Panama Papers
Tax haven leak
A massive leak of confidential documents from a Panamanian law firm in 2016, revealing how wealthy individuals and public officials used offshore shell companies to hide assets and evade taxes.
The scandal exposed financial secrecy practices involving politicians, celebrities, and business leaders worldwide: The Panama Papers implicated several heads of state.
Wealthy few who govern
- politiciansElected government representatives
- world leadersThose governing nations
- celebritiesWell-known public figures
- tycoonsPowerful business leaders
plutocrats · billionaires · heads of state · David Cameron · royalty · business magnates · power brokers · Lionel Messi
Illegally avoiding government dues
- money launderingDisguising criminal proceeds' origins
- wealth managementOverseeing affluent clients' finances
- capital flightRapid outflow of investments
- hidden assetsUnreported valuable possessions
trusts · due diligence · banking laws · fiduciary · investment vehicles · tax avoidance · financial crime · sanctions evasion
Insider who reports misconduct
- documentsFormal written records
- disclosureAct of revealing information
- breachBreaking of agreement
- exposéInvestigative journalism piece
data dump · source · anonymous tip · John Doe · informant · revelation · media release
Legally registered but inactive businesses
- tax havensLow-levy jurisdictions for assets
- Cayman IslandsCaribbean British overseas territory
- British Virgin IslandsUK overseas Caribbean territory
- Swiss banksConfidential Alpine financial institutions
Bermuda · Luxembourg · Nevis · Liechtenstein · Monaco · beneficial ownership · incorporation · asset protection
News gathering and dissemination
- probeThorough examination or tool
- forensic accountingExamining records for fraud
- international cooperationCountries jointly addressing challenges
- inquiryRequest for information
oversight · scrutiny · prosecutions · indictments · auditing · data analysis · document verification · evidence
Formal job departures
- public outrageCollective societal anger
- political crisisSevere governmental instability
- accountabilityObligation for one's actions
- reformsCorrective institutional changes
prosecutions · reputational damage · banking reforms · public inquiries · criminal charges · fines · disbarment
oligarchs
Wealthy few who govern
- politiciansElected government representatives
- world leadersThose governing nations
- celebritiesWell-known public figures
tycoons · plutocrats · billionaires · heads of state · David Cameron · royalty · business magnates · power brokers · Lionel Messi
tax evasion
Illegally avoiding government dues
- money launderingDisguising criminal proceeds' origins
- wealth managementOverseeing affluent clients' finances
- capital flightRapid outflow of investments
hidden assets · trusts · due diligence · banking laws · fiduciary · investment vehicles · tax avoidance · financial crime · sanctions evasion · wire transfers
whistleblower
Insider who reports misconduct
- documentsFormal written records
- disclosureAct of revealing information
- breachBreaking of agreement
data dump · exposé · source · anonymous tip · John Doe · informant · revelation · media release
shell companies
Legally registered but inactive businesses
- tax havensLow-levy jurisdictions for assets
- Cayman IslandsCaribbean British overseas territory
- British Virgin IslandsUK overseas Caribbean territory
Swiss banks · Bermuda · Luxembourg · Nevis · Liechtenstein · Monaco · beneficial ownership · incorporation · asset protection · Seychelles
journalism
News gathering and dissemination
- probeThorough examination or tool
- forensic accountingExamining records for fraud
- international cooperationCountries jointly addressing challenges
inquiry · oversight · scrutiny · prosecutions · indictments · auditing · data analysis · document verification · evidence · subpoena
resignations
Formal job departures
- public outrageCollective societal anger
- political crisisSevere governmental instability
- accountabilityObligation for one's actions
reforms · prosecutions · reputational damage · banking reforms · public inquiries · criminal charges · fines · disbarment
- 2016Brexit, Trump election, US election, Pokemon Go, Harambe
- financial secrecybank secrecy, numbered accounts, Swiss banking, Swiss banks, offshore accounts
- scandalsscandal, controversy, coverup, cover-up, disgrace
- WhistleblowersEdward Snowden, Chelsea Manning, Deep Throat, leakers, exposers
- Pakistani PoliticsNational Assembly, Prime Minister, federal government, provincial government, local government
- offshore financetax havens, tax haven, offshore banking, private banking, private banks
Panama Papersfinancial transparency
Open disclosure of monetary dealings
open books · public disclosure · corporate transparency · full disclosure · open government
Panama Paperslegitimate
Conforming to accepted standards
legal · above board · tax compliance · financial transparency · compliant
paper, newspaper, papers, paperback, papered, paperwork, Panama, papering, papery