An Overview of the Panama Papers


Financial professional Lester Turnquest serves as deputy chairman of the Water and Sewage Corporation of the Bahamas. A managing director with Green Bay Group Ltd. in Nassau, Lester Turnquest hosted a live broadcast to explain the economic impact of the Panama Papers in 2016. 

Considered one of the most impactful information leaks in history, the Panama Papers shed light on questionable tax practices from politicians, business leaders, and other international figures. In April 2016, an anonymous source leaked 2.6 terabytes of data from the Panama law firm Mossack Fonseca to the German newspaper Suddeutsche Zeitung. Due to the sheer quantity of data, Suddeutsche Zeitung recruited hundreds of journalists to sort through the documents, a process that spanned several months.

Most of the information leaked in the Panama Papers involved the practice of creating shell companies to hide taxes from national governments. Several world leaders were implicated in the Panama Papers, including Ukrainian president Petro Poroshenko and Saudi Arabian King Salma. Although Russian premier Vladimir Putin was not named specifically in the leak, evidence strongly suggests that $2 billion in assets were tied directly to him. No Americans were named in the Panama Papers.

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