Investigative reporters on Sunday published one of the most massive leaks in the history of data journalism -- millions of confidential documents from a Panamanian law firm that unveil how the mega-rich and powerful hide their wealth.

Working together with German newspaper Süddeutsche Zeitung and 100 more news organizations, the International Consortium of Investigative Journalists (ICIJ) explored how politicians, as well as their associates and relatives, used offshore companies connected to tax havens to hide their assets and possibly launder money.

Eleven million records leaked from Panamanian law firm Mossack Fonseca & Co. allowed journalists to sift through thousands of images, emails, financial spreadsheets, corporate records, passport information, and other documents -- all of which spanned from 1977 to 2015 -- over the course of a year.

The massive report, now called The Panama Papers, had involved more than 140 politicians and public officials connected to 55 countries.

However, the ICIJ has only displayed a selection of the most pertinent cases which include politicians and those close enough to them that they should have prompted extra scrutiny.

Links To Major Political Figures

The ICIJ said that there are legal uses for offshore companies, and the report does not imply that anyone mentioned in the narrative has violated the law.

"Most of the services of the offshore industry are legal if used by the law abiding," the report said.

Still, the report's contents are widely controversial, revealing details of secret offshore companies linked to associates and families of Hosni Mubarak, former president of Egypt; Muammar Gaddafi, former leader of Libya; Syrian president Bashar Assad; and Ian Cameron, the late father of British Prime Minister David Cameron, among many others.

In fact, the documents reveal that law firms, banks, and other offshore players often neglect to follow legal procedures that they make sure clients are not involved in tax dodging, criminal enterprises or political corruption, the report added.

An Immediate Impact

One of the major political figures mentioned in the report is Iceland Prime Minister Sigmundur Gunnlaugsson, who was allegedly linked to secret shell companies. The Guardian reported that the prime minister was expected to face calls for snap election.

Records reveal that Gunnlaugsson co-owned a company founded in 2007 on Tortola Island in the Caribbean, in the British Virgin Islands, to hold investments with partner Anna Pálsdóttir, now his wife.

Meanwhile, the report also alleges a money-laundering ring run by a Russian bank connected to associates of Russian President Vladimir Putin.

The bank allegedly moved about $2 billion through offshore accounts, two of which are owned by Putin's close friends.

Putin's spokesperson Dmitry Peskov, however, dismissed the allegations, saying that organizations and journalists actively try to discredit Putin and his leadership.

Mossack Fonseca's Response

Meanwhile, Mossack Fonseca cited client confidentiality, saying it won't discuss specific cases of any alleged misconduct.

But the firm responded to the report by emphasizing that it fulfills anti-money-laundering acts and performs thorough due diligence for all its clients.

The firm told The Guardian that many of the instances cited in the report are not and have never been its clients. Many of its clients come through reputable and established financial institutions and law firms all over the world, the firm said. This includes major correspondent banks that are bound by international "know your client" protocols and domestic regulations.

"We regret any misuse of our services and actively take steps to prevent it," the firm added.

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