They show offshore companies linked to the families and associates of Russian President Vladimir Putin, Egypt’s former president Hosni Mubarak, Libya’s ex-dictator Muammar Qaddafi and Syrian President Bashar Al Assad, according to the BBC.
They involve every financial crime imaginable and over 10 million files including many shady players secretly funnelling money to the Syrian Government through a secretive Panamanian company.
The more than 11 million documents from Mossack Fonseca - the world’s fourth biggest offshore law firm - are said to reveal how the firm helped clients launder money, avoid sanctions and dodge tax, the BBC reported.
The Panamian firm has denied any wrongdoing during its 40 year history and has never been charged with a criminal offence.
The documents were obtained by the German newspaper Suddeutsche Zeitung and shared with the International Consortium of Investigative Journalists (ICIJ).
The data revealed a suspected money laundering network run by a Russian bank and involving close associates of Vladimir Putin.
The multibillion dollar ring was run by Bank Rossiya and involved money channelled through offshore companies including two owned by one of Putin’s closest friends.
The concert cellist Sergei Roldugin has made hundreds of millions of dollars in profits from suspicious deals, The Guardian reported.
“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," he said.
The ICIJ reported how the leak of documents “shows how a global industry of law firms and big banks sells financial secrecy to politicians, fraudsters and drug traffickers as well as billionaires, celebrities and sports stars."
The documents also include at least 33 people and companies blacklisted by the US government including Hizbollah and Iran. They include a company that supplied fuel for the aircraft used by the Syrian government to bomb its own citizens, according to the US.
Video by the Guardian explains how the wealthy hide their billions