Frequently asked questions about the Pandora Papers and ICIJ

The Pandora Papers is an investigation into the shadowy offshore financial system that reveals the workings of a secret economy that benefits ... SincethepublicationofthefirststoriesfromourPandoraPapersinvestigationonOct.3,theInternationalConsortiumofInvestigativeJournalistshasbeencontactedbymembersofthepublicandpresswithquestionsaboutthedata,theproject,andmore.Here,weanswersomeofthemostfrequently-askedquestions.Wemayupdatethispostfromtimetotime. WhatarethePandoraPapers? ThePandoraPapersisaninvestigationintotheshadowyoffshorefinancialsystemthatrevealstheworkingsofasecreteconomythatbenefitsthewealthyandwell-connectedattheexpenseofeveryoneelse. The“papers”arethemorethan11.9millionconfidentialrecordsobtainedbytheInternationalConsortiumofInvestigativeJournaliststhatformthebackboneoftheinvestigation. WheredidthePandoraPapersleakcomefrom? Therecordscomefrom14offshoreserviceproviders—lawfirms,wealthmanagementadvisorsandcorporateformationagencies—thathelpthosewithmoneysetupcompaniesinlow-orno-taxjurisdictions.Youcanfindoutmoreaboutthefirmshere. WhowasthesourceofthePandoraPapers? ICIJdoesnotcommentonitssources.ICIJdidnotpayforthedataandnoconditionswereattachedtoitbeingshared.ICIJdoesperformrigorousverificationandcross-checkingofdatatoensureitsauthenticityandverifieseveryfactpublishedinourstories. Whyisitcalled“Pandora”Papers? WecalledtheprojectPandoraPapersbecausetheinvestigationbuildsuponpreviousICIJ-ledcollaborations,thePanamaandParadisePapers;theancientmythofPandora’sBoxevokesanoutpouringoftroubleandwoe. What’sthedifferencebetweenPandoraPapersandPanamaPapers? Size,scale,scope.WhilethePanamaPaperswasbasedonthefilesofasingleoffshoreservicesprovider,thePandoraPapersrecordscomefrom14.Thenewinvestigationincludesdataonmorethan27,000companiesand29,000so-calledultimatebeneficialowners—therealownersofshellcompanies—ormorethantwicethenumberofbeneficialownersidentifiedinthePanamaPapers. ThePandoraPapersalsoconnectedoffshoreactivitytomorethantwiceasmanypoliticiansandpublicofficialsasdidthePanamaPapers. WhydoesthePandoraPapersinvestigationmatter? Theoffshoresystemallowselitesandmultinationalstoshifttaxablewealthtopaper-onlycompaniesinlow-taxjurisdictions,withoutrequiringthemtoliveoractuallyearnprofitsthere.Theycansheltertheirassets—yachts,airplanes,artwork,mansions,cashandevencompanyshares—bypayingfinancialservicesproviderstosetupcompaniestoholdthoseitems.Italsoofferssecrecy,whichprovidesanopportunitytohideassetsfromauthorities,creditorsandotherclaimantsaswellasfrompublicscrutiny. Theoffshorefinancialsystemcandraintrillionsofdollarsfromtreasuries,worsenwealthdisparitiesandprotectthosewhocheatandstealwhiledeprivingtheirvictimsofrecourse.Studieshaveestimatedthattheworld’sultra-wealthyownthebulkofthe$11trillionrealmofoffshorecompanies. Supportindependentjournalism Doyoubelievejournalismcanmakeadifference?Forjust$15/monthyoucanhelpexposethetruthandholdthepowerfultoaccount. Donate