Wow! Imagine a country like Panama being caught up in a scandal of epic proportions! This Latin-American country is now at the center of a scandal that has had political ramifications felt all the way to Russia. And, Mr. Putin seems totally unfazed by all this.

For those of you tuning in a bit late, a slight recap. The International Consortium of Investigative Journalists has confirmed that around three hundred reporters from over seventy countries have gained credible proof in the form of secret records that were seized from a Panamanian law firm. This firm has the dubious distinction of specializing in the maintenance of illegal offshore holding companies that are often the repositories of the ill-gotten wealth of high-profile politicos as well as tax-evading millionaires. These records are now being called The Panama Papers and have become the talk of the town.

The release of the information regarding these papers has already started showing several repercussions. The Prime Minister of Iceland has already tendered in his resignation so as to avoid being subjected to the political upheavals that will come in the wake of such a huge discovery. Even though these accounts aren’t exactly illegal, their existence will however raise the usual questions regarding the source of the millions that lay in them. This is what many of the account holders fear right now, as these funds could easily be checked and verified by the authorities.

The U.S. Justice Department will be looking into the authenticity of the information that lay in the Panama Papers. If they do find any sort of evidence of corruption, they have the power to proceed legally against the guilty. The United Kingdom and even The Netherlands have become interested in this matter and are seriously mulling over whether to join hands with the American authorities.