A vast leak of documents from one of the world’s most secretive law firms has revealed offshore companies linked to the families and associates of Egypt’s former president Hosni Mubarak, Muammar Qaddafi and Bashar Al Assad.

The more than 11 million documents leaked from Mossack Fonseca reveal how the Panamanian firm helped clients avoid tax, dodge sanctions and launder money, the BBC reported.

The firm denied any wrong doing during its 40 year history and has never been charged with a criminal offence.

The documents, obtained by the German newspaper Suddeutsche Zeitung and shared with the International Consortium of Investigative Journalists (ICIJ) reveal links between Mossack Fonseca and 72 current or former heads of state, the BBC reported.

The data revealed a suspected money laundering network run by a Russian bank and involving close associates of Vladimir Putin. The multibillion dollar ring was run by Bank Rossiya and involved money channelled through offshore companies including two owned by one of Mr Putin’s closest friends.

The concert cellist Sergei Roldugin has made hundreds of millions of dollars in profits from suspicious deals, The Guardian reported.

Gerard Ryle, director of the ICIJ, said the documents covered the day-to-day business at Mossack Fonseca over the past 40 years.

“I think the leak will prove to be probably the biggest blow the offshore world has ever taken because of the extent of the documents,” he said.

The ICIJ reported how the leak of documents “shows how a global industry of law firms and big banks sells financial secrecy to politicians, fraudsters and drug traffickers as well as billionaires, celebrities and sports stars.”

The documents also include at least 33 people and companies blacklisted by the US government including Hizbollah and Iran. They include a company that supplied fuel for the aircraft used by the Syrian government to bomb its own citizens, according to the US.

foreign.desk@thenational.ae