The Panama Papers shocked the world when 11 million tax documents where released to expose the secret dealings of presidents, celebrities, drug smugglers and criminals. Using a Panamanian law firm, thousands of people from 1977 to the end of 2015 have been able to hide their assets in attempt to avoid paying taxes and hide their wealth.
Over 370 journalists from 78 countries evaluated around 11.5 million documents during their report on the “PanamaPapers,” with an anonymous source providing data to Germany’s Süddeutsche Zeitung. The papers where then shared with the International Consortium of Investigative Journalists (ICIJ) and partners across the globe, including NDR and WDR.
Since the disclosure has led to the resignation of Icelandic prime minister, Sigmundur Davio Gunnlaugsson; the problem extends much beyond mere individuals.
The Panama Papers has revealed that much of the work Panama-based law firm Mossack Fonseca, is that the rest of the wealth-management industry operates under perfectly legal practice.