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Release of Pandora Papers Sparks New Legislation

October 12, 2021

On October 3, the International Consortium of Investigative Journalists (ICIJ) released what is known as the Pandora Papers, which are comprised of 11.9 million confidential documents that detail the financial secrets and offshore dealings of dozens of heads of state, public officials, and politicians from 91 countries and territories.

The Pandora Papers detail how these public officials, as well as billionaires and celebrities, use offshore companies to acquire mansions, private jets, and stakes in companies, with little or no transparency.

Read more from Bloomberg about What the Pandora Papers Reveal about Offshore Wealth.

In response to these revelations, Members of Congress introduced new legislation, called the ENABLERS Act, to make it more difficult for lawyers and accountants to help corrupt politicians and other bad actors hide their money.

Representatives Tom Malinowski and John Curtis of the Congressional Caucus against Foreign Corruption and Kleptocracy said of the release of the Pandora Papers:

Disclosures within the Pandora Papers are the clearest demonstration yet of the historic threat posed by foreign corruption. Billions of dollars of dirty money belonging to adversarial actors are flooding the United States, undermining our national security. It is imperative that we take all necessary measures to stem this tide... The United States must also work closely with its democratic allies to ensure that dirty money does not simply seek out the lowest common denominator. It is incumbent upon us democracies to purge the dirty money in our systems, deny corrupt foreign officials safe haven, and stand with the victims of kleptocracy.

The Pandora Papers detail how these public officials, as well as billionaires and celebrities, use offshore companies to acquire mansions, private jets, and stakes in companies, with little or no transparency.

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