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Trove of financial documents reveal 'shadow economy'

An analysis found offshore assets of politicians and officials from 91 countries and territories, including 35 current and former leaders, ICIJ reported.

A photo illustration of the world's shadow economy
A photo illustration of the world's shadow economy (AN/Buzzfeed/ICIJ)

WASHINGTON (AN) — An analysis of more than 11.9 million private financial documents identified secret assets in the offshore financial system belonging to more than 330 politicians and public officials from 91 countries and territories, including 35 current and former national leaders, the International Consortium of Investigative Journalists reported on Sunday.

The asset flows show how leaders on five continents use the global offshore system to create "a shadow economy that benefits the wealthy and well-connected at the expense of everyone else," according to the report by the U.S.-based nonprofit ICIJ, which led the Pandora Papers, the world's largest-ever collaborative journalistic investigation involving more than 600 reporters in 117 countries for two years.

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