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"Putin. Offshore, Impeachment." -- A lone protester holds up a sign in Moscow protesting over the fact that Russian President Vladimir Putin is seen to have been implicated in murky financial dealings revealed in the Panama Papers
"Putin. Offshore, Impeachment." -- A lone protester holds up a sign in Moscow protesting over the fact that Russian President Vladimir Putin is seen to have been implicated in murky financial dealings revealed in the Panama Papers

Live Blog: The Panama Papers

Follow all the latest developments as they happen

Final Summary for April 13

-- The Russian cellist linked by the Panama Papers to murky offshore finances says the money came from donations.

-- German Finance Minister Wolfgang Schaeuble has outlined details of a plan to combat tax havens in the wake of the Panama leaks.

-- British Prime Minister David Cameron is set to announce that new legislation making companies criminally liable if employees aid tax evasion will be introduced this year

-- -- Cameron had earlier published his tax records in an attempt to draw a line under questions about his personal finances raised by the mention of his late father in the Panama Papers for setting up an offshore fund.

-- The unauthorized use of the International Red Cross's name by entities listed in the Panama Papers poses "enormous" risks for its operations and staff, the head of the humanitarian body said.

-- Several thousand people filled a big square in Malta's capital on April 10 and demanded the resignation of Prime Minister Joseph Muscat after the leaked Panama Papers said two of his political allies had offshore accounts.

-- Police have raided the El Salvador offices of the Panama-based law firm at the heart of the "Panama Papers" scandal that has revealed how the wealthy in many countries stashed their riches offshore.

10:17 7.4.2016

The Panama papers leak amounted to more than 11.5 million documents, a total of 2.6 terabytes of data. A company called Nuix provided some of the software that was used to unlock the secrets.

And here is Computer Weekly's look at some of the other software that was needed to create the visualizations that are helping us make sense of the information.

10:25 7.4.2016

Economist and political scientist C.J. Polychroniou has an op-ed on Al-Jazeera says the Panama papers leak shows the need "to change global capitalism itself."

"According to Tax Justice Network 2012 estimates, some $21 trillion to $32 trillion is hidden away by the super-rich in offshore entities.

"Just imagine how many schools and hospitals could have been built in various countries by the tax proceeds of this enormous amount of black money.

"Just imagine how much less inequality there would be both inside and between countries if the mammoth problem of tax avoidance could be avoided."

10:30 7.4.2016

Inevitably, bookmakers are taking wagers on who will have to resign because of the Panama papers. Ireland's Paddy Power has the odds. Russians who want to get back some of the money that has been off-shored can bet on President Vladimir Putin stepping down at 33:1 odds.

"Feilim Mac An Iomaire, a Paddy Power representative, said bets were 'yet to be set alight, so far we've taken €133 ($188). The biggest single bet is £35 on Nawaz Sharif at 10/1.'

He said the market was only open for 6 hours Wednesday. It might improve."

10:53 7.4.2016

Although the Panama leaks are blurring the distinction between "normal" financial activity and the mafia, it turns out that organized-crime figures may also be exposed (as well as some of the lawyers and others who helped them).

"The documents show how the global elite hide their money in tax havens and shell companies. The offshore accounts and shell companies aren't in and of themselves illegal. And not everyone involved with them will be found to have broken the law. But, at best, they are vehicles for tax avoidance; in the worst cases they assist in money laundering. In all cases they leave jurisdictions around the world with less revenue and require average people to pay more tax.

"Among the clients of the law firm are drug dealers and mafia members.

"The job of law enforcement organisations only gets harder as the means of hiding money from prying eyes gets more and more sophisticated.

"Tax havens are an ideal environment for organised crime to launder the piles of cash they accrue. There is evidence the Italian mafia have used tax havens and invested their dirty money in the legal economy for decades."

11:14 7.4.2016

Here's a petition calling on British Prime Minister David Cameron to do something about the tax havens under British jurisdiction, especially the British Virgin Islands, which has 15 registered companies for every resident:

11:19 7.4.2016
Chinese President Xi Jinping: His brother-in-law was revealed to be involved with two offshore companies
Chinese President Xi Jinping: His brother-in-law was revealed to be involved with two offshore companies

Everyone is saying the Panama leaks show that "global capitalism is broken." But the revelations haven't left communist China untouched.

"Mossack Fonseca's booming China business is evidence of an even bigger trend: the reliance of China's wealthiest people on offshore investments.

"Around $1tn (£700bn) left China last year, draining the country's foreign reserves.

"It is a shift that could destabilise the entire Chinese economy.

"And the relatives of China's leaders are among those who have stashed their wealth abroad."

11:26 7.4.2016
Valeriya Hontareva
Valeriya Hontareva

The Ukrainian news website UA Today is reporting that Ukrainian National Bank head Valeriya Hontareva has resigned, possibly a victim of the Panama leaks. The leaks revealed that she had an offshore partnership with Yury Solovyov, the first vice president of Russia's state-owned VTB bank.

11:38 7.4.2016

Italian socialist cartoonist Alfio Krancic (originally from the former Yugoslavia) illustrates the RT (formerly Russia Today) line that the Panama papers are a U.S. effort to besmirch President Barrack Obama's enemies:

11:58 7.4.2016

Unrepentant Mossack Fonseca partner Jurgen Mossack:

12:01 7.4.2016

Infographic shows number employees at British government's Department of Work and Pensions (DWP) working on "benefit fraud" compared to the number of tax investigators probing billions of pounds in alleged tax evasion:

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