Panama Papers and the dilemma of global financial transparency

Syed Haider Ali Zaidi, Xin-Yu Wang, Sardar Ahmad, Tan-Xue Ping, Meng-Qi

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The Panama Papers, or as they are commonly called the Panama Leaks, are around 12 million documents that contain vastly discrete financial and attorney–client information, dating back to early 1970s, of about 215,000 offshore corporations created by Mossack Fonseca, a Panama-based corporate law firm, for their various clients worldwide. The said documents were leaked by an unidentified source (John Doe) from inside the firm and are believed to contain incisive personal information regarding clandestine financial activities of several current and former head-of-states, wealthy aristocrats and high ranking officials of various governments which until now was unknown to the general public. The anonymous source inside Mossack Fonseca (John Doe) responsible for this information disclosure provided these documents to Bastian Obermayer, a German journalist working for Süddeutsche Zeitung (SZ). In a statement issued on May 6, 2015, he cited severe dangers to his life in wake of these startling revelations since they exposed corrupt activities of world’s most powerful people who could cross any limit to safeguard their vested interests. Additionally, he said that it was global income inequality and massive injustice portrayed in these documents which forced him to affect this iniquitous leak. He offered full support to the investigators/prosecutors subject to provision of immunity. After SZ confirmed that the said statement was indeed issued by the Panama Papers source; ICIJ put the complete document on its web portal. Owing to their resource inadequacy, to analyze this massive volume of information, SZ sought the help of International Consortium of Investigative Journalists (ICIJ) which comprising of journalists belonging from over 100 media organizations based in 80 countries worldwide who were tasked with investigating/analyzing the documents pertaining to the operations of Mossack Fonseca. On April 3, 2016, after investigation and analysis spanning over one year, the first news stories along with 150 original documents were published. While establishment of offshore companies is perfectly legal and permissible, investigations revealed that majority of offshore corporations created by Mossack Fonseca facilitated illegal activities e.g. financial fraud, money laundering, tax evasion and evasion of international embargos. As far as field of investigative journalism is concerned, this project symbolizes a significant landmark in the use of mobile collaboration and data journalism software tools.

Panama papers, Mossack Fonseca, Süddeutsche Zeitung (SZ), International Consortium of Investigative Journalists (ICIJ), Mobile collaboration, Data journalism software tools

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Syed Haider Ali Zaidi, Xin-Yu Wang, Sardar Ahmad, Tan-Xue Ping, Meng-Qi (2018). Panama Papers and the dilemma of global financial transparency.International Journal of Modern Research in Management, (IMR-IJMRM). Volume 1, Issue 2 (September – December, 2017) PP 18-35

Xin Yu-Wang


School of Management, China University of Mining & Technology, Xuzhou, Jiangsu, 221116, China.