The Pandora Papers in terms of volume are the greatest cache of leaked offshore data in history. It is supplied by offshore service providers in Anguilla, Belize, Singapore, Switzerland, Panama, Barbados, Cyprus, Dubai, the Bahamas, the British Virgin Islands, Seychelles, and Vietnam. The information was obtained by the International Consortium of Investigative Journalists (ICIJ), which is not revealing the source. To allow the greatest journalistic cooperation in history, the ICIJ granted remote access to the leaked documents to 600 journalists worldwide.

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What are the Pandora papers?

The Pandora papers are the world’s greatest archive of leaked material revealing tax haven secrecy. They provide a unique glimpse into the shadowy world of offshore banking, shedding light on the financial secrets of some of the world’s wealthiest individuals. The documents were released to the International Consortium of Investigative Journalists (ICIJ), who shared them with media outlets worldwide. The collection contains 11.9 million files leaked from 14 offshore service providers, totaling 2.94 terabytes of data. That makes it bigger than the Panama Papers and the Paradise Papers which leaked in 2016 and 2017 respectively.

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How are Pandora Papers different from the Panama and Paradise Papers?

The Panama and Paradise Papers were primarily concerned with offshore entities established by individuals and corporations, respectively. The Pandora Papers investigation demonstrates how corporations have developed a new normal in response to nations being compelled to tighten the screws on such offshore entities due to increasing worries about money laundering, terrorism funding, and tax evasion. The Pandora Papers penetrate the corporate veil, revealing how trusts are frequently utilized in combination with offshore corporations established solely for the purpose of storing investments and other assets by business dynasties and ultra-rich people.

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Why do people move money offshore?

Usually for tax, secrecy, or regulatory reasons. Offshore jurisdictions often do not levy income or corporate taxes, making them potentially appealing to rich individuals and businesses who do not wish to pay taxes in their home nations. Although ethically dubious, this type of tax evasion is allowed. Offshore countries are also notorious for being very secretive, publishing little or no details about the corporations or trusts that are formed there. This can make them helpful to criminals who need to hide money from tax or law enforcement agencies, such as tax evaders or money launderers. It is also true that persons in corrupt or unstable nations may utilize offshore providers to keep their assets out of the hands of authoritarian regimes or criminal opponents who may try to confiscate them or to avoid hard currency limitations. Others may relocate abroad for inheritance or estate planning purposes.

Has everyone named in the Pandora papers done something wrong?

Moving money abroad is not unlawful in and of itself, and some individuals do it for valid reasons. Not everyone identified in the Pandora documents is being investigated for misconduct.

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The Pandora Papers were leaked to the International Consortium of Investigative Journalists (ICIJ) and the claims made in the leaks have not been independently verified by Opoyi.