The Panama Papers scandal broke in April 2016 when the International Consortium of Investigative Journalists (ICIJ) exposed hidden wealth and financial activities of political leaders, drug traffickers, celebrities, billionaires, and others. The core of the scandal was 11.5 million leaked files from the Panamanian law firm Mossack Fonseca, which revealed information about more than 214,000 secret companies hidden in 21 different offshore jurisdictions. These companies were linked to individuals in more than 200 countries and territories worldwide. The scandal allegedly revealed that secret companies had, among other things, been used for tax evasion, corruption, fraud and money laundering (source).
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