Pandora Papers leak: At least eight countries announce investigations

As the world reacts to the Pandora Papers, government authorities in at least eight countries have announced investigations into the financial activities of some of their most high-profile citizens and institutions, according to the International Consortium of Investigative Journalists.

In the wake of stories revealing how billionaires, politicians, and criminals exploit a shadow financial system that covers up tax dodging and money laundering, officials in Pakistan, Mexico, Spain, Brazil, Sri Lanka, Australia, and Panama quickly promised inquiries, while global watchdog groups demanded action.

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The Czech Republic's authorities announced on Monday that they will investigate those named in the Pandora Papers, including Prime Minister Andrej Babis, who is running for re-election.

Imran Khan, Pakistan's prime minister, promised to investigate all citizens named in the probe and to "take appropriate action" if wrongdoing is discovered.

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There are 11.9 million documents in 2.94 terabytes of data in the data collection. Details on ownership of 29,000 offshore businesses and trusts were obtained from 14 firms in offshore tax-havens. 

Although some documents dating back to the 1970s, the majority of the businesses, trusts, and foundations were formed between 1996 and 2010.

The files were shared by the ICIJ with over 600 journalists from 130 news organisations, making it the largest journalist cooperation in history.