What’s unveiled in the Panama Papers

Hello everybody!

So the Panama Papers…. 11.5M files expose offshore schemes in biggest data leak in history

A complex tax evasion system was exposed in the breach, involving some of the richest and most powerful people in the world.

Well the company announced the breach on the 1st of April and that an astonishing amount of data – 2.6T was exposed.

The disclosed files belong to Mossack Fonseca, a Panama-based law firm and corporate service provider that helps companies hide money in offshore jurisdictions. This is a rather reticent industry leader in offshore finance. Economist described this as having stores documents from about 214,488 offshore entities.

The leaked documents reveal names of 12 national leaders including monarchs, presidents and prime ministers, and other very influential people who have been using offshore tax havens to cut huge tax bills, guard their privacy and gain easy access to their funds.There were 140 of the offshore firms connected to public officials or politicians.

Biggest names:

  • Vladimir Putin – involved in $2B worth of offshore accounts
  • Nawaz Sharif, the Prime Minister of Pakistan
  • Ukrainian president Petro Poroshenko
  • Icelandic prime minister Sigmundur Davíð Gunnlaugsson,
  • A member of Fifa’s ethics committee

Out of the companies-  Fusion, one of the 100 media organizations that investigated the files, also mentions “drug dealers, arms traders, human traffickers, fraudsters.”

214,000 companies were registered in a range of tax havens. According to the Guardian, British Virgin Islands held more than 100,000 companies.

When the scandal broke, Edward Snowden tweeted “Biggest leak in the history of data journalism just went live, and it’s about corruption,”.

offshore companies are not illegal but the question of whether it’s ethical to use tax heavens is raised in the breach.

The contents were leaked by an anonymous insider to German newspaper Süddeutsche Zeitung, which shared it with the International Consortium of Investigative Journalists and this list of partners. On Sunday, the investigations were published by more than 100 news organizations around the globe.

Local clients of a Panama based law firm are being investigated by tax authorities in Australia and New Zealand at the center of a massive data leak for possible tax evasion.

British Prime Minister David Cameron appears linked to “Panama Papers” by his late father Ian Cameron, who used Mossack Fonseca’s services to shield his investment fund, Blairmore Holdings Inc.

Will keep you updated on this story


Source: Akati

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