Panama Papers: Here's where some of the world's largest banks legally hide cash for rich clients
The findings of the so-called Panama Papers investigation were first unveiled at the beginning of April.
Over 11 million documents held by the Panama-based law firm Mossack Fonseca had been leaked to the German newspaper Süddeutsche Zeitung. The paper shared the information with the ICIJ, which is made up of 107 media organisations in 78 countries.
The global news outlets examined 28,000 pages of documents, also revealing the full scale of the tax breaks won by 340 companies. The ICIJ published this statement on their website along with the documents: "There are legitimate uses for offshore companies and trusts. We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly."
The details of the investigation have already claimed the scalp of Spain's acting industry minister Jose Manuel Soria and Icelandic Prime Minister Sigmundur David Gunnlaugsson - both of whom stepped down because of activities exposed by the Panama Papers documents.
Business Insider took a quick look at what offshore entities banks and their subsidiaries are using to shelter cash. We have taken a spider map for one of the selected bank's units as an example. Each green dot represents an offshore entity with associations to the bank or bank subsidiary: