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US emerges as ‘top tax haven in Pandora Papers’

WASHINGTON – The United States has emerged as a leading tax haven, the Guardian reported on Sunday, citing so-called Pandora papers.

The International Consortium of Investigative Journalists (ICIJ) published a new “Pandora Papers” leak on the alleged involvement of a number of world leaders and other high-profile individuals in offshore schemes.

The Guardian mentioned that South Dakota, in particular, hides billions of Dollars in wealth linked to people previously accused of financial crimes.

What are Pandora Papers?

The Pandora Papers investigation is the world’s largest-ever journalistic collaboration, involving more than 600 journalists from 150 media outlets in 117 countries.

A 2.94 terabyte data trove exposes the offshore secrets of wealthy elites from more than 200 countries and territories. These are people who use tax and secrecy havens to buy property and hide assets; many avoid taxes and worse. They include more than 330 politicians and 130 Forbes billionaires, as well as celebrities, fraudsters, drug dealers, royal family members and leaders of religious groups around the world.

The International Consortium of Investigative Journalists spent more than a year structuring, researching and analyzing the more than 11.9 million records in the Pandora Papers leak. The task involved three main elements: journalists, technology and time.

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