We are starting to get information about the Panama Papers a huge leak of information from a law firm located in Panama. Hence the name the Panama Papers. The law firm in who had their files leaked is called Mossack Fonseca. Mossack Fonseca in part specializes in setting up fake shell companies in countries known as tax havens because they put zero to very little tax on income.

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11.5m files were leaked to the press 2.6 terabytes of information. Hundreds of reporters have been sorting through these papers to reveal information about what companies, politicians, and individuals are hiding or laundering dirty money through these tax havens.

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The information started to become public this last Sunday and will be continue to be in our news feeds as more people are exposed. So far we know about several politicians who have laundered money. The Prime Minister of Island will likely be stepping down from power soon for his role in hiding money. Vladimir Putin appears to have laundered 2 billion dollars in a scheme involving his best friend, his youngest daughter, a ski resort and the British Virgin Islands.

Is this illegal? yes and no some companies store money over seas legally and the release of this info may become a PR nightmare for them for excepting tax breaks and corporate welfare back home. We will also be able to expose a large amount of dark money that is illegally laundered.

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Mossack Fonseca is only the fourth largest law firm of its kind so there surely is a lot more of this kind of thing that remains hidden.