Before the weekend, very few people had considered Panama a key global financial center and even fewer had heard of the Panamanian law firm Mossack Fonseca.
But thanks to a massive leak of some 11 million documents, the world's financial and political leaders have been rocked by disclosures of offshore funds, tax evasion and money laundering.
A lot of the practices mentioned in the so-called Panama Papers, including having an offshore company, aren't illegal. Mossack Fonseca has also stressed that it has never been charged with criminal wrongdoing and that recent media reports have portrayed an inaccurate view of the services it provides. CNBC has not been able to independently verify the allegations.
The shockwaves from the Panama Papers data-dump are still being felt across Europe, causing some very high-profile casualties. CNBC takes a look at the latest news: