Everything that you need to know about Panama Papers

It is touted as the largest ever leak of documents. These documents were leaked via German newspaper Süddeutsche Zeitung to the International Consortium of Investigative Journalists, which passed them to media outlets around the world. 

The investigation by ICIJ reveals how an offshore law firm – Mossack Fonseca, based in Panama, had used shell companies to help their rich clients to hide their money in tax havens across the world. 

Dubbed as “Panama Papers”, the 11 million confidential documents reveal a list of individuals who have paid this law firm and bought the benefits of the secretive, lax regulatory system in which it operates, to set up offshore entities in tax havens around the world.

Here are the top 5 facts about these papers.

1. These 11.5 million secret files belong to the law firm – Mossack Fonseca, based in Panama. This law firm helped some of world’s richest and wealthiest people to hide their money in 21 tax havens.
2. Names of over 140 politicians from more than 50 countries are part of these leaked documents. Some of these include – Iceland’s Prime Minister, Ex-Prime Minister of Iraq, President of Ukraine, UAE President, President of Argentina, King of Saudi Arabia.
3. Not just politicians but heads of state, their associates, ministers, elected officials, football players and FIFA officials, film stars, high-profile executives, lawyers, surgeons, real-estate developers too have been listed on Panama Papers.

   

4. Family Members and childhood associates of these powerful people too have been named in the list. Daughter of former Chinese Premier, childhood friends of Russian President Vladimir Putin, Cousins of Syrian President Bashar Assad, children of Pakistan’s Prime Minister Nawaz Sharif, Malaysian Prime Minister’s son have all been named in Panama Papers.
5. Over 500 Indians figure on the firm’s list of offshore companies, foundations and trusts. There are also 234 Indian passports (handed over by clients as part of the incorporation process), the investigation has revealed. These include former Solicitor General of India Harish Salve, Indian superstar Amitabh Bachchan, Miss World turned Bollywood Actress Aishwarya Rai Bachchan, DLF’s KP Singh and his family members.