Offshore
Journalist Consortium Issues Second Wave Of Data From Panama Papers

The journalist group that obtained data on hundreds of thousands of accounts from Panama has issued more leaked information.
The Washington DC-based International Consortium of Investigative
Journalists, which over a month ago sent shockwaves through the
financial and political world by publishing leaked account data
from Panama, has issued more information on hundreds of thousands
of accounts.
The ICIJ said it has issued a "searchable database that strips
away the secrecy of nearly 214,000 offshore entities created in
21 jurisdictions, from Nevada to Hong Kong and the British Virgin
Islands". The body claims the data is the largest ever release of
such information from offshore data and it includes names of real
owners. The organisation says it is issuing the data in the
public interest.
The Panama Papers saga, involving leaked files from Panama-based
law firm Mossack Foneseca, has been controversial, not simply
because it has caused political embarrassment in countries such
as the UK (prime minister David Cameron's late father had a
Panama-based account), and Iceland, where a prime minister
resigned amid revelations of his financial dealings, but because
of concerns about legitimate client privacy being put at risk.
The saga raises further questions about setting boundaries
between legitimate privacy and secrecy. (To see commentary on the
issue, click here.)
The leaked information, ICIJ said, is a fraction of the trove of
more than 11.5 million leaked files.
"ICIJ is not publishing the totality of the leak, and it is not
disclosing raw documents or personal information en masse. The
database contains a great deal of information about company
owners, proxies and intermediaries in secrecy jurisdictions, but
it doesn’t disclose bank accounts, email exchanges and financial
transactions contained in the documents," it said.
"In all, the interactive application reveals more than 360,000
names of people and companies behind secret offshore structures.
As the data are from leaked sources and not a standardised
registry, there may be some duplication of names. The data was
originally obtained from an anonymous source by reporters at the
German newspaper Süeddeustche Zeitung, who asked ICIJ to
organise a global reporting collaboration to analyse the files,"
it said.
"More than 370 reporters in nearly 80 countries probed the files
for a year. Their investigations uncovered the secret offshore
holdings of 12 world leaders, more than 128 other politicians and
scores of fraudsters, drug traffickers and other criminals whose
companies had been blacklisted in the US and elsewhere," it
said.
The files revealed, for example, that associates of
Russia's president, Vladimir Putin, secretly shuffled as
much as $2 billion through banks and shadow companies.