money laundering

Millions of documents from a Panamanian law firm were leaked showing how the company helps clients launder money and dodge taxes. In addition to prominent businessmen, celebraties and sports figures, the client list includes current and former heads of state. Vladimir Putin cronies are linked to laundering over $2 billion.

What to Know About the ‘Panama Papers’ Leak

Ukrainian President Petro Poroshenko, former Prime Minister of Iraq Ayad Allawi and Saudi Arabian monarch King Salman named in the list.

The family members and associates of several other world leaders — Pakistan’s Prime Minister Nawaz Sharif, President of South Africa Jacob Zuma, Syrian President Bashar Assad and Chinese President Xi Jinping, to name a few — have also been implicated. Iceland’s Prime Minister Sigmundur David Gunnlaugsson may face a snap election, and walked out of a recent interview when quizzed about his alleged dealings detailed in the Panama Papers.

The millions of documents include financial records, passports and correspondence stretching back 40 years, and detail 214,000 offshore entities across more than 200 countries. Offshore accounts aren’t illegal but are often used as tax havens for money laundering and corruption. Many of these entities were reportedly found to be shell companies established in order to help several of the law firm’s clients, through more than 500 top banks worldwide, allegedly hide income and transactions worth billions of dollars.

There will no doubt be a shocked, shocked! reaction with new rules and crackdowns on offshore activity.

Related: Panama Papers live: world reacts to huge leak of offshore tax files

What are the Panama Papers? A guide to the biggest data leak in history


This section is for comments from's community of registered readers. Please don't assume that Tammy agrees with or endorses any particular comment just because she lets it stand.
1 Comment | Leave a comment
  1. Maynard says:

    I suppose if the illicit dollars exist, I’d rather have them in the USA than go to Russia or China or the like. We’re number 1!

You must be logged in to post a comment.