(Update: The searchable database is now open.)
The International Consortium of Investigative Journalists (ICIJ) had tongues wagging last month when it made public some of the millions of documents leaked from Mossack Fonseca, a Panama-based law firm. Since that time, there has been a lot of speculation about what might be next. Today, we’re set to find out: the second set of data is scheduled for release later this afternoon.
The number of documents involved in the leak is staggering: 11.5 million confidential documents, constituting financial and legal records. The documents take up 2.6 terabytes of computer storage. For context, 1 terabyte of data could be stored on about 1400 CD-ROMs or 220 DVDs (for more, check out this Forbes video on Facebook).
The files being released date back nearly 40 years, to 1977, when Mossack Fonseca was formed. About a year ago, an anonymous source contacted Süddeutsche Zeitung, a well-known German newspaper, with an offer to turn over the documents – with no compensation in return. Rather, the source said, the reason was simply, “I want to make these crimes public.”
Earlier this month, the anonymous source, known only as “John Doe,” released another statement, explaining, “I do not work for any government or intelligence agency, directly or as a contractor, and I never have.” The source went on to point fingers at Mossack Fonseca, saying “[w]e must not lose sight of another important fact: the law firm, its founders, and employees actually did knowingly violate myriad laws worldwide, repeatedly. Publicly they plead ignorance, but the documents show detailed knowledge and deliberate wrongdoing.” The source also called on those in positions of authority, including the United States Congress, “to protect whistleblowers” and to take steps to promote transparency in the financial world. The source also heavily criticized the media, law firms, financial institutions, and the courts, concluding, “The collective impact of these failures has been a complete erosion of ethical standards, ultimately leading to a novel system we still call Capitalism, but which is tantamount to economic slavery.”
(You can read the entire statement here.)
The data, which has been vetted by the ICIJ and a team of journalists, is not simply being dumped. The data which is being disclosed will include items thought to be of public interest: it will not include records of bank accounts and financial transactions, emails and other correspondence, passports, and telephone numbers.
The searchable database will be made public on May 9 at 2 p.m. EDT (1800 UTC). Check back here with Forbes for an update.
For more on the Panama Papers, check out these prior articles:
