A giant leak of a Panama based law firm’s records this week sheds light on the vast network of shadowy banks and law firms that help the world’s most rich and powerful hide money in offshore accounts.
The leak, which contains over 11.5 million documents, was originally obtained by a German newspaper and was the subject of a yearlong investigation that involved more than 100 publications across 80 countries. They have been dubbed “The Panama Papers.”
The papers include financial records, passports, and correspondence that go back forty years and include over 200,000 offshore entities from over 200 countries. Reports are that many of the entities are shell companies that used more than 500top banks worldwide in order to allegedly hide income and transactions worth billions.