The leak of over 11 million documents from Panama (2.6 terabytes of data) has revealed how some of the world’s rich and powerful, as well as criminals, hide their vast wealth in global tax havens.
The Panamanian law firm at the centre of the leak Mossack Fonseca has helped its clients evade tax and launder money for 40 years. Some of their clients include hundreds of Australians and companies like BHP and Wilson security.
The British Virgin Islands is the most popular tax haven in Mossack Fonseca’s files with 113,648 offshore companies incorporated there. Panama came second with just over 48,000.