Massive #PanamaLeaks reveals secret offshore deals of world leaders

A massive series of papers detailing 214,000 offshore entities, dubbed the Panama Leaks, has revealed the secret deals of world leaders.

A massive leak of 11.5 million documents – trending online as the “Panama leaks” has revealed the secret offshore deals of around 140 political figures, celebrities, and world leaders.
A join investigation by over 100 media groups – potentially one of the largest investigations in history – shows the secret dealings of celebrities such as Lionel Messi, political aides to Vladimir Putin, and even South African President Jacob Zuma’s nephew, Khulubuse Zuma.
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The leaked documents, which stem from Mossack Fonseca – a Panama-based law firm with offices in more than 35 countries – detail transactional histories from over 140 prominent world leaders and celebrities.
The report further shows the transactions of the current prime minister of Pakistan, the president of Ukraine, and even film stars such as Jackie Chan.
According to the ICIJ – the International Consortium of Investigative Journalists – the Panama Leaks represent “the biggest leak of inside information in history” and “is equally likely to be one of the most explosive in the nature of its revelations.“
According to the ICIJ, the documents reveal that “œbanks, law firms and other offshore players often fail to follow legal requirements to make sure clients are not involved in criminal enterprises, tax dodging or political corruption.”
Among the most prominent allegations found as a result of the Panama Leaks include that several world leaders – including the prime minister of Pakistan – control offshore companies, while the firm’s customers include notorious Ponzi scheme dealers, drug kingpins, and tax evaders, many of whom were blacklisted by the US government.
The report further reveals that Chinese President Xi Jingping’s family holds links to offshore accounts, despite the President holding a high-profile campaign against excessive wealth in the country, while footballer Lionel Messi allegedly owns a shell company that was not discovered during an investigation into the star’s tax affairs.
One of Mossack Fonesca’s founders, Ramon Fonseca, retorted that the leaks were a “crime, a felony” and were furthermore an “attack on Panama”.
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The leaks were processed by a team of more than 370 journalists, with new allegations still emerging at the time of writing.
What are your thoughts on the Panama leaks? Be sure to let us know in the comments below!
Follow Bryan Smith on Twitter: @bryansmithSA