Panama Papers help to recover $1.2 billion

First-time gains in Panama, France and Iceland have pushed above $1.16 billion the global tally of fines and back taxes resulting from the Panama Papers investigation’s exposure of the offshore finance industry.

On the third anniversary of the International Consortium of Investigative Journalists-led investigation, the fallout from it is gathering pace through hundreds of separate investigations into undisclosed wealth across scores of nations.

Since June 2018, the United Kingdom alone has added $119 million, to bring its total to more than $252 million; Australia has collected another $43 million to eclipse $92 million; and Belgium has added an extra $6.5 million to its government coffers to surpass $18 million, McClatchy reports.