WHAT REALLY ARE THE "PANAMA PAPERS" & WHY ARE THEY SO IMPORTANT?
The Panama Papers are a leaked set of a staggering 11.5 million confidential documents providing detailed information about more than 214,000 offshore companies listed by Panamanian corporate service provider Mossack Fonseca, including the identities of shareholders and directors of the companies. The documents show how these wealthy individuals, including public officials, hide their money from public scrutiny.
Panama enjoys its own Free Trade Agreement, which basically enables the world’s most rich citizens (from Russia’s Vladimir Putin to Icelandic Prime Minister Davíð Gunnlaugsson, who resigned after the leaks) to have offshore tax havens. Back in 2011 when the agreement was enacted.
The leaks are thought to be one of the largest ever: even bigger than the info shared by Edward Snowden. The documents take up 2.6 terabytes in computer storage. For context, one terabyte of data could be stored on about 1400 CD-ROMs or 220 DVDs. The files date back nearly 40 years to 1977, when Mossack Fonseca was formed.
While there was a partial release of information on April 3, more data is expected to be made public next month. We are indeed patiently waiting to see Nigerians & Americans who made it to the list… Giztzzz… mAdE t.V!