In November 5, 2017, the International Consortium of Investigative Journalists (ICIJ) released the 13.4 million financial collection files known as The Paradise Papers. The ICIJ partnered with 95 media files explored the millions of documents, which covers the offshore finance of law firms, company registries, and high profile public figures.
The Paradise Papers are not the first major financial leak documents this year, in fact, last year’s Panama Papers had a bigger amount of condensed data, with 2.6 TB while the Paradise Papers are condensed in 1.4 TB. The significance is in the subjects revealed- the amount of offshore activities of the extremely wealthy, upper-end sector of the world is unprecedented. The involvement of the upper-crust end of society has significant impact on the obtainability of the documents itself, as Gerard Ryle, an overseer of the member journalist of the ICIJ describes it as “They came in different formats and it took us a long time to decipher them. There were nice surprises along the way but it was a much more difficult data set [than the Panama Papers].”
The Paradise Papers leak covers over seven decades of financial on-goings, from 1960 to 2016. 6.8 million of the papers involved offshore legal service provider Apply and corporate service provider Estera. Another six million of the documents are from corporate registries in over 19 jurisdictions, many of them from the Caribbean. Another amount, but smaller portion covers the service provider of Asiaciti Trust, a Singapore based international trust and corporate company.
Sources: Official BBC and ICIJ websites.