The vast stash of records was obtained from an anonymous source by German daily Sueddeutsche Zeitung and shared with media worldwide by the International Consortium of Investigative Journalists (ICIJ).

The investigation yielded 11.5 million documents from around 214,000 offshore entities, the ICIJ said. The leaked documents came from Mossack Fonseca, a Panama-based law firm with offices in more than 35 countries.

Though most of the alleged dealings are said by the ICIJ to be legal they are likely to have a serious political impact on many of those named.

The ICIJ claimed that family members of at least eight current or former members of China’s Politburo Standing Committee have offshore companies arranged though Mossack Fonseca. They allegedly include President Xi’s brother-in-law, who was said to have set up two British Virgin Islands companies in 2009.

Representatives for the Chinese leaders did not respond to requests for comment, the ICIJ said.

China's elite hiding billions overseas, US report says

Among the main claims of the ICIJ investigations:

Close associates of Putin, who is not himself named in the documents, “secretly shuffled as much as $2 billion through banks and shadow companies,” the ICIJ said;

The files identified offshore companies linked to the family of Chinese President Xi, who has led a tough anti-corruption campaign in his country, the ICIJ said.

In Iceland, the files allegedly show Prime Minister Sigmundur David Gunnlaugsson and his wife secretly owned an offshore firm holding millions of dollars in Icelandic bank bonds during the country’s financial crisis.

Hong Kong movie star Jackie Chan, who has at least six companies managed through the law firm, the ICIJ said, adding “as with many of Mossack Fonseca’s clients, there is no evidence that Chan used his companies for improper purposes. Having an offshore company isn’t illegal.”

The law firm of a member of FIFA’s ethics committee, Juan Pedro Damiani, had business ties with three men indicted in the FIFA scandal: former FIFA vice president Eugenio Figueredo, as well as Hugo Jinkis and his son Mariano who were accused of paying bribes to win soccer broadcast rights in Latin America.

Argentine football great Messi and his father owned a Panama company, Mega Star Enterprises Inc, a shell company that had previously not come up in Spanish investigations into the father and son’s tax affairs.

Also in the world of football, Francetvinfo named UEFA president Michel Platini as the beneficiary of a Panama-based tax company, adding however that no illegal activity was alleged.

Platini’s communications service said in a statement that “all of his accounts and assets are known to the tax authorities in Switzerland, where he has been a tax resident since 2007”.

At least 33 people and companies in the documents were blacklisted by the US government for wrongdoing, such as North Korea and Iran, as well as Lebanon’s Hezbollah, the ICIJ said.

The leaked data from 1975 to the end of last year provides what the ICIJ described as a “never-before-seen view inside the offshore world.”

Names also figuring in the leak included the president of Ukraine, the king of Saudi Arabia and the prime minister of Pakistan, the ICIJ statement said.

“These findings show how deeply ingrained harmful practices and criminality are in the offshore world,” said Gabriel Zucman, an economist at the US-based University of California, Berkeley, cited by the consortium.

The leaked documents were reviewed by a team of more than 370 reporters from over 70 countries, according to the ICIJ.

The BBC cited Mossack Fonseca as saying it had operated “beyond reproach” for 40 years and had never been charged with any criminal wrongdoing.

It was not immediately clear who was the original source of the leaked documents.