Pandora papers

Deep down, everyone has always known that the wealthy and powerful hide away vast quantities of often ill-gained money in far-flung tax havens. In recent years though, with the Panama and Paradise Papers, the public has had chances to see how the clandestine industry that helps the elites do so operates. Another such opportunity has come knocking with what is being called the biggest leak of offshore data in history. The Pandora Papers consist of almost 12 million files that lay out the secret financial affairs of almost three dozen world leaders and hundreds of high-level public officials from more than 90 countries. The details make for sensational headlines: the king of Jordan has a hidden $100 million real estate empire (including a seven-bedroom mansion in Malibu!

On October 3, the International Consortium of Investigative Journalists, based in Washington DC, released a huge trove of 11.9 million leaked documents pertaining to the wealth of hundreds of world leaders, public officials, and billionaires. Like the Panama Papers that were leaked in 2016, the Pandora Papers detail vast offshore holdings, perhaps as much as $32 trillion, that have allowed the beneficiaries to avoid taxes that would have been due had the wealth been held at home. For instance, a United Kingdom company controlled by Cherie Blair, the wife of former prime minister Tony Blair, acquired a £6.45 million ($8.8 million) property in London not directly but by purchasing a British Virgin Islands company.