Whatis“offshore”?Whataretaxhavens? Thereisnouniversaldefinition,butoffshoretaxhavens,oroffshorefinancialcenters,aregenerallycountriesorplaceswithlowornocorporatetaxesthatallowoutsiderstoeasilysetupbusinessesthere.Taxhavensalsotypicallylimitpublicdisclosureaboutcompaniesandtheirowners.Becauseinformationcanbehardtoextract,taxhavensaresometimesalsocalledsecrecyjurisdictions.FinancialsecrecyiscommonlyassociatedwithsmallislandterritoriesliketheBritishVirginIslandsortheCaymanIslands,whichhelpshelterwealthfromallaroundtheworld—hencethe“offshore”moniker.Butinpractice,andasthePandoraPapersandotherinvestigationsshow,anyjurisdictioncanofferthesamesecrecyortaxstatusonforeign-ownedentities—fromSouthDakotatoLondontoHongKong.Taxhavensnearlyalwaysdenybeingtaxhavens.Readmoreabouttaxhavens,shellcompaniesandtheoffshoreindustryinourexplainer,orwatchthisvideofromouroriginalOffshoreLeaksinvestigation. Howdo thePandoraPaperscompareinsizewithotherhugeoffshoreleaks? Intermsofrawsize,thePandoraPapersleak,at2.94terabytes,isbiggerthanbothPanamaPapers(2.6terabytes)andParadisePapers(1.4terabytes).Ifyougobythenumberoffiles,theParadisePapershadmore— 13.4millionfiles,comparedtoPandora’s11.9million. Butthere’smoretothisleakthanjustsize.ThescopeofPandoraPapersisfarbroaderthananythingICIJanditspartnershaveseenbefore.Theleakcomesfrom14differentoffshoreserviceprovidersand includesfarmorebeneficialownershipinformationandpoliticiansandpublicofficialsthananypreviousleak. WhatsortoffileswereinthePandoraPapersleak? The2.94terabytesofrecords,whicharrivedasPDFs,images,emails,spreadsheets,audioandvideofiles, includescompanyincorporationrecords,realestatecontracts,due-diligencequestionnaires,copiesofpassports,bankstatements,taxdeclarations,andmuchmore. WhowasnamedinthePandoraPapersleak? Thefilesrevealfinancialsecretsof35currentandformerworldleaders.Theyareamongthemorethan330politiciansandhigh-levelpublicofficialsin91countriesandterritories,andagloballineupoffugitives,conartistsandmurderers. ReportedhereareoffshoredealingsoftheKingofJordan,thepresidentsofUkraine,KenyaandEcuador,theprimeministeroftheCzechRepublicandformerBritishPrimeMinisterTonyBlair.ThefilesalsodetailfinancialactivitiesofRussianPresidentVladimirPutin’s“unofficialministerofpropaganda”andmorethan130billionairesfrom45countries,includingRussia,theUnitedStatesandothernations,aswellas46Russianoligarchs,bankers,bigpoliticaldonors, armsdealers,internationalcriminals,popstars,spychiefsandsportinggiants. PeoplelinkedbythesecretdocumentstooffshoreassetsincludeIndia’scricketsuperstarSachinTendulkar,popmusicdivaShakira,supermodelClaudiaSchifferandanItalianmobsterknownas“LelltheFatOne.” Inadditiontotheend-users,there’salsoaline-upofprofessionalenablers—lawyers,advisers,trustfundmanagers,andmore—whohelpdrivethesystem. Whysomanyworldleadersandpoliticians? Callittheluckoftheleak.TheprovidersinthePandoraPapers,inparticularAlcogalandTridentTrust,happenedtoservealargenumberofcurrentandformerpoliticiansandpublicofficialsasclients(withmostoftheircompaniesregisteredintheBritishVirginIslandsandPanama).AlcogalclientsalonerepresentnearlyhalfofthepoliticiansandpublicofficialsidentifiedinthePandoraPapers. Whycan’tIfindalistofthe336politicians? Weprofiled60ofthebiggestpoliticalnamesinthedatainourPowerPlayersfeature.TohavelistedallofthemwouldhaverequiredmoreresourcesthanICIJhas,particularlyinapproachingsubjectswithrequestsforcomment. Infact,therearelikelymorepoliticalfiguresinthedocumentsthan336butthepublishedfigurerepresentsthosethatpassedour(rigorous)verificationcriteria.Theinternallistisavailabletoourmediapartnerswhocanuseittogenerateleadsforfuturestories. Recommendedreading