#PanamaPapers: Giant leak of offshore financial records exposes global tax-fraud

A new investigation by the International Consortium of Investigative Journalists, the German newspaper Süddeutsche Zeitung and more than 100 other news organizations around the globe, reveals the offshore links of some of the planet’s most prominent people.

In terms of size, it is likely the biggest leak of inside information in history – more than 11,5 million documents stored in 2,6 terabytes of data. To put in comparison with recent information leaks, the major leak of Wikileaks amounted at 92,000 documents while Edward Snowden released around 15,000 documents. The so-called Panama Papers are likely to be the most explosive in the nature of its revelations.

The leak exposes the offshore holdings of 12 current and former world leaders and reveals how associates of Russian President Vladimir Putin secretly shuffled as much as $2 billion through banks and shadow companies. However, Putin himself has not been named in the Papers. It is safe to say that he was at least aware of what was going on.

The files also provide details of the hidden financial dealings of 128 other politicians and public officials around the world and show how a global industry of law firms and big banks sells financial secrecy to fraudsters and drug traffickers as well as billionaires, celebrities and sports stars.

Commenting on the findings and their implications, Green tax spokesperson Sven Giegold said: "Panama Leaks shows we have so far just been scratching at the surface of the odious tax avoidance practises employed by individuals and businesses around the world and Europe."

Miguel Arias Cañete, EU Commissioner for Energy and Climate Action, is the most prominent EU politician nominated in the Panama Papers.

Another Green tax spokesperson, Molly Scott Cato, commented on Cañete's involvement: "It is unacceptable that public representatives should be engaged in schemes to shirk their tax responsibilities. EU commissioner Cañete clearly has questions to answer in this regard and we will be seeking to have him address these revelations in the EU parliament's tax avoidance investigation."

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