Explainer: Why #PanamaPapers is just the tip of the iceberg

The leak of information from the database of Mossack Fonseca, the giant law firm headquartered in Panama, is a reality check.

Not because the information, which went public in India late Sunday night, exposes over 214,000 offshore companies typically used as structures to evade taxation connected to people in over 200 countries.

Or because its dragnet includes 140 politicians and public officials including the president of Argentina, the king of Saudi Arabia, the children of Nawaz Sharif, folks close to Russian president Vladimir Putin, and more.

It’s daunting because – for anyone trying to understand black money flows – it is just the tip of the proverbial iceberg.