Israeli banks and citizens are among those implicated.
An international effort by over 100 media organizations to expose the illicit financial activities of some of the world’s most prominent individuals and organizations created waves on Sunday evening, as the effects of the 11.5 million leaked documents from a relatively unknown Panamanian law firm began to ripple around the world.
The files reveal the offshore holdings 140 politicians from around the world, including 11 heads of state. The effects of the financial activities are allegedly aimed at illegal activity such as tax fraud, money laundering and sanctions evasion.
According to the “Panama Papers” website, more than 214,000 offshore entities appear in the leak, connected to people in more than 200 countries and territories. Haaretz reported on Sunday that Israeli banks and citizens are among those implicated.
The papers reveal a suspected two billion dollar money laundering ring run by a Russian bank, Bank Rossiya, that included the involvement of associates of Russian President Vladimir Putin, the BBC reported.
Although the Russian president’s name did not appear in any of the documents themselves, the information revealed a pattern where his close associates have all earned millions from deals that could not have been brokered without his support, according to reports by the Guardian.
It also appears that Putin’s family has benefited from the deals and he is free to spend the money earned at will.
Additionally, the Icelandic Prime Minister Sigmundur Gunnlaugsson was implicated in having undeclared interest in his country’s banks and stands accused of hiding millions of dollars in investments in a secret offshore company, according to a BBC report.
As reported by The Jerusalem Post