Summary
The Panama Papers were a major data leak in 2016 that exposed how the global elite used offshore companies to hide wealth and avoid taxes. The leak involved 11.5 million documents from a law firm, revealing the financial dealings of many wealthy individuals and political figures worldwide.
Key Facts
- The Panama Papers were released on April 3, 2016.
- More than 11.5 million documents from the Mossack Fonseca law firm were leaked.
- The leak revealed a network of offshore shell companies used by the global elite.
- Over 350 journalists from more than 80 countries worked on the investigation.
- The documents linked 214,000 entities to individuals and companies in over 200 countries.
- The data covered a time frame from the 1970s to 2016.
- The leak identified over 140 politicians as being connected to these offshore companies.
- Offshore shell companies are not automatically illegal but can be misused to hide wealth or evade taxes.
