The ‘Panama Papers’ Expose the Secret World of the 1%

Icelanders call for resignation of Prime Minister

Sometimes, quantity has a quality all its own.

Even in a decade marked by massively consequential leaks, the so-called Panama Papers set a new standard for epic disclosures when they came to light on April 3. The confidential records–2.6 terabytes of data, or more than 11.5 million documents–leaked from Panama’s Mossack Fonseca by an anonymous source appear to show how the law firm, with branches around the globe, helped heads of state, oligarchs and celebrities launder money, dodge sanctions and avoid taxes. This cache is far larger than the intelligence records revealed by Edward Snowden three years ago or the U.S. diplomatic cables made public by WikiLeaks in 2010.

The papers, acquired by the German newspaper Süddeutsche Zeitung and the subject of a yearlong investigation led by the International Consortium of Investigative Journalists, include financial records, passports and correspondence stretching back 40 years, detailing 214,000 offshore shell companies in 200 countries. These implicate a range of individuals, including the family of Syrian President Bashar Assad, British Prime Minister David Cameron’s late father, several of Russian President Vladimir Putin’s court favorites and Icelandic Prime Minister Sigmundur Gunnlaugsson, who was forced out of office at least temporarily on April 5. Not to mention financial giants UBS, HSBC and Société Générale. Mossack’s clients were the 1% personified.

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