This story will probably get buried, but if it doesn’t, it could get interesting. From Richard Bilton at bbc.com:
Eleven million documents were leaked from one of the world’s most secretive companies, Panamanian law firm Mossack Fonseca.
They show how Mossack Fonseca has helped clients launder money, dodge sanctions and evade tax.
The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.
The documents show links to 72 current or former heads of state in the data, including dictators accused of looting their own countries.
Gerard Ryle, director of the ICIJ, said the documents covered the day-to-day business at Mossack Fonseca over the past 40 years.
“I think the leak will prove to be probably the biggest blow the offshore world has ever taken because of the extent of the documents,” he said.
The data contains secret offshore companies linked to the families and associates of Egypt’s former president Hosni Mubarak, Libya’s former leader Muammar Gaddafi and Syria’s president Bashar al-Assad.
Russian connection
It also reveals a suspected billion-dollar money laundering ring that was run by a Russian bank and involved close associates of President Putin.
The operation was run by Bank Rossiya, which is subject to US and EU sanctions following Russia’s annexation of Crimea.
The documents reveal for the first time how the bank operates.
To continue reading: Panama Papers: Mossack Fonseca leak reveals elite’s tax havens
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