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Pandora Papers Leak Exposes Offshore Industry's Role in Global Corruption

The Pandora Papers show the dark side of the offshore industry. It's time for stricter rules to combat corruption and tax avoidance.

This is a paper. On this something is written.
This is a paper. On this something is written.

Pandora Papers Leak Exposes Offshore Industry's Role in Global Corruption

The Pandora Papers, a massive leak of nearly 12 million files, provides an unparalleled look into the offshore industry. This data, obtained by the International Consortium of Investigative Journalists (ICIJ), reveals how the rich and powerful hide their money in financial secrecy jurisdictions. The scale and scope surpass previous leaks like the Panama Papers.

The leak involves 14 corporate service providers, with the majority of files from Trident Trust Group and Alcogal. These professionals help clients create and administer companies, acting as gatekeepers of the global pandora system. The data includes 35 current and former national leaders, and 130 billionaires from the Forbes list.

Offshore entities have legal uses but also facilitate crime and corruption. They can fund extremist groups and disinformation campaigns. The offshore system, holding trillions of dollars, is exploited by organised crime and corrupt leaders. Tax avoidance alone costs the world's poorest countries $200 billion annually.

The ICIJ coordinated over 600 journalists from 117 countries to investigate the leak. The Pandora Papers show the offshore industry's role in the globalised economy and its dark side. Corporate service providers now lobby for reform to adapt to increasing scrutiny and ensure survival under stricter compliance demands.

The Pandora Papers expose the offshore industry's scale and impact. They reveal how the rich and powerful use it to hide their wealth, often at the expense of poorer nations. The leak underscores the need for stricter regulations and transparency to combat tax avoidance and corruption.

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