Offshoresecrecy 5wayscelebritiesinthePandoraPapersusetheoffshoresystem Oct04,2021 EXPLORE PowerPlayers Oct02,2021 GLOBALOVERVIEW Offshorehavensandhiddenrichesofworldleadersandbillionairesexposedinunprecedentedleak Oct03,2021 WherearetheAmericans? Whenitcomestocreatingoffshorecompanies,peoplefromdifferentpartsoftheworldtendtogravitatetowardsspecificprovidersandjurisdictionsthatbestsuittheirneeds.PandoraPapersdocumentscoveralargenumberofprovidersandjurisdictions,butobviouslynotall,orevenmost,ofthem—andsotherewerefewerAmericanclientsinthisparticulardataset.There’salsosomeconjecturethatAmerica’suberwealthyareabletominimizetheirtaxessoeffectivelyathomethatperhapsthere’slessincentiveforthemtomovemoneyintooffshoretaxhavens.Wedidfindanumberofhigh-profileAmericans,includingsomesuspectcharacterswhowerefunnelingmoneyoutoftheU.S.andintoBelize. Beyondtheclients,inthecontextoftheU.S.,thisisarguablythemostsignificantoffshoreleakeverbecauseitprovidesunprecedentedinsightsintothetrustsindustry.WhatitshowsisthattheU.S.isverymuchopenforsecretbusinesswithforeignersatthesametimethatitforcesothercountriestoshareinformationaboutAmericansbankingoffshore.AndsomeofthepeoplechoosingtheU.S.overtheworld’straditionaltaxhavensarelinkedtomoneylaundering,corruptionandworkerexploitation. ShouldIassumethateveryonethatappearsinthePandoraPapersisinvolvedintaxavoidanceorevasion? No.Therearelegitimatereasonstocreateacompanyinanoffshorejurisdictionandmanypeopledeclarethemtotheirtaxauthoritieswhenthatisrequired. WillICIJpublishthePandoraPapersdata? Weareaninvestigativejournalismorganizationand,assuch,wereportstoriesthatareinthepublicinterest.ICIJwon’treleasepersonaldataenmassebutwillcontinuetoexplorethefulldatawithitsmediapartners. ICIJwilltrytopublishrelevantdocumentsfromtheleakedfilesalongsideasmanyofourstoriesaspossible.OurPowerPlayersfeatureincludesdataanddetailsabouttheuseofcompaniesinsecrecyjurisdictionsbymorethan50politicians,includingall35currentandformercountryleaders.ICIJalsoplanstoincorporatedatafromthePandoraPapersintoourexistingOffshoreLeaksdatabaseinthecomingmonths.TolearnmoreaboutICIJ’sdatareleases,subscribetoICIJ’snewsletter. SignuptoreceiveallthePandoraPapersnews,deliveredstraighttoyourinbox. WillICIJsharedocumentsfromthePandoraPaperswithgovernments? Thelong-standingpolicyofICIJisnottoturnoversuchmaterial. TheICIJisnotanarmoflawenforcementnoranagentofthegovernment.Weareanindependentnewsorganization,servedbyandservingourmembers,theglobalinvestigativejournalismcommunity,andthepublic. WhichjournalistsfrommycountryworkedonthePandoraPapersinvestigation? ICIJsharedthedatawith150newsoutletsaroundtheworld,includingTheWashingtonPost,theBBC,TheGuardian,RadioFrance,OštroCroatia,theIndianExpress,Zimbabwe’sTheStandard,Morocco’sLeDeskandEcuador’sDiarioElUniverso.Theinvestigationspannedtwoyearsandcametoincludemorethan600journalistsin117countriesandterritories, thelargestjournalismcollaborationinhistory.Youcanseeafulllistofthereportershere. HowdoesICIJpickitspartners? Whenbringingtogetheracollaborationlikethis,ICIJbeginsbyassessingthedataandidentifyingareasofreportingneed,withaparticularfocusonengagingjournalistsincountrieswhereweknowtherewillbeimportantstoriesandstrongpublicinterest.Wethenprioritizefindingpartnerswithproveninvestigativerecords,whowecantrusttoworkdiscreetly,collaborativelyandrespectfullywithreportersfromaroundtheworld. HowcanIjointheinvestigation? Anumberofotherjournalistsandmediaorganizationshavecontactedusofferinghelpandsupport. Wewelcomenewoffersofcollaborationandarevettingtherequests.However,duetolimitedresourcesandthehighcostofonboardingnewpartners, wewillnotbeabletoacceptalloffers.Weprioritisejournalistswithaprovenrecordofhigh-qualityinvestigationsandademonstrateddesiretocollaborate,andthosehailingfromregionswherewehaven’tworkedbefore.Ifyouareajournalistandwanttopartnerwithus,[email protected]. HowdoIgetintouchwithICIJifIwanttoshareatipordocuments? ICIJ​encourages​​whistleblowers​​to​submit​​all​​forms​​of​​content​​that​​might​​be​​of​​public​​concern​​-​​documents,​​photos,video​​clips​​as​​well​​as​​story​​tips—andtodososecurely.We​​accept​​all​​information​​that​​relates​​to​​potential​​wrongdoing​​by​​corporate,​​government​​orpublic​​service​​entities​​in​​any​​country,​​anywhere​​in​​the​​world.​​We​​do​​our​​utmost​​to​​guaranteethe​​confidentiality​​of​​our​​sources.Findouthowtocontactussecurelyhere. Leaktous Contactreporter Doyouhaveastoryaboutcorruption,fraud,orabuseofpower? LEAKTOICIJ! ICIJacceptsinformationaboutwrongdoingbycorporate,governmentorpublicservicesaroundtheworld.Wedoourutmosttoguaranteetheconfidentialityofoursources. IsICIJanarmoftheAmericangovernment?DofunderslikeGeorgeSorosinfluenceICIJ’sreporting? ICIJisnotfundedby,oraffiliatedwith,theU.S.government. Ourworkisfundedstrictlythroughgrantsandgenerousdonations. DonorssupportICIJ’sgeneraloperations,technologyandtoolsandinvestigativeprojects.ICIJmaintainsastrictfirewallbetweenoureditorialjudgementandfundraising. TheOpenSocietyFoundations,foundedbyfinancierGeorgeSoros,donatesgenerouslytoICIJbuthiscontributionisafractionofouroverallbudget.Alleditorialdecisionsaremadeindependently,andnodonororinstitutioninfluencesICIJ’scoverage. HowdoIhelp? Muchofoursupportcomesfrompeoplelikeyou.Ifyouthinkthisworkisvaluable,considerbecomingasupporter. OFFSHORESECRECY WebofcorruptionaroundIsabeldosSantosstillbeinguntangledtwoyearsafterLuandaLeaks Jan24,2022 IMPACT Sen.WarrendemandsprofitandrentfiguresfromcompaniesfollowingPandoraPapersrevelations Jan14,2022 PANDORAPAPERS TechtitansurrendersCambodianrelicssoldbyindicteddealeramidbroaderrepatriationpush Jan12,2022 IMPACT PakistanandIndiaprobehundredsofPandoraPapersnames Jan03,2022 IMPACT ProposedEUdirectivetargetsshellcompaniesafterPandoraPapersexposedoffshoresystemabuses Dec24,2021 COLLABORATION AroundupofPandoraPapersreportingfromEasternEurope Dec22,2021 ICIJisdedicatedtoensuringallreportswepublishareaccurate.Ifyoubelieveyouhavefoundaninaccuracyletusknow. 1800MStreetNW,Front1#33019 Washington,D.C.20033USA [email protected] Aboutus Ourteam ICIJmembers Mediapartners Supportus InsideICIJ Investigations PandoraPapers FinCENFiles LuandaLeaks ChinaCables MauritiusLeaks Moreinvestigations Followus Newsletter Instagram Facebook Twitter LinkedIn RSS Alltopics ©2021—TheInternationalConsortiumofInvestigativeJournalists. Allrightsreserved. PrivacyPolicy|TermsofUse