Panama Papers leak reveals elite's tax havens

Eleven million documents held by the Panama-based law firm Mossack Fonseca have been passed to German newspaper Sueddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists. BBC Panorama and UK newspaper the Guardian are among 109 media organisations in 76 countries which have been analysing the documents.

The identity of the source is yet to be made known. They show how the company has helped clients launder money, dodge sanctions and evade tax Mossack Fonseca says it has operated beyond reproach for 40 years and never been accused or charged with criminal wrong-doin
The documents also shed light on how Mossack Fonseca offered financial services designed to help business clients hide their wealth. One wealthy client, American millionaire and life coach Marianna Olszewski, were offered fake ownership records to hide money from the authorities. This is in direct breach of international regulations designed to stop money laundering and tax evasion.
An email from a Mossack executive to Ms Olszewski in January 2009 explains how she could deceive the bank: "We may use a natural person who will act as the beneficial owner… and therefore his name will be disclosed to the bank. Since this is a very sensitive matter, fees are quite high." 
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