Scandal of 12 Million Documents: Pandora Papers Leak

Pandora Papers, reporting the financial transactions of world-famous leaders and politicians, has emerged. These documents, obtained from 14 different sources, revealed many scandals with 2.9 Terabytes of information.


What is Pandora Papers?

The Pandora Papers leak contains 2.9 Terabytes of information published by the International Consortium of Investigative Journalists (ICIJ) effective October 3, 2021. Almost 12 million documents, reviewed by more than 600 journalists from 117 countries, also revealed the secrets of many state leaders. Described as the most comprehensive financial privacy disclosure ever, the Pandora Papers include pictures, charts, documents, emails from 14 different financial services companies. 


Who Is On Pandora Papers?

President of Ukraine Volodymyr Zelenskiy, Prime Minister of Lebanon Najib Mikati, President of Kenya Uhuru Kenyatta, President of Ecuador Guillermo Lasso Mendoza, Prime Minister of Czech Republic Babis, King of Jordan Abdullah, the child of Chilean President Sebastián Piñera and former British Prime Minister Tony Blair are featured on the Pandora Papers. Apart from politicians, many famous names such as Shakira, Claudia Schiffer, Julio Iglesias, Ringo Starr, and Elton John accompany the politicians.


Many Scandals Leaked

In the Pandora Papers, which covers many legal but confidential transactions, some of the political leaders who were scandalous are as follows:


Many scandals have emerged in these published documents. For example, King Abdullah of Jordan has been found to have bought real estate in England for more than £70m. Or, the information that the 11-year-old son of the Aliyev family under the Azerbaijani administration, Heydar Aliyev, has been purchased from London for 33 million pounds, has been leaked.  


It has been revealed that Czech Prime Minister Andrej Babis bought £12 million real estate in France with an off-shore investment company but kept it secret. 


It seems that Tony and Cherie Blair did not pay stamp duty despite buying property worth £6.45m.


In addition to political names, many names from the world of art, politics, and sports are included in the documents with their various scandals. After the documents confirming that famous names were avoiding taxes, their lawyers began to make statements one by one.


What are Off-shore Companies?

Countries with low taxes and where companies can be established easily with confidential identities are called off-shore countries. It is difficult to identify people who do not live in these countries but have established companies in off-shore locations. Off-shore companies are companies that are easily established in low-tax countries as in these definitions.


The Cayman Islands and countries such as Britain, Virgin Islands, Britain, Switzerland, and Singapore are Off-shore countries. Although it is legal to own property in these countries, the possibility of illegal transactions is quite high. Many countries have regulations issued to prevent financial crimes. Companies may be subject to various fines if they do not comply with these regulations. With its software service, Sanction Scanner ensures that companies comply with regulations and prevent financial crimes. For more interest, you can contact us or request a demo.

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