The Panama Papers is a massive investigative reporting project launched in April 2016 by the International Consortium of Investigative Journalists (ICIJ) and others, based on more than 11.5 million internal documents leaked from the Panamanian law firm Mossack Fonseca. The documents contained information spanning from 1977 to the end of 2015 and revealed connections to more than 214,000 offshore entities, as well as politicians, high-net-worth individuals, and corporate executives. The leak of the Panama Papers brought to light the true nature of numerous offshore entities that Mossack Fonseca had helped establish or manage. While offshore entities themselves are not illegal, mechanisms that obscure the identity of beneficial owners carry the risk of being exploited for asset concealment, tax evasion, corruption, and money laundering. The leaked documents revealed connections between politicians, public officials, and corporate executives from around the world and these highly secretive entities. Following the scandal, investigations and regulatory overhauls proceeded in various countries, and Mossack Fonseca closed its overseas offices one after another. Ultimately, the firm ceased operations in 2018. The Panama Papers were a scandal that revealed to the world the existence of a vast network—comprising banks, law firms, and shell companies—behind the flow of wealth across national borders.
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