Without more context, the information here is titillating but not ultimately all that useful.

Let's generalize the content so you can see what I mean:

"A massive trove of documents was just leaked from a law firm that helps companies and individuals create and operate shell companies in [jurisdiction X]. We don't know what those shell companies are used for, but they could be used for wrongdoing! And this law firm was suspiciously focused on protecting its clients' identities, which further suggests wrongdoing."

Jurisdiction X in this case in Panama. Ok, it sounds dubious to us 'Muricans.

What if jurisdiction X was Delaware? Would you think the law firm was setting up shell companies for "wrongdoing", or because starting and operating a business is complicated and there are a variety of practical reasons to base your corporate in entities in Delaware rather than (say) Maine? Would you think the law firm is protecting its clients identities because of an effort to conduct fraud, or because law firms generally err on the side of preserving the sanctity of attorney-client privilege whenever possible?

Now let's say Jurisdiction X is Ireland. Are the companies that use Irish shell companies engaged in wrongdoing? Or are they responding to the bizarre and complicated world of international regulation and taxation as any rational actor would? Certainly secrecy is not the goal - everyone, including the IRS, knows everything about how e.g. Apple uses Irish entities to conduct business.

Now let's say Jurisdiction X is Cyprus. Are the shell companies for tax avoidance in the home country, or for the reasonable avoidance of double-taxation? One reason investment firms use structures based in Cyprus (or the Caymans, or BVI, or Luxembourg) is that these countries have mutual tax treaties with most Western nations, while the US does not. Those tax treaties ensure that the investor will end up paying taxes only in their own domicile, not the nation they invest in AND their own domicile. For US persons investing in (say) Poland through a Cyprus entity, they end up paying their full slate US taxes (NOT avoiding them - in fact they usually pay higher US taxes than they otherwise would, because for technical reasons the Cyprus blocker often results in paying ordinary income tax rates on what would otherwise be treated as capital gains) but they avoid having to pay BOTH Polish taxes AND US taxes. This is akin to the reasons why many/most private US businesses are set up as pass-through entities rather than corporations - avoiding double taxation is not the same as dodging taxes.

I'm not an expert on Panama, or international tax for that matter - I just have some experience dealing with these issues. So I can't say for sure in what specific purposes using a Panama entity is equivalent to using a Delaware entity or a Cyprus entity, vs. a blatant attempt to dodge taxes.

All I know is that, from my own experience, there is a huge gap between the public PERCEIVED reasons why companies and individuals establish overseas shell corporations (tax avoidance! money laundering! bribery!) and the ACTUAL reasons they do so (procedural efficiency, clear legal rules, full payment of taxes but not OVERpayment of taxes, etc.).