The trove of 11.5 million documents from Panama-based lawfirm Mossack Fonseca was obtained from an anonymous source by Germany΄s “Suddeutsche Zeitung” newspaper.
The documents, dubbed the “Panama Papers,” show how the company helped its clients evade tax and launder money. The files also link current and former leaders, including Egyptian autocrat Hosni Mubarak, Libya΄s former leader Moammar Gadhafi, and Syrian President Bashar al-Assad, to illicit financial dealings.
The daily Suddeutsche shared the unprecedented leak with the Washington-based International Consortium of Investigative Journalists (ICIJ) and other news outlets, including the BBC and “The Guardian.” Their findings were published Sunday.
“2.6 terabytes of data, 11.5 millions documents, and 214,000 shell companies: The Panama Papers are the largest data leak journalists have ever worked with,” Suddeutsche tweeted.
Gerard Ryle, director of the ICIJ, told the BBC the documents covered the day-to-day business at Mossack Fonseca over the past 40 years.
“I think the leak will prove to be probably the biggest blow the offshore world has ever taken because of the extent of the documents,” he said.
Panama΄s Mossack Fonseca, one of the world΄s most secretive offshore law firms, said it had operated beyond reproach for decades to help clients launder money and skirt paying tax. According to media reports, the company has denied any wrongdoing, and said it complies with anti-money-laundering laws and carries out due diligence on its clients.
Rich and powerful
The papers reveal that 143 politicians from around the world have been using offshore tax havens – among them 12 national leaders. Ukrainian President Petro Poroshenko, Iceland΄s prime minister, Sigmundur Davi; Pakistani Prime Minister Nawaz Sharif; Ayad Allawi, ex-interim prime minister and former vice-president of Iraq; Alaa Mubarak, the son of Egypt΄s former president, the President of Argentina and the King of Saudi Arabia are all known to have offshore wealth.
Moreover, the leaked documents reveal details on at least 33 people and companies blacklisted by U.S., including Mexican drug lords and terrorist organizations, while the ICIJ report states that it includes information on movie star Jackie Chan , football player Lionel Messi, relatives of Russian President Vladimir Putin and British Prime Minister David Cameron and former UEFA president Michel Platini.
The papers also reveal that the families of at least eight current and former members of China΄s supreme ruling body have been found to have hidden wealth. Mossack Fonseca΄s clients include 23 individuals who have had sanctions imposed on them for supporting the regimes in North Korea, Zimbabwe, Russia, Iran and Syria.
The company was founded in 1977 and operates around the world in tax havens including Switzerland, Cyprus and the British Virgin Islands, and in the British crown dependencies Guernsey, Jersey and the Isle of Man.
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