Pandora Papers: Wetin be Pandora Papers wey some world leaders don react to

Some world leaders, politicians and billionaires don react to di Pandora Papers leak of almost 12 million documents.

On Sunday wey di Pandora Papers financial come out, e reveal hidden wealth, tax avoidance and, for some cases, money laundering of some of di world rich and powerful.

About 35 current and former leaders and more than 300 public officials feature for di files from offshore companies, wey dey call Pandora Papers.

Dat same Monday, President Uhuru Kenyatta react to leak wey show say im plus six of im family members dey linked to 13 offshore offshore companies.

For inside statement im tok say im go give a comprehensive response wen im returns from one state visit to di America.

Some oda high profile pipo don also react to di leak.

Wein be Pandora Papers

Di Pandora Papers na leak of almost 12 million documents and files wey expose di secret wealth and dealings of world leaders, politicians and billionaires.

Na di International Consortium of Investigative Journalists (ICIJ) for Washington DC obtain di leak documents and dis don lead to one of di biggest ever global investigations.

More than 600 journalists from 117 kontries assist di ICIJ to torchlight di documents, togeda dem launch two-year effort to go through di 11.9 million confidential wey leak.

Dem look into hidden fortunes of some of di most powerful pipo for di world. BBC Panorama and di Guardian lead di investigation for di UK.

Di team also verify di information from di 2.94-terabyte haul by cross-referencing dem to public records from dozens of kontries.

ICIJ find out say di documents dey linked to more than 330 politicians and public officials, including 35 current and former national leaders, for more than 91 kontries and territories.

"Di records include information about di dealings of nearly three times as many current and former country leaders as any previous leak of documents from offshore havens," ICIJ wrote write for dia website.

Di leaked documents come from 14 offshore services firms from around di world - from Vietnam to Belize to Seychelles.

Wetin we mean by 'offshore'?

Di Pandora Papers reveal big networks of companies wey dem set up across borders, wey dey often result to hidden ownership of money and assets.

For example, someone fit get property for UK, but own am through chain of companies wey dey based in oda kontries, or "offshore".

These offshore kontries or territories na where:

E dey easy to set up companies

Dem get laws wey make am difficult to identify owners of companies

Dem get low or no corporation tax

Dem dey call di destinations tax havens or secrecy jurisdictions.

E no get definitive list of tax havens, but di most popular destinations include British Overseas Territories like Cayman Islands and di British Virgin Islands, plus kontries like Switzerland and Singapore.

How much money dem hide offshore?

E dey impossible to say for sure, but estimates of how much dey from$5.6 trillion to $32 trillion, according to di ICIJ.

Di International Monetary Fund don tok say di use of tax havens dey costs goments worldwide up to $600bn in lost taxes each year.



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