12 million leaked files show how politicians, celebrities, religious leaders and drug dealers hide money in mansions, beachfront property, yachts and other assets

A new report sheds light on how world leaders, powerful politicians, billionaires and others have used offshore accounts to shield assets collectively worth trillions of dollars over the past quarter-century, the Associated Press reports.

The report by the International Consortium of Investigative Journalists brought promises of tax reform and demands for resignations and investigations, as well as explanations and denials from those targeted.

The investigation, dubbed the Pandora Papers, was published late Sunday and involved 600 journalists from 150 media outlets in 117 countries.

Hundreds of politicians, celebrities, religious leaders and drug dealers have been hiding their investments in mansions, exclusive beachfront property, yachts and other assets, according to a review of nearly 12 million files obtained from 14 firms located around the world. Much of the activity did not appear to be illegal.

The more than 330 current and former politicians identified as beneficiaries of the secret accounts include Jordan’s King Abdullah II, former U.K. Prime Minister Tony Blair, Czech Republic Prime Minister Andrej Babis, Kenyan President Uhuru Kenyatta, Ecuador’s President Guillermo Lasso, and associates of both Pakistani Prime Minister Imran Khan and Russian President Vladimir Putin.

The billionaires called out in the report include Turkish construction mogul Erman Ilicak and Robert T. Brockman, the former CEO of software maker Reynolds & Reynolds.

Many of the accounts were designed to evade taxes and conceal assets for other reasons, according to the report. Some of those targeted strongly denied the claims on Monday.

“The new data leak must be a wake-up call,” said Sven Giegold, a Green party lawmaker in the European Parliament. “Global tax evasion fuels global inequality. We need to expand and sharpen the countermeasures now.”

The European Commission, the 27-nation European Union’s executive arm, said in response to the revelations that it is preparing new legislative proposals to enhance tax transparency and reinforce the fight against tax evasion.

The Pandora Papers are a follow-up to a similar project released in 2016 called the “Panama Papers” compiled by the same journalistic group.

The latest bombshell is even more expansive, relying on data leaked from 14 different service providers doing business in 38 different jurisdictions. The records date back to the 1970s, but most are from 1996 to 2020. (Read more)

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