Panama Papers

The Panama Papers are a 2016 leak of more than 11 million documents from Panamanian law firm Mossack Fonseca, exposing offshore financial arrangements worldwide.

Mossack Fonseca: A Panamanian law firm specializing in offshore companies that closed in 2018 after the Panama Papers revelations. Its leaked files formed the core of the investigation.
Offshore financial centre: A jurisdiction that provides financial services to nonresidents, often with low taxes or limited disclosure. The leaked files documented services connecting clients to these jurisdictions.
Sigmundur Davíð Gunnlaugsson: Icelandic politician who served as prime minister from 2013 to 2016. He resigned after reports revealed his family’s offshore company and undisclosed financial interests.
Financial secrecy: The concealment of financial information from the public or relevant authorities. The documents showed how secrecy can obscure ownership and financial relationships.
Wealth inequality: The unequal distribution of wealth among individuals or groups. The revelations sharpened debate about whether wealthy people can shield assets from public obligations.
John Doe (Panama Papers source): The pseudonymous source who provided Mossack Fonseca documents to journalist Bastian Obermayer. The source said the leak aimed to expose injustice and inequality.
Shell corporation: A company with little or no independent business activity, often used to hold assets or conduct transactions. Many files described companies used to hold assets or obscure ownership.
Nawaz Sharif: Pakistani politician who served three terms as prime minister. Panama Papers revelations about his family’s offshore assets led to a legal investigation and his 2017 disqualification.
Tax avoidance: The use of legal arrangements to reduce tax liabilities. The files prompted debate over the boundary between lawful tax planning and abuse.
Whistleblower: A person who exposes information about alleged wrongdoing or risks, often within an organization. The anonymous source framed the disclosure as an act against injustice.

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