Panamanian prosecutors for organized crime raided the Panamanian office of international law firm Mossack Fonseca [firm website] on Tuesday, seeking evidence of money laundering and financing terrorism in relation to the recent Panama Papers [CNN report] scandal. Mossack Fonseca has denied [press release, PDF] any wrongdoing and claimed [press release] that it is “willing and eager to cooperate with authorities.” On the topic, the firm has made public statements about its computers being compromised [AP report].

World leaders and other high profile individuals are hiding billions in off-shore accounts, according to reports that cite confidential documents leaked [JURIST report] from Mossack Fonseca. The documents, coined the “Panama Papers” [website] by the International Consortium of Investigative Journalists, purportedly show that numerous politicians, celebrities and other wealthy individuals have hid money utilizing the legal services of Mossack Fonseca. The Panama Papers include 11 million documents allegedly illustrating how the firm laundered money and helped their wealthy clients avoid tax consequences and dodge sanctions. It is reported [BBC report] that 12 heads of state are among those implicated by the Panama Papers. Mossack Fonseca has denied any wrongdoing, claiming they were the victim of a data breach and that they have not engaged in any illegal activity.