What are the Panama papers? What do they reveal?

The Panama Papers leak is considered to be the largest among all the leaks that took place in the Journalism world.

The Panama Papers are set of more than 11.5 million leaked files from the database of Panama based law firm Mossack Fonseca, exposes a system that enables crime, corruption and wrongdoing, hidden by secretive offshore companies.

The leaked data covers nearly 40 years, from 1977 through the end of 2015. It is a global investigation into the sprawling, secretive industry of offshore that the world's rich and powerful use to hide assets and skirt rules by setting up front companies in far-flung jurisdictions.

The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners, including the Guardian and the BBC.

What do they reveal?

The documents show the myriad ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.

These records reveal a list of individuals who have paid the firm - and bought the benefits of the secretive, lax regulatory system in which it operates - to set up offshore entities in tax havens around the world. While offshore business entities are legal, reporters found that some of the Mossack Fonseca shell corporations were used for illegal purposes, including fraud, tax evasion, and evading international sanctions.

What is Mossack Fonseca?

It is a Panama-based law firm whose services include incorporating companies in offshore jurisdictions such as the British Virgin Islands. It administers offshore firms for a yearly fee. Other services include wealth management.

Who are on the list?

These revelations have exposed the offshore financial dealings of many politicians including Russian president Vladimir Putin, Pakistan Prime Minister Nawaz Sharif and Chinese President Xi Jinping. Footballer Lionel Messi has also appeared in the list.

More than 500 Indians including top Bollywood celebrities like Amitabh Bachchan and Aishwarya Rai, politicians, DLF's K P Singh and Apollo Tyres promoter have been figured in the list of tax evaders by the Panama Papers.

How did it come to light?

The International Consortium of Investigative Journalists (ICIJ), together with the German newspaper Suddeutsche Zeitung and more than 100 other media partners, including the Indian Express from India, spent a year sifting through 11.5 million leaked files to expose the offshore holdings of world political leaders, links to global scandals, and details of the hidden financial dealings of "fraudsters, drug traffickers, billionaires, celebrities, sports stars and more", the consortium said on its website.

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