On 3 April 2016 news breaks on the Panama Papers, a leak of 11.5m files from the database of Mossack Fonseca (world 4th biggest offshore law firm). Leaked a year earlier to the Süddeutsche Zeitung, over 400 journalists world-wide analysed the documents for the International Consortium of Investigative Journalists. Its revelations about offshore accounts for tax evasion purposes imply hundreds of politicians, business and sports people. It also puts the spotlight on banks, such as France’s Societe Generale which was an active user of the law firm to set up offshore shell companies. In response the IMF head calls tax avoidance a global risk. The Obama Administration launches new measures (incl stricter “customer due diligence” rules for banks). Measures proposed by the EU Commission require companies with annual turnover over €750m to annually publish country-level data (incl profits, tax, employees, net turnovers).