International Consortium of Investigation Journalists (ICIJ) in Washington DC along with more than 140 media organisations have been working on money laundering cases known as Pandora Papers since 2016 which is biggest ever investigation globally.
The Pandora papers is a leak of nearly 12 million documents which shed light on the hidden secret, ‘ill gotten’ wealth, tax avoidance, money laundering by rich and powerful across the globe including some Indians.
These papers exposed on Sunday by ICIJ as part of the ‘Pandora Papers’ probe.
According to sources, around 2.94 terabytes of data collected from the companies hired by such rich clients from Dubai, Switzerland, Panama, Monaco and the Cayman Islands to allegedly create offshore structure to use a tax haven. ICIJ said that estimated money hidden offshore could have ranged from $5.6 trillion to $32 trillion.
Leaked documents reveal that around 700 Pakistanis including ministers were listed in the individuals involved in hiding financial secret.
UK has been criticised for its system to attract anonymous companies overseas such as “money launders” to own property there.