The Pandora Papers, the largest-ever leak of offshore bank information, revealed the richest and powerful’s financial secrets. Thousands of papers expose the overseas dealings and holdings of over 100 ultra-rich people, 30 international leaders, and 300 government officials.
What is Pandora Papers?
The Pandora papers include the world’s largest collection of leaked information on tax shelter secrecy. It offers a small glimpse into to the shadowy world of offshore banking, shedding light on some of the world’s wealthiest people’s financial dealings. The data were released to the International Consortium of Investigative Journalists (ICIJ), who shared them with the Guardian, the BBC, and other international news organizations. The collection contains 11.9 million files totaling 2.94 terabytes of data, which were exposed from 14 overseas service providers.
What is the definition of an offshore service provider?
The process of employing an outside firm to handle certain company operations (Outsourcing) in a nation including where the goods are produced or delivered is known as offshoring.
Is it true that everyone named in the Pandora papers has done something wrong?
No. Moving money offshore is not ethically wrong in itself, and even some citizens do that for valid reasons. The people named in the Pandora papers aren’t all presumed of something inappropriate. Those that are could be alleged of a broad range of wrongdoings, ranging from ethically ambiguous to possibly crime committed
What is trust?
A trust is a fiduciary relationship in which a trustor gives another party, known as the trustee, the right to hold title to property or assets for the benefit of a third party. There are six types of trusts: alive, testamentary, funded, unfunded, revocable, and irrevocable.
What is the total amount of money held in tax havens?
Tax havens hold anywhere from $21 and $32 trillion in financial assets. Since the tax haven system is shrouded in secrecy, accurate figures are difficult to come across, thus figures might vary.
The ‘Pandora Papers,’ which exposed the financial assets of wealthy people around the world, include more than 300 Indians, along with businessmen.
Among some of the Indians named in the ‘Pandora Papers’ thus far are Anil Ambani, Vinod Adani, Jackie Shroff, Kiran Mazumdar-Shaw, Niira Radia, Sachin Tendulkar, and Satish Sharma.