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Mossack Fonseca's data leak provided a rare insight into offshore finance, and journalists are trying to make sure you get why it's a big deal.Video provided by Newsy Newslook
Russian President Vladimir Putin.(Photo: EPA)
Russia said Monday that President Vladimir Putin was the main target of an unprecedented media leak into the financial activity of wealthy individuals who hold<span style="color: Red;">*</span>accounts offshore.
Dmitry Peskov, Putin's spokesman, told Russian news agency Interfax<span style="color: Red;">*</span>that it was "obvious"<span style="color: Red;">*</span>the aim of the anonymous release of more than<span style="color: Red;">*</span>11 million documents belonging to a law firm in Panama<span style="color: Red;">*</span>— Mossack Fonseca<span style="color: Red;">*</span>—<span style="color: Red;">*</span>was to undermine the<span style="color: Red;">*</span>president ahead of parliamentary elections expected in September. Peskov said Putin had not committed any crime.
USA TODAY
Massive leak reveals money rings of global leaders
While Putin's name does not appear on any of the records<span style="color: Red;">*</span>published Sunday by a massive coordinated investigation with dozens of media groups, the paper trail does<span style="color: Red;">*</span>show that many of his associates and close friends including musician Sergei Roldugin, godfather to his daughter Maria and the man who introduced him to his wife Lyudmilla, made millions from deals that would have been hard to do without his knowledge.<span style="color: Red;">*</span>Ahead of the leak, the Kremlin said it was aware<span style="color: Red;">*</span>that an organization was trying to smear the president.
USA TODAY
Panama Papers: Who did what
Meanwhile,<span style="color: Red;">*</span>Sigmundur David Gunnlaugsson, Iceland's center-right<span style="color: Red;">*</span>prime minister, faces a confidence vote in parliament later Monday over allegations that he deliberately hid vast<span style="color: Red;">*</span>holdings in troubled Icelandic banks in a complicated web of deceit that includes his wife. He denies any wrongdoing.<span style="color: Red;">*</span>Public protests are also scheduled outside parliament.
French President Francois Hollande said the leaked documents amounted to "good news" because it would allow authorities to recover money from tax evaders.
“The whistle blowers do a useful work for the international community; they’re taking risks, so they must be protected,” Hollande said, speaking to reporters outside Paris.
Mossack Fonseca, the Panamanian law firm at the center of the leaks, maintains that it has always acted legally and followed international regulations.
USA TODAY
Panama Papers explainer: What you should know
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