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The Panama Papers and Transparency International

The Panama Papers, a massive leak of documents, exposed offshore entities used to hide wealth and money laundering, as well as tax avoidance. It also revealed connections between the world's top leaders and criminals, and also celebrities.

The 11.5 million leaked files (2.6 terabytes of information) are the largest ever disclosure of offshore companies and their owners. We analyze the network created from these files to identify worldwide regions and countries, and their inter- and intra-relationships.

The Leak

A massive leak of financial documents revealed a world of wealthy business, politicians and individuals hiding assets in offshore companies. It began over a year ago with a mysterious message sent to an German newspaper from an anonymous whistleblower. It culminated in a global investigation, headed by the International Consortium of investigative Journalists (ICIJ) which involved 2.6 terabytes of Mossack Fonseca data.

The leaked documents show how to open an offshore company in panama people use offshore jurisdictions legal structures to hide wealth, avoid taxation, and fund criminal activities such as arms sales and bribery and drug trafficking and bribery. The documents are a source of information for 140 public officials, politicians, including 12 current or past world leaders. They also include a plethora of famous people and athletes.

It also reveals the ways that banks aid their customers conceal money hidden in offshore accounts. This is illegal in many countries, but it's often difficult to identify, especially for private customers with small amounts of money. Banks who don't verify that their customers have offshore businesses are at risk of being in violation and a reputational risk. Some banks employ expensive consultants to manually check if their clients own offshore businesses. This is costly and time-consuming, and is not 100% guaranteed to work.

As more evidence of fraud is revealed and more evidence of abuse is discovered, pressure will mount on authorities to do more to crack down on offshore tax havens. This could result in more arrests and investigations, as well as shifts in priorities that will have more countries focusing on fighting corruption via anonymous companies.

But offshore secrecy isn't just about concealing wealth, it's also about denying governments revenue and undermining democracy. The disclosure of the Panama Papers is a huge blow to the business model of offshore havens and will likely have a profound impact on how they operate in the near future. It's also a reminder that we can't afford to lose our moral outrage at the use of offshore havens and shell companies to serve illicit purposes. We must all unite and demand a change. We must not ignore the harm caused to our society as well as the economies of the most vulnerable citizens.

The ICIJ

The International Consortium of Investigative Journalists (ICIJ) is an organization for non-profits that coordinates collaborative projects with journalists around the world. It describes itself as a "unique organization," an investigative network in which "the top journalists from around the globe collaborate on cutting-edge investigations that expose the truth and hold those in power accountable." It is an organization whose work has had wide-ranging consequences.

This is a story of how the ICIJ has been able to carry out its work with such impact despite the rigors of an economic crisis worldwide that has reduced newsroom budgets. In this case it's a partnership with the huge Panama Papers Investigation.

Journalism's greatest investigations are built on hand-offs. For example the Deep Throat in Watergate fed information to Bob Woodward, Carl Bernstein and other journalists. Or Edward Snowden's leaks were relayed to Glenn Greenwald and others. In the case of the Panama Papers, the confidential files came to ICIJ from an German newspaper. ICIJ was familiar with the newspaper and had worked with them on other investigations of a large scale.

Once ICIJ had access to the vast amount of data, it was a matter of identifying the right technology to make it usable. Mar Cabra, its data editor, was aware that graph databases could be the most effective method of revealing connections between the millions of names that are in the offshore file.

The Offshore Leaks Database is a public database that is accessible by any journalist anywhere in the world. It is an open offshore company in panama-source database that allows journalists to search, compare and analyze the data. The technology team at ICIJ has developed Datashare an online platform that is free and open-source to assist journalists in finding information more efficiently.

This was the most expansive investigative collaboration ever imagined in the history of journalism. Its results were widely reported, leading to changes in policies and practices across more than 45 countries. The scandal prompted inquiries into the secretive nature of banks, the use of shell companies and other tax havens offshore, money laundering, criminal activities and corruption.

