— News and Commentary —

How Much Money Are Foreign Leaders Holding Offshore? Now We Know.

By  Joshua Yasmeh
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   DailyWire.com
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Most U.S. media outlets have been relatively quiet about the “Panama Papers” scandal, one of the largest leaks in whistleblower history. The files, revealed by International Consortium of Investigative Journalists on Sunday, contain 40 years of records involving over 210,000 companies and 21 offshore jurisdictions. The information exposes the seemingly unethical financial activity of some of the world’s most powerful leaders, including Russian President Vladimir Putin.

Journalists acquired the files from a Panamanian law firm, hence the name “Panama Papers.” “The files are part of an unprecedented leak of millions of papers from the database of Mossack Fonseca, the world’s fourth biggest offshore law firm,” reports The Guardian (UK). “They show how the rich and powerful are able to exploit secret offshore tax regimes in myriad ways.”

Late Sunday, The Guardian published an in-depth report of its findings, detailing Vladimir Putin’s staggering $2 billion offshore trail.

Like clockwork, the Kremlin has already deployed its propaganda arm, Russia Today, to launch a counter-offensive against the bad publicity.

The leak also invokes non-political celebrities, including soccer star Lionel Messi, among others. While it’s not necessarily illegal to place money in offshore accounts, the leaks grant a revealing look at privileged lives of the world’s rich and famous. Foreign policy analyst Ian Bremmer provides a series of graphs, explaining the extent of offshore financial activity:

Much of the information coming out of the leak is surfacing on social media, namely Twitter. The leak was celebrated by the world’s most (in)famous whistleblower, Edward Snowden, on Sunday:

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