Newsreader: We now return to our coverage of the Pandora Papers scandal. Following on from the Panama Papers and the Paradise Papers, the Pandora Papers amount to the biggest leak of offshorefinancial data in human history, and the figures involved are, quite frankly, staggering. In total, the Papers constitute11.9 million files - almost 3 terabytes of data.

Newsreader: This is the equivalent of streaming Netflix for 24 hours a day in high definition, for 41 days in a row. The data has been obtained by the International Consortium of Investigative Journalists, and the project involved over 600 journalists in 117 countries.

Newsreader: The team spent months sifting through the files, which derived from 14 separate sources. But what have the papers revealed, and what are the implications? The Pandora Papers expose the methods that some of the most powerful people in the world use to conceal their wealth, chiefly through the use of secret offshore companies.

Newsreader: These companies form an intricate network existing across borders, including British Overseas Territories such as the British Virgin Islands and the Cayman Islands, as well as countries such as Singapore and Switzerland. These destinations are commonly referred to as 'tax havens'. For the rich, the advantages of using tax havens are numerous. In these offshore destinations, laws can protect the identity of company owners.

Newsreader: Corporation taxes may be non-existent, and it is relatively easy to set up companies. Legal loopholescan enable individuals to avoid paying taxes in their home countries, but is the use of tax havens unethical? People around the world may have valid reasons for holding financial assets in different countries.

Newsreader: They may wish to protect their savings from criminal groups, or protect themselves from potentially unstable governments. Offshore tax havens do, however, offer the perfect environment for hiding proceeds of criminal activity, and the findings uncoveredby the Pandora Papers could shake public trust in tycoonsand rulers around the world.