Collaborative global reporting projects like the Panama Papers raise questions about how to assess and understand their social impact. Professional standards have made it difficult for journalists to weigh the benefits of their work in relation to social outcomes, especially in the context of accountability or investigative reporting. The impact of this new kind of journalism on the future of global governance and democracy is significant.

The Response

The Panama Papers revelations have prompted authorities across the globe to investigate allegations involving tax evasion and corruption. The leak has also helped to put a spotlight on the use of offshore shell corporations, which are often employed by corporations and individuals to conceal their financial transactions. International tax authorities were forced to take action following this scandal. Many countries now have more transparent registers of owners of companies. Additionally, the release of the Panama Papers has prompted more whistleblowers to open offshore company in panama up, contributing to a shift in priorities for global regulators.

The 11.5 million documents that were leaked, referred to as the Panama Papers, set up were compiled by a German newspaper known as Suddeutsche Zeitung and shared with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then made the database accessible to 107 media organisations in 80 countries. The data primarily consisted of e-mails and other data regarding clients of Mossack Fonseca, a firm that offered offshore services.

While the leaks have highlighted a number of illicit activities, it's important to note that there are legitimate uses for offshore companies. For instance, they could be used to manage business operations or to safeguard assets. The first step to determine whether an offshore structure is employed for legitimate reasons is to conduct an exhaustive investigation and review.

Deloitte offers a variety of services that help reduce the impact these investigations have on your business. These investigations can be costly and time-consuming. We can assist you in conducting a lookback to identify transactions that could be a target for anti-money laundering (AML), and sanctions violations.

The ICIJ's Panama Papers database contains records of over 214,000 offshore entities as intermediaries, officers and other officials. A team of journalists from 107 news agencies around the world examined the database to discover and set up cross-check the most interesting cases of suspicious activities. The team used network science to visualize the connections between the entities and their officers. This is a fascinating application of the discipline, that allows researchers to analyze complex and large-scale datasets using scientific techniques and tools.

The Future

The outrage of the worldwide public has led to new laws and a crackdown on offshore secretive practices. The Panama Papers highlight the importance of whistleblowing as a crucial aspect of journalism. It can expose corrupt practices which government officials prefer to keep secret. Transparency advocates are likely increase their influence as more nonprofit news organizations based on public interest emerge.

The huge leak has also exposed the need to modernize the strategies for regulatory enforcement. This is an ongoing process and the resulting shifts in enforcement priorities are expected to continue into the future. In the United States for example, regulators have changed the way they identify and track payments as well as interactions with sanctioned entities and individuals. They could also learn more about the ways to avoid sanctions.

It is important for companies to adopt a risk-based, specific approach to assessing corruption, fraud and money laundering sanctions compliance risks. This will help them take control of the risks that arise from the panama offshore company Papers, as well as other recent and ongoing global regulatory investigations.

In the wake of the panama offshore company registration Papers, some of the world's biggest banks have set up full-time task teams dedicated to looking into potential risks relating to Mossack Fonseca clients. They are also investing heavily in data analysis, which will help them understand the relationships between individuals, banks, and businesses that could result in illegal activities. The ICIJ's efforts highlight the power of a data-driven approach that combines investigative journalism with new technology.

In addition to the disclosure of bank accounts and assets that were linked to MF clients, the project revealed connections between prominent people and the companies they controlled. The Icelandic prime minister is among them who is said to have hidden links to an Mossack Fonseca client, and Argentine President Mauricio Macri, who was cited in the documents for not having to disclose his connection to an offshore company on his declarations of assets.

In addition to the damage caused to individuals by the Panama Papers some companies have also seen their share prices decrease. The ICIJ has commissioned a study that found publicly-traded companies with links to Mossack Fonseca had a greater drop in share price than other companies. The study attributed the drop in share value to the perception that publicly-traded firms with links to Mossack Fonseca will be more likely to be liable for penalties or fines for tax evasion following the release.