A probe exposes the secret financial and offshore assets of Presidents, Rock Stars, Government Officials and CEOs.
The Pandora Papers is a collection that contains nearly 12 million financial records.
These records were obtained by journalists and detail the existence over 29,000 offshore accounts.
Loading Click to sign up for Insider marketing emails. You also agree to receive partner offers.
According to the International Consortium of Investigative Journalismists, dozens of former world leaders, billionaires and rockstars as well as government officials have hidden billions of dollars in secret offshore accounts.
The Pandora Papers is a collection that contains nearly 12 million financial records. It details the existence of more than 29,000 offshore accounts. This is twice the number of documents found in the Panama Papers leak, which exposed millions of financial records and legal records. It also revealed the offshore holdings and wealth of influential and powerful people around the world.
The documents reveal the secrets offshore finances of around three dozen world leaders. These include current and former presidents and prime ministers. This trove also includes the financial records of approximately 100 billionaires and individuals of extreme wealth. The Guardian reported that many people use shell companies to own luxury items like property and yachts as well as incognito accounts.
According to the Post, offshore accounts are available in many countries, including Singapore, Belize, Switzerland and Belize.
These offshore investments and accounts are used by dozens of high-ranking people, including public officials and politicians from over 90 countries. The documents reveal that King Abdullah II, a Jordanian monarch, spent $100 million on luxury homes located in Malibu (California). According to the BBC, leaked documents also link Russian President Vladimir Putin with secret assets in Monaco.
These financial and legal records include memos and strategies to avoid transparency laws and keep the existence and location of offshore accounts secret.
The Post stated that the documents did not include the names of the wealthiest Americans, such as Elon Musk, Tesla founder, Bill Gates, Warren Buffett, billionaire investor, and Amazon founder Jeff Bezos.
However, the investigation has revealed that there are many prominent people involved in offshore accounts. According to the Post, this list includes Shakira and members the royal Saudi Arabian family.
Experts say that offshore accounts and asset-shielding trusts are often involved in grisly crimes such as drug trafficking or ransomware attacks.
Sherine Ebadi, a former FBI officer, stated that the offshore financial system was a serious problem and should be of concern to everyone. These systems allow tax cheats to avoid paying fair share. They are a threat to the fabric of a healthy society.
