The paper leaked how Mossack Fonseca clients were able to launder money, dodge sanctions and avoid tax.
In one case, the company offered an American millionaire ghost ownership records to hide money from the authorities. This is in direct breach of international regulations designed to stop money laundering and tax evasion.
You can find our special report on the revelations here.
Who is in the papers?
There are links to 12 current or former heads of state in the data, involving dictators accused of looting their own countries.
More than 60 relatives and associates of heads of state and other politicians are also implicated.
The paper also reveal a suspected billion-dollar money laundering ring involving relations of Russian's President, Vladimir Putin.
People involve includes the brother-in-law of China's President Xi Jinping;UkrainePresident Petro Poroshenko;ArgentinaPresident Mauricio Macri; the late father of UK Prime Minister David Cameron and three children of Pakistan's Prime Minister Nawaz Sharif.
The documents show that iceland's Prime Minister, Sigmundur Gunnlaugsson, had an undeclared interest linked to his wife's wealth. He is now facing calls for his resignation.
The scandal also touches football's world governing body, Fifa.
Part of the documents suggest that a head member of Fifa's ethics committee,Uruguayan lawyer Juan Pedro Damiani, and his firm provided legal assistance for at least seven offshore companies linked to a former Fifa vice-president arrested last May as part of the US inquiry into football corruption.
How do tax havens work?
Although there are legal ways of using tax havens, most of what has been going on is about hiding the true owners of money, the origin of the money and avoiding paying tax on the money.
Some of the main allegations centre on the creation of shell companies, that have the outward appearance of being legitimate businesses, but are just empty shells. They do nothing but manage money, while hiding who owns it.
One of the media partners involved in the investigation, McClatchy, has more on how shell companies work in on of his videos.
What do those involved have to say?
Mossack Fonsecasays it has operated beyond reproach for 40 years and never been accused or charged with criminal wrong-doing.
Mr Putin's spokesman Dmitry Peskov said the reports were down to "journalists and members of other organisations actively trying to discredit Putin and this country's leadership".
In an interview with a Swedish television channel,Mr Gunnlaugsson said his business affairs were above board and broke off the interview.
Fifa said it is now investigating Mr Damiani, who told Reuters on Sunday that he broke off relations with the Fifa member under investigation as soon as the latter had been accused of corruption.
Who is behind the leaking of the papers.
11.5m documents were obtained by the German newspaper Sueddeutsche Zeitung and shared with the International Consortium of Investigative Journalists(ICIJ).
The ICIJ then worked with journalists from107media organisations in76countries, including UK newspaper the Guardian, to analyse the documents over a year.
It is the biggest leak in history, dwarfing the size of those released by the Wikileaks organisation. In all, the details of214,000entities, including companies, trusts and foundations, were leaked.
The information in the documents dates back to 1977, and goes up to December last year. Emails make up the largest type of document leaked, but images of contracts and passports were also released.
Panama Papers - tax havens of the rich and powerful exposed.
*.Eleven million documents held by the Panama-based law firm Mossack Fonseca have been passed to German newspaper Sueddeutsche Zeitung, which then shared them with the International Consortium of Investigative Journalists. BBC Panorama is among 107 media organisations - including UK newspaper the Guardian- in 76 countries which have been analysing the documents. The BBC doesn't know the identity of the source
*.They show how the company has helped clients launder money, dodge sanctions and evade tax
*.Mossack Fonseca says it has operated beyond reproach for 40 years and never been accused or charged with criminal wrong-doing
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