What is it: The cache exposes assets of everyone from political officials to billionaires to celebrities to sports stars that were previously undisclosed Why should you care: The leak of documents shows how the rich and famous can exploit offshore tax shelters and reveals an unprecedented pattern of corruption worldwide What is being done? Tax authorities began probes into some people named in the Panama Papers What the fallout could be: Laws vary by country, and it remains to be seen whether any international conventions were violated or the money could be seized.
