The Panama Papers are a leak of about 12 million documents and files that reveal international leaders', politicians', and billionaires' hidden money and dealings. The data was gathered by the International Consortium of Investigative Journalists in Washington, DC, and has resulted in one of the most comprehensive global investigations ever undertaken. Significantly, over 600 journalists from 117 nationalities delved through the private lives of some of the world's most powerful people.

According to the Pandora Papers investigation, 35 current and former world leaders, including former British Prime Minister Tony Blair, Jordanian King Abdullah II, and Kenyan President Uhuru Kenyatta, Morocco's Princess Lalla Hasnaa, Mohammed bin Rashid Al Maktoum, the prime minister of the United Arab Emirates, the emir of Qatar, Tamim bin Hamad Al Thani, Pakistan’s finance minister Shaukat Fayaz Ahmed Tarin, as well as wealthy billionaires, are linked to offshore tax-havens.

Furthermore, the Pandora Papers expose the true owners of nearly 29,000 offshore companies. Some of these companies are used to hide anonymous bank accounts, private planes, yachts, mansions, even Picasso and Banksy artwork, among other things (DW, 2021).

Notably, the Pandora Papers have revealed that London is a popular hideaway for some of the world's wealthiest and most powerful people. The nearly 12 million files revealed how affluent people all throughout the world allegedly set up offshore businesses to buy properties and avoid paying taxes. With many prime residences in the heart of the city owned by non-nationals, the London property market has fought for years to shed a reputation for playing a key role in how the world's richest attempt to hide their income.

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According to Transparency International, the investigation, carried out by the International Consortium of Investigative Journalists (ICIJ), should act as a "wake-up call" for the government to take long-overdue steps to strengthen Britain's anti-dirty money defenses. Consequently, Transparency International UK is urging the government to close a loophole that allows companies domicile in the UK's offshore financial centers, to buy property in the country without having to reveal the names of their true owners. It also wants the government to act against professionals who help people with illegal riches move and hide their money in the United Kingdom (Free Press, 2021).

Similarly, following a massive leak of financial data, transparency advocates are urging Britain to strengthen its anti-money laundering and anti-tax avoidance defenses. However, the UK government is facing increasing pressure to provide more information about ultimate beneficial owners. According to Transparency International, the international organization may do so by mandating all governments to implement measures that make financial crime investigations more efficient and effective (The Paypers, 2021).

Duncan Hames, policy director at Transparency International UK, says, following the Panama Papers:

“government has been pushed to adopt tax transparency measures in the country. Most importantly, the Pandora Papers brought hope to proponents of increased accountability and dread to those who oppose it”.