Pandora Papers' bring renewed calls for tax haven scrutiny

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Pandora's box is an artifact in Greek mythology connected with the myth of Pandora in Hesiod's Works and Days. The recent leakage of Pandora Papers brings newer light on the hidden dealings of the elite and corrupt. The total assets in question collectively would run into trillions of dollars. This is not the first leak, it is the third starting from Panama Papers to Paradise Papers and now Pandora Papers. It shows to the world what investigative journalism can deliver and that too when it is in a global collaborative mode. It is a leak of almost 12 million documents, files, emails and spreadsheets. This whole exercise has helped to expose the secret wealth and wheeling dealing they get into. It was a pure data based investigation, quite contrary to what we find in this country. The data was obtained by the International Consortium of Investigative Journalists in Washington DC and has led to one of the biggest ever global investigations. ICIJ is an US based not for profit, encompasses 280 of the best investigative reporters from more than 100 countries and territories. ICIJ wants to inspire and cultivate a global community of reporters and readers who believe journalism can bring about positive change.


The documents have been sourced from 14 financial services companies spreading across various countries including Panama, Switzerland and United Arab Emirates. The 2.9 terabyte leak is larger than the Panama Papers at 2.6 terabytes. The Pandora Papers leak is touted as the most expansive expose of financial secrecy. There are a cluster of 35 world leaders including current and former Presidents, Prime Ministers and heads of state. It also has within its fold 100 billionaires, celebrities and business leaders. It also has 400 public officials from 100 countries. There are well recognised companies which provide these services globally. The nitty gritty of the complex financial system with special expertise in offshore accounts, tax havens, shel.

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  • Watch Pandora Papers
    Pandora Papers' bring renewed calls for tax haven scrutiny

    Pandora's box is an artifact in Greek mythology connected with the myth of Pandora in Hesiod's Works and Days. The recent leakage of Pandora Papers brings newer light on the hidden dealings of the elite and corrupt. The total assets in question collectively would run into trillions of dollars. This is not the first leak, it is the third starting from Panama Papers to Paradise Papers and now Pandora Papers. It shows to the world what investigative journalism can deliver and that too when it is in a global collaborative mode. It is a leak of almost 12 million documents, files, emails and spreadsheets. This whole exercise has helped to expose the secret wealth and wheeling dealing they get into. It was a pure data based investigation, quite contrary to what we find in this country. The data was obtained by the International Consortium of Investigative Journalists in Washington DC and has led to one of the biggest ever global investigations. ICIJ is an US based not for profit, encompasses 280 of the best investigative reporters from more than 100 countries and territories. ICIJ wants to inspire and cultivate a global community of reporters and readers who believe journalism can bring about positive change.


    The documents have been sourced from 14 financial services companies spreading across various countries including Panama, Switzerland and United Arab Emirates. The 2.9 terabyte leak is larger than the Panama Papers at 2.6 terabytes. The Pandora Papers leak is touted as the most expansive expose of financial secrecy. There are a cluster of 35 world leaders including current and former Presidents, Prime Ministers and heads of state. It also has within its fold 100 billionaires, celebrities and business leaders. It also has 400 public officials from 100 countries. There are well recognised companies which provide these services globally. The nitty gritty of the complex financial system with special expertise in offshore accounts, tax havens, shel

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  • Watch Pandora Papers outage brings call for action on tax haven scrutiny Video
    Pandora Papers outage brings call for action on tax haven scrutiny

    The latest release of offshore financial information has revealed little illegal activity, and will lack much of the punch that previous leaks enjoyed. However, it could still have significant consequences. While little direct regulatory action is in the offing, tighter reporting and disclosure of property holdings is the most likely outcome. The world was presented with yet another major offshore data leak on 3 October, 2021, courtesy of the International Consortium of Investigative Journalists. Branded the Pandora Papers by the media, the release contains 11.9 million files from various companies hired by wealthy clients to create structures and trusts in a range of offshore centres. While the cast of affluent individuals and high-profile politicians spans the world, there is little suggestion that the leak has revealed much in the way of illegal tax evasion. As such, there will likely be little direct impact on the wealth management industry or cases for tax authorities to prosecute.

    The release does highlight the ability for affluent investors to use the offshore financial system to shelter assets from scrutiny - particularly property. The OECD’s Common Reporting Standard and the US’s FATCA have largely pealed back the secrecy surrounding financial accounts and securities. However, they have done little to force disclosure of non-financial assets such as property. Almost all of the high-profile disclosures in the Pandora Papers involve property in some shape or form. Many examples noted in the media involve property held via opaque offshore companies or trusts that shelter the beneficial owners from prying eyes, as well as saving them hefty tax bills. It is this entirely legal activity that is likely to grate the sensibilities of the average citizen - even if tax authorities are less exercised over it. Indeed, GlobalData’s 2021 Global Wealth Managers Survey found that property is the third most popular asset class among high net worth (HNW) offshore inv

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