#PanamaPapers roundup: Iceland’s Prime Minister; the First Casualty


From August 2015, an anonymous source began leaking around 11.5 million secret documents created by the Panamanian law firm Mossack Fonseca to German news outlet Süddeutsche Zeitung (SZ).

Relatives of current top leader Xi Jinping and ex-top leader Li Peng have offshore companies arranged through Mossak Fonseca. Images from ICIJ.

#PanamaPapers was a hack, not a whistleblow

Revelations from the massive #PanamaPapers data dump are still being made by journalists across the world, but one thing seems to be clear. According to Ramon Fonseca, a co-founder of Mossack Fonseca, the Panamanian company whose dealings have been leaked for all to see, this was a hack. Unlike those released by Ed Snowden, he told Panama’s Channel 2 that the documents were obtained illegally by hackers, according to Bloomberg.

Last Updated | 6:33 p.m.

ICELAND’S PRIME MINISTER, Sigmundur Davíð Gunnlaugsson, resigned on Tuesday, becoming the first leader to be forced from office over the secret financial dealings revealed by the Panama Papers leak.

The prime minister, who was elected to parliament as a reformer in 2009, promising transparency following the ruinous collapse of three Icelandic banks the year before, failed to disclose that his family secretly held bonds worth millions of dollars in the same banks, through a shell company in the British Virgin Islands.

This weekend an unprecedented database of over 11 million files leaked from Mossack Fonseca, the world’s largest offshore law firm.

Panama Papers: ‘Schäuble largely ignored shell companies’

The Panama Papers scandal has led German Justice Minister Heiko Maas to pledge the creation of a transparency register. However, the Greens’ finance expert Gerhard Schick told EurActiv Germany that this is not a new idea and that the issue has been largely ignored despite evidence of wrongdoing.

Bernie Sanders On the Panama Papers: Told You So

The Vermont senator’s 2011 comments on Panama are eerily prophetic.

Bollywood stars Amitabh Bacchan and his daughter-in-law Aishwarya Rai named in the Panama Papers. Image remix via Wikimedia Commons. Used under a CC license.

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