What are the Pandora Papers?
Recommended for Secondary Grades
Today, there is a lot of news around the Pandora Papers. This is a leak of almost 12 million documents that reveal hidden wealth, tax avoidance by some of the world’s rich and powerful.
This is the result of an investigation by the International Consortium of Investigative Journalists (ICIJ) in Washington DC. It has been working with more than 140 media organisations. More than 600 journalists in 117 countries have been studying the files for months
Pandora Papers
The Pandora Papers leak includes 6.4 million documents, almost three million images, more than a million emails and almost half a million excel spreadsheets.
The Pandora Papers reveal how the rich, and the famous have set up offshore accounts in other countries and put their money there to avoid paying tax. Such companies exist in name only, with no staff or office. It also reveals how they have set up trusts to hide their real identities so that tax authorities cannot reach them. Such
Who are on the list?
The Pandora Papers include more than 330 politicians from 90 countries. They include at least 380 persons of Indian nationality. Some well-known Indians on the list include cricketer Sachin Tendulkar and businessman Anil Ambani.
According to the ICIJ, the money that is hidden ranges from US$5.6 trillion to US$32 trillion. The International Monetary Fund has said the use of such means costs governments worldwide up to US$600 billion in lost taxes each year.
However, this is an independent body’s review. And now various countries will also verify the facts on their own. This can take years and the evidence needs to be confirmed.
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