The International Consortium of Investigative Journalists (ICIJ) published its “most comprehensive exposition of financial secrets” on Sunday. The extensive journalistic work was called the Pandora Papers and is the result of the analysis of more than 11.9 million leaked documents that “cover every corner of the world.”
More than 600 reporters from 117 countries and 150 media outlets took part in the investigation, marking the largest collaboration in ICIJ history.
“Offshore machinery operates in every corner of the planet”
One of the main conclusions of the journalistic work is that “the machinery of ‘offshore’ money operates in every corner of the planet, including the largest democracies in the world.” “Among the main players in the system are elite institutions – multinational banks, law firms and accounting firms – based in the United States and Europe”, indicates the ICIJ.
According to one of the Pandora Papers documents, banks around the world helped their clients create at least 3,926 companies in tax havens with the help of a Panamanian law firm, called Alemán, Cordero, Galindo & Lee, directed by a former US ambassador “The firm, also known as Alcogal, created at least 312 companies in the British Virgin Islands for clients of US financial services giant Morgan Stanley,” reporters say.
The leaked files expose the financial secrets and ‘offshore’ procedures of 35 current and former presidents, more than 100 billionaires and more than 300 high-ranking public officials, such as ministers, judges, mayors and military leaders from more than 90 countries.
- In 2016, the ICIJ already shocked the world with the Panama Papers, and this time the Panamanian government has apparently taken precautions to mitigate the potential damage that the new revelations could bring. Through the law firm Benesch, Fridlander, Coplan & Aronoff Llp, the authorities of the Central American country tried to dialogue with the journalistic consortium, reported The Panama Star.
- “Before continuing, you should be aware that the previous media coverage initiated by the ICIJ used a false and defamatory term (that is, the ‘Panama Papers’) that caused great damage to Panama,” wrote the representatives of the firm in his letter of September 16, quoted by the newspaper. “The Government of Panama is determined to act so that this falsehood is not repeated by the ICIJ or any other means of communication,” they added.
More information, shortly.