Panama Papers helps recover more than $1.2 billion around the world

First-time gains in Panama, France, and Iceland have pushed above $1.2 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.

French tax authorities have confirmed nearly $136 million has now been recovered – and that figure is expected to rise. They have carried out more than 500 inspections since April 2016.

Canada’s Revenue Agency, which also raided two properties last week in connection

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