Pandora Papers or Pandora Papers , (in English), is the name by which the journalistic investigation is known based on a leak ( greater than the Panama Papers ) of confidential documents from 14 law firms specializing in the creation of offshore companies in countries like Panama , the British Virgin Islands or the Bahamas . They cover more than five decades of records and allow us to reconstruct who, where and why these structures were created [1] .
The investigation showed the financial structure worldwide that prevents money from circulating through traditional circuits. [2] .
It included analysis of text documents, spreadsheets, emails and images, articles of incorporation, shareholder registers, invoices, passports, travel diaries, constructing an unprecedented portrait of the hidden face of international finance and shedding light on the secrets of tax havens and the professionals who act as a bridge to reach these jurisdictions.
The leak targeted more than 27,000 companies and nearly 30,000 of their beneficiaries.
Summary
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- 1 Background
- 2 Pandora Papers
- 3 Research
- 4 associated law firms
- 5 Information source
- 6 Related Articles
- 7 References
- 8 sources
Background
The investigation sponsored by the International Consortium of Investigative Journalists (ICIJ) collected more details, more people and more personalities than what happened with the Panama Papers .
The documentation also evidenced the dealings with companies in tax havens of three times more international leaders and twice more public officials than in previous leaks (case of the Panama Papers). In addition, it reveals the true owners of more than 29,000 offshore companies .
pandora papers
Considered the largest leak in history (until 2021) and the largest journalistic collaboration ever carried out, with more than 600 reporters from 150 media outlets from more than 100 countries involved.
For more than a year, millions of documents (forms, emails and spreadsheets) were investigated to extract all the keys and discover a deep network dedicated to international tax evasion and avoidance. InSpain,laSextaandEl Paíswere the collaborating media outlets for this journalistic feat, which was coordinated by theInternational Consortium of Investigative Journalists(ICIJ).
Politicians, businessmen, singers, soccer players, artists and socialites are involved. [3]
Research
The investigation showed what is the financial structure worldwide that prevents money from circulating through traditional circuits. These are techniques to avoid or evade paying taxes —when making investments or buying properties— or to keep certain names secret behind shell companies.
Associated Law Firms
In the case of the Panama Papers , the investigation revealed the ins and outs of a single firm, Mossack Fonseca.
The Pandora Papers obtained documents that revealed the law firms dedicated to opening companies in tax havens, including:
- All About Offshore Limited (AABOL)
- German
- Lamb
- Galindo & Lee (Alcogal)
- Alpha Consulting Limited (Alpha)
- Asiaciti Trust Asia Limited
- CCS Trust Limited (formerly Commonwealth Corporate Services Limited)
- CIL Trust International Inc (Cititrust)
- Commence Overseas Limited (Commence BVI)
- Demetrios A. Demetriades LLC (DAD Law)
- Fidelity Corporate Services Limited
- Glenn D. Godfrey and Company
- LLP
- Il Shin Corporate Consulting Limited
- Overseas Management Company
- Inc (WTO)
- Trident Trust Company Limited.
For the Spanish part of the investigation, the most relevant consultancies turned out to be the Panamanian Alcogal and Trident Trust, in the British Virgin Islands, since a large part of the national clients created their offshore companies thanks to their services.
Documents obtained indicate that banks around the world launched at least 3,926 offshore companies for their clients with the help of Alcogal alone.
In addition, Trident Trust is the provider from which the most documents were obtained: more than 3,000,000 files. This office is an old acquaintance in the offshore world: it is the manager who helped set up the company of the family of the former mayor of Barcelona Xavier Trías, whose relationship was revealed by laSexta in the Paradise Papers.
Source of information
The information source of the 2.94 Terabytes came from a single person who decided to share all this information with the ICIJ so that it would be public and available to governments around the world
