The case already claimed one head of state, Iceland's Prime Minister Sigmundur David Gunnlaugsson, who stepped down after his wife's secret offshore holdings were disclosed.
What SEC Will Look For In Panama Papers
"The first thing the SEC will probably be doing is looking at names of U.S. corporations of individuals in the files. They need to cover their own risk," Narnolia said. "They can't go after everything. There are many countries looking and they will have their own investigations. The SEC needs to set a demarcation so they can focus on the top priority-any involvement of U.S. organizations or U.S. citizens."
The agency will also likely decide which cases to pursue based on the amount of money that has been hidden in accounts, since its main concern is publicly traded international companies involved in corruption. The SEC also polices a large number of multinationals with U.S. operations, though it will likely stand aside to let country investigators take the lead with companies domiciled outside the U.S., anti-money laundering compliance experts said.