Panama law firm leak opens up offshore structures of global elite

A cache of 11.5 million documents leaked from Panama law firm Mossack Fonseca has revealed 140 politically exposed persons (PEPs), including 12 serving or past heads of state, with connections to offshore companies. The data, sifted by the International Consortium of Investigative Journalists [1], details links between more than 200,000 entities and individuals in over 200 countries over a period of almost 40 years, from 1977 to the end of 2015. Some governments – the UK, France, Australia and New Zealand – have already said they will study the findings for signs of tax evasion. In a letter requesting a meeting with the ICIJ, Preet Bharara, US attorney for Manhattan, said he had “opened a criminal investigation regarding matters to which the Panama Papers are relevant”. [2]