Important figures named include King Abdullah II of Jordan, who allegedly used Offshore account More than 100 million U.S. ICIJ emphasized that setting up an offshore company to conduct business is not illegal in itself, because some people may have legitimate reasons to keep their finances secret.īut these entities often prove attractive because they can promote tax evasion and money laundering.įor leaders who may openly oppose tax avoidance and corruption, or advocate austerity measures at home, this revelation is equally embarrassing. ICIJ wrote on its website: “These records contain nearly three times the transaction information of current and former national leaders than any previous offshore safe haven document leakage incident.” Is offshore company illegal? ICIJ found that these documents are related to more than 330 politicians and public officials in more than 91 countries and regions, including 35 current and former national leaders. The team also verified its information by cross-referencing 2.94 TB of data with public records from dozens of countries. More than 600 journalists from 150 media outlets helped with this work. ICIJ-a network of journalists and media organizations-initiated a two-year effort to screen the 11.9 million confidential documents leaked to it. The leaked records came from 14 offshore service companies around the world-from Vietnam to Belize to Seychelles. The Pandora document published on Sunday is based on a document leaked to the International Union of Investigative Journalism (ICIJ), exposing the king, president and prime minister, including King Abdullah II of Jordan, Prime Minister Andrei Babis of the Czech Republic, and the President of Kenya. Dozens of world leaders and hundreds of public officials used offshore tax havens to hide assets worth hundreds of millions of dollars.

What is pandora recovery