Pandora Papers shine light on a global shadow economy that helps corruption thrive: ICIJ

The International Consortium of Investigative Journalists (ICIJ) claimed on April 11 that their investigations have shown, legions of Russia’s ruling elites have steadily been safeguarding their fortunes elsewhere. And they’ve had an entire industry of white-collar professionals helping to hide their wealth, out of sight and out of reach from international authorities.

Referring to Pandora Papers Russia, ICIJ said,” Sanctions, seizures, corporate withdrawals, shuttered offices, suspended accounts, blacklists and more — in the weeks since Russia’s invasion of Ukraine, Western authorities and businesses have gotten serious about cracking down and cutting ties with the moneyed network of oligarchs and state-controlled companies that have backed Vladimir Putin’s rise to power.””In a new chapter of reporting on the largest-ever leak of offshore records, Pandora Papers Russia marks our latest effort to shine light on a global shadow economy that helps corruption thrive — exposing not just high-profile clients, their luxury properties, yachts, jets and more, but also systemic failures and the enablers who profit from protecting the wealth of people and companies who have something to hide. And we’re putting the power of this information in the hands of the public with a new data release,” ICIJ said.