Inside The Pandora Papers – The World’s Wealthiest Just Had Their Secrets Published

The world’s wealthiest just had their secrets publicized on Sunday by the International Consortium of Investigative Journalists (ICIJ). With 600 journalists from 150 media outlets in 117 countries, the news broke like wildfire. Branded as the Pandora Papers, this leak of offshore financial data is the most significant in history. The cache includes up to 11.9 million files from companies hired by wealthy clients to establish a safe space from taxes in offshore havens such as Panama, Dubai, Monaco, Switzerland, and the Cayman Islands.

Now facing the brutal exposure of the world are thirty-five world leaders, including government officials, judges, mayors, and military generals in more than 90 countries. Russian President Vladimir Putin and King Abdullah II are two big names who are currently feeling the pressure.

What are the Pandora Papers?

“The Pandora Papers” is a giant stack of leaked data exposing tax haven secrecy. By providing a rare window into the hidden and incredibly secretive world of offshore finance, viewers now can see some of the best-kept financial secrets of the world’s wealthiest people. Originally leaked to the ICIJ in Washington, these files were under investigation until shared via a data leak. Now, media sources—including the Guardian, BBC Panorama, Le Monde, and The Washington Post—have exclusive access to the information. Since then, nearly 600 journalists have read, questioned, and examined the files as part of a massive global investigation. The Pandora Papers represent the latest and most significant in a series of substantial financial data leaks since 2013.

What now?

The act of setting up or benefiting from offshore entities is not itself illegal; in most cases, people have legitimate reasons for doing so. The only hesitancy with offshore accounts is that they create the possibility for tax evaders, fraudsters and money launderers to thrive. Since the big reveal, journalists and news companies alike hope to bring about change for the better in their articles, revealing the indulgence of world leaders. The investigations into offshore wealth have helped to recover billions for taxpayers. But, unfortunately, the powerful will only get more powerful. The best way to combat that cycle is by keeping our leaders accountable and informing the world of other corruption.