A Panamanian law firm called Mossack Fonseca leaked 2.6 terabytes of confidential documents now known as the Panama Papers. The documents offers a deep look into how the rich and powerful use tax havens to hide their wealth.
The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners.
Highlights:
- For context, if the amount of data released by Wikileaks was equivalent to the population of San Francisco, the amount of data released in the Panama Papers is equivalent to the population of India.
- The documents refer to 12 current or former world leaders, as well as 128 other politicians and public officials around the world.
- The documents do not necessarily indicate illegal activity. But shell companies and offshore accounts can be used to mask the origin of financial transactions and ownership.
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