In early October, the International Consortium of Investigative Journalists, along with a number of media partners, published the Pandora Papers, which revealed a slice of the trillions stashed away in tax havens by politicians, officials and celebrities, in particular.These leaks tell us, once again, that financial secrecy is at the heart of the global economy and runs like poison through the veins of our political systems. This institutional corruption does not make progress impossible, but it does mean that responses to the growing public anger about the revelations in the leaks will only be successful if they are precise and forensic. Policymakers must deliver measures that ensure ongoing accountability for the leading actors in these abuses – including themselves.The hidden assets and secret incomes now being disclosed represent only a small part of what is in the near-3 terabyte cache of documents from 14 different professional services firms around the world. And the documents in total touch on just a tiny fraction of the estimated $11 trillion in undeclared assets held offshore globally, generating annual tax losses of $182bn.
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