Panama Papers : The Leak That Shocked The World
By Team Legistify / 2016-06-18
A leak of 11 million files from one of the world’s most secretive companies, Panamanian law firm Mossack Fonseca shocked the world. The data covers nearly 40 years, from 1977 to the end of 2015, and lists nearly 15,600 paper companies set up for clients who wanted to keep their financial affairs secret.

Have a Legal Issue?

Get connected to the Best Lawyers and Chartered Accountants Near You!


The Panama Papers are an unprecedented leak of 11.5m documents from the database of the world's fourth-biggest offshore law office, MossackFonseca. The records were obtained from an unknown source by the German daily paper SüddeutscheZeitung. SüddeutscheZeitung is one of Germany's driving daily papers which has its central command in Munich. Its group has collaborated with other media associations on various tasks, including Offshore Leaks, Swiss Leaks, and Lux Leaks, which ICIJ facilitated. The records were shared by SüddeutscheZeitung to the International Consortium of Investigative Journalists (ICIJ) which assist imparted it to a vast system of global accomplices, including the Guardian and the BBC.

Over a year back which is 2016, an unknown source reached the SüddeutscheZeitung (SZ) and submitted encoded inner reports from Mossack Fonseca . In the months that took after, the number of reports kept on becoming a long ways past the first hole. Eventually, SZ gained around 2.6 terabytes of information, making the release the greatest that columnists had ever worked with . The source needed neither money related remuneration nor whatever else consequently, aside from a couple efforts to establish safety.

What does it Reveal?

The information gives how a worldwide industry drove by real banks, legitimate firms, and resource administration organisations furtively deal with the bequests of the world's rich and famous.The reports show routes in which the rich can abuse hidden offshore expense administrations. Twelve national pioneers are among 143 government officials, their families and close partners from around the globe known not been utilising offshore duty safe houses.

Vladimir Putin has a $2bn trail. Among national pioneers with offshore riches are Nawaz Sharif, Pakistan's head administrator ; Ayad Allawi , ex-interval executive and previous VP of Iraq; Petro Poroshenko, president of Ukraine; Alaa Mubarak , child of Egypt's previous president; and the PM of Iceland, Sigmundur DavioGunnlaugsson.

A leak of 11 million files from one of the world’s most secretive companies, Panamanian law firm Mossack Fonseca shocked the world. The data covers nearly 40 years, from 1977 to the end of 2015, and lists nearly 15,600 paper companies set up for clients who wanted to keep their financial affairs secret.

Have a Legal Issue?

Get connected to the Best Lawyers and Chartered Accountants Near You!


Related Posts

Read Our Blogs on Similar Topics