Panama Papers Reveal Widespread Financial Crime and Corruption
A Global Scandal Exposed: Tax Havens, Secret Bank Accounts, and Politicians
A massive leak of financial documents has exposed a vast network of offshore holdings and secret bank accounts linked to politicians, public officials, and wealthy individuals from around the world. The leak, known as the Panama Papers, reveals that more than 214,000 offshore entities have been created in tax havens such as Panama, with connections to people in over 200 countries and territories.
Key Findings of the Panama Papers
- Global Scope: Connections to people in over 200 countries and territories
- Number of Offshore Entities: More than 214,000 offshore entities created in tax havens such as Panama
- Politicians and Public Officials Involved: Current and former world leaders, including the prime minister of Iceland, the president of Ukraine, and the king of Saudi Arabia
The Role of Banks and Financial Institutions
Major banks have played a significant role in creating hard-to-trace companies in offshore havens. The Panama Papers expose a system of tax evasion and money laundering that involves some of the most powerful people in the world.
Significance of the Leak and Implications for Global Efforts to Combat Tax Evasion, Money Laundering, and Financial Crime
- Outrage and Calls for Greater Transparency: The leak has sparked outrage and calls for greater transparency and accountability from governments and institutions around the globe
- Regulation and Oversight of Offshore Financial System: The revelations raise questions about the role of banks and other financial institutions in facilitating these activities, and the need for greater regulation and oversight of the offshore financial system
Investigation and Coverage
ICIJ is working with journalists and media partners to investigate the Panama Papers and reveal the full extent of financial crime and corruption linked to the leak. The investigation has already uncovered widespread abuse of offshore secrecy laws, with many individuals using these arrangements to hide assets, avoid taxes, and launder money.
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