It has been 10 years since the International Consortium of Investigative Journalists exposed the Panama Papers. There are 11.5 million documents that exposed one location where the world’s wealthiest people hide their money.
A law firm in Panama called Mossack Fonseca helped people set up shell corporations. These corporations are companies that exist only on paper. These shells are used to hold monetary properties and billions in cash, all while keeping the real owner’s name a secret. By moving money into these ‘tax havens,’ the ultra-rich avoid paying the taxes they owe at home.
The biggest Canadian name in the leak was Fred Sharp, a former lawyer right here in B.C. who was recently hit with massive legal judgments in 2024 and 2025. He allegedly helped move over a billion dollars through these offshore loops.
In B.C., ‘Snow Washing’ is the term used for cleaning dirty money through our real estate. Billionaires use shell companies to buy up land as ‘investors,’ it drives up property values everywhere. This includes places like Terrace.
The leak of Panama papers has given Canadian Revenue Agency points of investigations which has led to $119 million in gaining back the taxes from tax evaders so far.
Plus, another benefactor that came out of this is the B.C. Land Owner Transparency Registry. This registry show who owns which land and property. This prevents owners from hiding behind shell corporations.