The movie begins with Jürgen Mossack (Gary Oldman) and Ramón Fonseca (Antonio Banderas) presenting themselves alongside a detailed explanation of money laundering and its mechanisms. As the story unfolds, Mossack and Fonseca serve as narrators for three distinct tales illustrating the global impact of their firm, Mossack Fonseca.
One central narrative follows Ellen Martin (Meryl Streep) and her husband Joe (James Cromwell), who are enjoying a leisurely outing on a boat at Lake George, New York, when tragedy strikes and the vessel capsizes, leading to Joe's untimely drowning. In her quest for justice, Ellen seeks compensation from the boating company doomed by her husband's death; however, she faces an uphill battle as the reinsurance entity linked to the boat owner's policy is shrouded in confusion, having been sold to a company based in Nevis (Panama). This entity is, in truth, a mere façade, connected to one of Mossack's shell companies currently under IRS investigation for acts of fraud. Initially, the response from Mossack’s firm to Matthew (David Schwimmer)—the owner’s son—is dismissive and states that their insurance had lapsed before the incident. The director of the trust, Malchus Boncamper (Jeffrey Wright), is merely a figurehead, receiving $15 per signature from Mossack while being ignorant of the company's actual operations.
After numerous fruitless attempts to reach Mossack and the Nevis-based company, Ellen decides to take matters into her own hands by confronting Malchus directly in Nevis. Sadly, he outsmarts her and flees to Miami, only to be apprehended by IRS agents at the airport. Following his arrest, Mossack retroactively alters his transactions and designates another unsuspecting employee as the owner of thousands of shell companies in his group. The scale of Mossack's operations is staggering; he has facilitated the establishment of around 240,000 shell firms globally, including for notorious members of Mexican drug cartels.
The second story revolves around Simone (played by Jessica Allain), the daughter of an African billionaire, Charles ([Nonso Anozie]). Simone uncovers a disheartening truth about her best friend’s clandestine affair with her father. In a desperate attempt to keep her silent, Charles entices her with shares purportedly valued at $20 million from one of his investment companies. However, when Simone travels to Mossack's offices in Panama City to secure her shares, she discovers that they hold no real value, existing only as part of an empty shell company created by Mossack.
The film further dramatizes the infamous Wang Lijun incident, particularly the demise of Neil Heywood, who is depicted as Maywood (Matthias Schoenaerts). Maywood facilitates wealthy Chinese families wanting to transfer their money overseas and unexpectedly meets Gu Kailai (Rosalind Chao) at a hotel in Chongqing. In a climactic encounter, Maywood pressures Gu for a significantly greater sum to continue laundering her family's wealth through one of Mossack's creation. Gu reacts decisively, poisoning him to eliminate the threat he poses. The narrative escalates as she incriminates herself in conversations secretly recorded, leading to the arrest of both her and her husband, Bo Xilai (Jesse Wang), for corruption and complicity in Maywood’s murder.
Ultimately, the film closes with the explosive revelations of the Panama Papers, featuring police raids on Mossack Fonseca and the subsequent brief detainment of Mossack and Fonseca themselves. However, even amidst the unfolding chaos, both Mossack and Fonseca—along with Meryl Streep as Ellen—caution the audience that the existence of such companies persists, fundamentally sustaining the systemic problems of money laundering and corruption via sham trusts and shell corporations thriving in tax havens around the world. The story culminates with a powerful statement from Streep’s character, advocating for urgent reforms to campaign finance in the United States.
