Scandal of 12 Million Documents: Pandora Papers Leak

Blog / Scandal of 12 Million Documents: Pandora Papers Leak

Pandora Papers are one of the most spectacular scandals of history about financial crime with millions of data and surprising names within them. It reports the financial transactions of world-famous leaders and politicians of many countries. These documents, obtained from 14 different sources, revealed many scandals with 2.9 Terabytes of information. The news shook states, companies in the private sector, and the public with so much disappointment. 

What are 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. 

pandora papers leak

Who Is On Pandora Papers?

Unfortunately, the names are much more than we could list here. There are many Politicians from different countries, and those countries are not only from the third world regions. In the papers, these are the most popular people listed below:

  • 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 Abdulla
  • The child of Chilean President Sebastián Piñera 
  • Former British Prime Minister Tony Blair

Apart from politicians, many famous names such as Shakira, Claudia Schiffer, Julio Iglesias, Ringo Starr, and Elton John are mentioned. The links between them and criminal organizations, offshore companies are stated in the papers. Some of them sentenced after investigations, but their attorneys did not respond for comment for further information.

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The Pandora Papers Investigation And The Newly Proposed US Enablers ACT Legislation

How did the Pandora papers affect legislation?

The Pandora Papers: How AML Procedures

This paper uses the “Pandora Papers” to illustrate the vulnerability of the banking system to money laundering and other illicit financing risks associated with Non-Profit Organizations

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.

pandora papers leak

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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