Pandora Papers: All the interesting facts you should know
The International Consortium of Investigative Journalists (ICI J), an international investigative journalism organization, on Sunday unveiled details of the overseas wealth of key figures from more than 200 countries.
According to ICI J, the details have been compiled after a review of about 12 million files of 14 different financial companies around the world, dubbed 'Pandora Papers'.
According to the ICI J, website, 600 journalists from more than 150 media outlets from 117 countries took part in compiling the documents, entitled Pandora Papers.
According to ICI J, the Pandora Papers include details of 35 world leaders from more than 91 countries and territories and more than 330 current and former politicians. They also include the names of several current and former heads of state and their close associates.
But the organization did not provide details on how it obtained the information or data from financial institutions.
The ICI J, had earlier in 2016 published details about the assets of hundreds of world leaders, politicians, businessmen, criminals and celebrities in various fields under the name 'Panama Papers'.
Why was the ICI J, investigation named Pandora Papers?
The ICI, J, called its investigation "Pandora Papers" because it exposed the elite's secret transactions and attempts to conceal trillions of dollars' worth of assets through offshore accounts.
It is a name derived primarily from Greek traditions, and a proverb, "opening a Pandora's box," is now common in English and now in Urdu. It means bringing up something that can cause problems for many people.
Two journalists from Pakistan were involved in the preparation of the Pandora Papers, including Omar Cheema, who worked on the Panama Papers, and Faker, a correspondent for the local English newspaper The News.
According to the list released by ICI J, these papers also include 700 Pakistanis who have offshore companies abroad.
According to the American business magazine Forbes, the 29,000 offshore companies listed in the Pandora Papers include 130 companies listed in the magazine's list of billionaires.
Where did the names of hundreds of world leaders come from?
The Pandora Papers include the names of more than 330 world leaders. The ICI J, has cited the recent revelations as the reason for the inclusion of so many political leaders.
ICI J, says the 14 financial companies it has collected data on include clients from two financial services providers Algal, and Trident Trust, as well as a many number of former politicians and government officials. Is. Most of his assets are registered in the British Virgin Islands and Panama.
According to ICI J, more than half of the politicians and government officials named in the Pandora Papers are clients of Algol.
It should be noted that Algol, is headquartered in Panama and its founders include several politicians. One of its founders is the former ambassador of Panama to the United States.
According to the AFP news agency, Algol has denied the allegations in a statement and has indicated that it will take legal action to defend itself.
Authorities have also been offered an investigation into the alleged irregularities.
Who builds complex systems?
The ICI, J, says a review of the data received also reveals how banks and law firms build complex systems for offshore service providers.
According to the organization, the documents show that despite the legal requirement to be cautious in dealing with people involved in suspicious activities, service providers do not have complete information about all of their customers.
The investigation claims that trust companies have also taken advantage of the laws of some US states where privacy is paramount.
With the help of these laws, many people save their capital abroad to save taxes in their countries.
Differences between Pandora and Panama Papers
The ICI J, claims that the Pandora Papers are the result of the largest joint journalistic investigation in history.
According to the Associated Press, the Pandora Papers have revealed more details than the Panama Papers released by ICI J, in 2016.
The total volume of data previously released by the Panama Papers was 2.6 terabytes. The data was leaked to Panama-based law firm Mosaic Fonseca. Because the company was based in Panama, the documents released were dubbed the "Panama Papers."
You must be logged in to post a comment.