonseca.