It’s being described as the biggest leak in history. Over 11 million confidential documents were released from the Panamanian law firm Mossack Fonseca, which has been described as the world’s fourth-largest provider of offshore services. We knew global corporations were avoiding tax, now the Panama Papers leaks have shown us that world leaders are at it too. But Panama is only the tip of the iceberg. 

The documents were obtained by an anonymous source who contacted German newspaper Süddeutsche Zeitung, which worked with other papers and the International Consortium of Investigative Journalists to go through the data. The leak shows how the Panama-based law firm helped its clients launder money and evade tax. It implicates 12 current or former heads of state and 61 people linked to current or former world leaders. The Panama Papers showcase the top 10 most popular tax havens for the ultra rich. More than 113,000 companies that appear in Mossack Fonseca’s documents were incorporated in the British Virgin Islands. 

ARSALAN MAJEED,  

Karachi, April 4.