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Mossack Fonseca scrambles to contain Panama leaks fallout

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By John Glenday, Reporter

April 4, 2016 | 1 min read

Mossack Fonseca, a secretive Panamanian law firm, is scrambling to contain the fallout from one of the biggest leaks in history which has shone a light on how the global elite hide their wealth.

A haul of 11m documents obtained by German newspaper Suddeutsche Zeitung detail how the offshore business assists wealthy clients in laundering money, dodging taxes and evading sanctions including several heads of state.

Commenting on the leak Gerard Ryle, director of the International Consortium of Investigative Journalists, said: “I think the leak will prove to be probably the biggest blow the offshore world has ever taken because of the extent of the documents.”

Amongst those linked to the files are Russian president Vladimir Putin and Icelandic prime minister Sigmundur Gunnlaugson.

In an attempt to contain the situation Mossack Fonseca said in a prepared statement: "Our firm has never been accused or charged in connection with criminal wrongdoing.

"If we detect suspicious activity or misconduct, we are quick to report it to the authorities. Similarly, when authorities approach us with evidence of possible misconduct, we always cooperate fully with them."

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