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The 'Panama Papers' Leak

By Tim Prudhoe and Anna Gilbert

The removal and release of approximately 11.5 million documents, including 4.4 million e-mails, from the Panamanian law firm Mossack Fonseca in early Spring 2016 has generated countless headlines over the past few months, and it continues to do so as of this writing. The resulting news stories have struck a chord in an era of suspicion toward large international conglomerates and concerns regarding tax avoidance through the use of offshore structures, at a time where public confidence in traditional politics is at a low point across the western world.

For those involved in the financial services industry, including creditors and liquidators, the headlines merely confirmed what was already understood. The use of complex offshore and onshore structures to hide assets is common knowledge to industry insiders. Yet the receipt of this data by the International Consortium of Investigative Journalists, who in turn have released the otherwise confidential information into the public domain, presents unprecedented opportunities.

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