Amid the third massive leak of offshore account records in the past six years, known as the Pandora Papers, this newspaper urges U.S. President Joe Biden to reinvigorate the Financial Action Task Force (FATF) in line with his campaign promises.
Unlike the previous leaks, in 2016 and the following year, the Pandora Papers – a trove of records received by the International Consortium of Investigative Journalists (ICIJ) – is twice as big in volume (nearly 3 terabytes of data from 14 offshore service providers) as the Panama Papers, which came from one law firm in the murky industry that shelters wealth.