There's going to be another huge 'Panama Papers' data dump

The International Consortium of Investigative Journalists (ICIJ) is about to unleash another huge data dump about how some of the world's most wealthy and powerful people hide their cash.

The ICTJ said in an email that on May 9 it will "publish what will likely be the largest-ever release of information about secret offshore companies and the people behind them, based on data from the Panama Papers investigation."

"The searchable database will include information about more than 200,000 companies, trusts, foundations and funds incorporated in 21 tax havens, from Hong Kong to Nevada in the United States."
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At the beginning of April, over 11 million documents held by the Panama-based law firm Mossack Fonseca was leaked to German newspaper Suddeutsche Zeitung. In turn, the paper shared the information with the ICIJ - which is made up of 107 media organisations in 78 countries.

In turn, the global news outlets examined 28,000 pages of documents, also revealing the full scale of the tax breaks won by 340 companies.

The details of the investigation has already claimed the scalp of Spain's acting Industry Minister Jose Manuel Soria and Icelandic Prime Minister Sigmundur David Gunnlaugsson - both of which stepped down due to their links within the Panama Papers documents.
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Mossack Fonseca law firm sign is pictured in Panama City, in this April 4, 2016 file photo. REUTERS/Carlos Jasso/Files

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Mossack Fonseca - the law firm embroiled in the Panama Papers data leak.

"The impact of Panama Papers has been epic," said the ICTJ in the email.

"The investigation has led to high profile resignations, including the prime minister of Iceland; triggered official inquiries in multiple countries; and put pressure on world leaders and other politicians, such as Britain's Prime Minister David Cameron, to explain their connections to offshore companies. It sparked a new sense of urgency among lawmakers and regulators to close loopholes and make information about the owners of shell companies public."This week, three people go on trial in Luxembourg on Tuesday over the so-called Panama Papers scandal.
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Two former employees at services firm PwC, Antoine Deltour and Raphael Halet, and journalist Edouard Perrin face charges over the leaking of thousands of documents that exposed the scandal.