A massive leak of documents from an offshore law firm and a trust company in Singapore could be bigger than last year's Panama Papers scandal.
The documents, now being called «Paradise Papers», were obtained by the German newspaper «Sueddeutsche Zeitung» (in German) and shared with the International Consortium of Investigative Journalists (ICIJ).
The papers «show how deeply the offshore financial system is entangled with the overlapping worlds of political players, private wealth and corporate giants,» the ICIJ wrote.
The names of more than 120 politicians in nearly 50 countries appear in the 1.4 terabyte data leak, along with figures from the worlds of sports and business.
The Singaporean Connection
Financial intricacies of some of the world's richest people are now in the open, finews.asia reported last month that Bermuda-based offshore firm Appleby had suffered a significant data breach.
Appleby, which has Asian offices in Hong Kong and Shanghai, admitted it had been hacked and said it was bracing for documents to be published.
In new revelations however the cache of documents also includes half a million records from Asiaciti Trust, a firm based in Singapore that specialises in offshore services for clients.
