InternationalNews Brief

Real estate purchases disclosed in ‘Panama Papers’ data dump

Papers leaked from a small Panamanian law firm reveal the movement of money around the globe
  • 2.6 terabytes of documents, related to hundreds of thousands of offshore companies, were leaked from a small Panamanian law firm called Mossack Fonseca, which denies any wrongdoing.
  • The data from the law firm include links to politicians, celebrities, athletes and organizations that have been at the center of global scandals.
  • “I would say, first observation, it’s a lot more promising than even some of the other projects that we’ve done that have turned out to be very, very big,” said Gerard Ryle, a director at the International Consortium of Investigative Journalists.

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Yesterday, news broke about the biggest leak of private financial and legal documents ever -- and evidence shows that a significant amount of money spent was routed through companies and trusts that purchased expensive homes, buildings, resorts and other real estate holdings. Dubbed the “Panama Papers,” 2.6 terabytes of documents, related to hundreds of thousands of offshore companies, were leaked from a small Panamanian law firm called Mossack Fonseca, which denies any wrongdoing. German publisher Süddeutsche Zeitung received the documents, revealing a complex maze of companies and offshore banks accounts in which billions of dollars was routed through a variety of accounts and names. How is real estate involved? Using the keywords “real estate,” “houses” or “properties” reveals hundreds of companies with the terms in their moniker. One example is “Billion Houses International Holdings Limited.” A search of names does not in itself reveal specific hold...