What Happened?
On April 4th, 2016, 11.5 million documents were leaked from the world's fourth largest offshore law firm, Mossack Fonseca. These documents were procured from an anonymous source by a German newspaper. A leak of this size and nature is unprecedented. The documents are simply being called the Panama Papers.
Who is Named in These Documents?
In short, a lot of people and businesses around the world. It is reported that 143 politicians, including 12 national leaders are involved. Most notably, there is a 2 billion dollar trail that lead to Vladimir Putin. Other national leaders named include Pakistan's prime minister, Ukraine's president, and the prime minister of Iceland.
What is Mossack Fonseca?
It is a Panama-based law firm--though they boast of having a global presence with 600 employees strong in 42 countries--that offers services such as incorporating companies in offshore jurisdictions and wealth management.
Where is the Money Hidden?
The lion's share of the hidden money is stashed in the British Virgin Isles, Bahamas, Panama, and Seychelles (Africa).
Are All People Named Criminals?
According to The Guardian, no, not all of the individuals named in the Panama Papers are crooks. Offshoring, if done the correct way with legally earned money, is a legal process. That being said, some of those identified are criminals, as reported by the same source.
What Can We Learn From This?
The biggest takeaways, in my opinion, are that greed is a global epidemic and political corruption is rampant. The majority of people suffer so a corrupt minority can prosper.
What will happen if these problems are not addressed and the revelations provided by this leak are swept under the rug?
Well, if we're lucky, this incident will spark massive reform in the global political landscape.
If we're not, only time will tell.
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