Panama Papers: Mossack Fonseca leak

Panama Papers: Mossack Fonseca leak

Postby southernfry on Mon Apr 04, 2016 10:49 pm

A huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth.

Eleven million documents were leaked from one of the world's most secretive companies, Panamanian law firm Mossack Fonseca. They show how Mossack Fonseca has helped clients launder money, dodge sanctions and avoid tax. The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.

http://www.bbc.com/news/world-35918844

They may be in denial and playing the I'm Innocent game for now, but I would bet they will be singing a different tune if authorites can now nail their butts to a hefty tax bill. The Icelandic PM will probably resign shortly, hard to keep your job if the voters find out you are corrupt.

Question is will one International court deal with this or individual countries seeking to collect what they are owed and will this finally put Mossack Fonseca out of business?
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Re: Panama Papers: Mossack Fonseca leak

Postby deja vu on Tue Apr 05, 2016 3:34 pm

Icelandic Prime Minister Sigmundur David Gunnlaugsson, who, along with his wife controlled a secret offshore company in the British Virgin Islands, according to the leaked documents, resigned on Tuesday after mounting public pressure.

The documents also reveal alleged links to family members and friends of former and current authoritarian leaders Syrian President Bashar al-Assad, Zimbabwean President Robert Mugabe, Pakistani Prime Minister Nawaz Sharif and former Libyan leader Moammar Gadhafi and Egyptian president Hosni Mubarak.


http://www.cbc.ca/news/world/panama-pap ... -1.3519792


I don't think anyone is surprised by most on the list, but there is a surprise or two. Of course all know the dictators of the world steal from their people and line their own pockets. Problem with N.K. is most if not all will have no clue this has happened or know for sure just how much the dictator has taken from them. That truth will only come out when he is removed from office.
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Re: Panama Papers: Mossack Fonseca leak

Postby CielOnTap on Fri Apr 08, 2016 3:12 pm

Yesterday's Part 3 of the Panama Papers coverage caught my attention: there was mention of Bo Xilai, his wife and their former associate. Remember how Mr. Bo was made an example of in his court case in China that it was moved to another region outside of his own? It seems his wife was keen to keep their associate quiet as the associate was going to publically disclose their real estate holdings to the world.

Today-a list of how different countries'/regions' politicians have reacted to their private holdings being made public:
http://www.thestar.com/news/world/2016/04/08/denial-obfuscation-mark-politicians-reaction-to-panama-papers.html
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Re: Panama Papers: Mossack Fonseca leak

Postby CielOnTap on Mon Apr 11, 2016 1:50 pm

Worth knowing-how do places like Panama become known for their financial ease in holding wealth from different lands? It's about history.
This article references US industrialist JD Rockefeller who wanted to save his money in relation to his shipping interests plus Panama's own history.
The influx of foreign cash to take advantage of that system is so big that Panama's financing sector accounts for 7 per cent of the country's entire GDP.

"You can walk into a bank there with a stack of U.S. money and they just say, 'Fine,'" Blum said. "This has been going on for so long, and is so obvious and problematic, that the question is, 'How come nothing was done about it before?'"

Several other countries allow foreigners to hide their assets, but few are as well-positioned to do so as Panama.

The Central American country took its first step into that shady world nearly 100 years ago, when the government first allowed foreign companies to register foreign ships, according to a report from the Norwegian Centre for Taxation. That move was designed to help Rockefeller's Standard Oil avoid taxes in the U.S., and set the stage for a 1927 law that allowed foreigners to establish tax-free, anonymous corporations with few questions asked, according to the report.

http://www.thespec.com/news-story/6459480-how-panama-became-a-tax-haven-to-the-world/
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Re: Panama Papers: Mossack Fonseca leak

Postby CielOnTap on Mon May 09, 2016 6:04 pm

A database has been released that identifies people and companies mentioned in the Panama Papers:
The secret identities of the people behind more than 200,000 anonymous offshore entities found inside the Panama Papers have been made public.

The International Consortium of Investigative Journalists, and its only Canadian partners, the Toronto Star and the Canadian Broadcasting Corp., released a searchable database of the companies, trusts and foundations online Monday.

The data comes from the controversial Panamanian law firm Mossack Fonseca, one of the biggest players in the grey zone of offshore financing. The information includes the names of directors, shareholders and beneficial owners — the real owners of a company, even though their names might not appear on the shareholder register — kept secret by confidentiality laws in tax havens. This is basic information that would be public if the corporations had been registered in more transparent jurisdictions.

http://www.thespec.com/news-story/6544338-names-in-panama-papers-now-searchable-online/

There's a disclaimer pop-up window that you have to read and agree to prior to being able to access the database: https://offshoreleaks.icij.org/
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