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Panama Papers: Mossack Fonseca leak reveals elite's tax havens

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  • Panama Papers: Mossack Fonseca leak reveals elite's tax havens

    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 evade tax.
    The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.
    The documents show links to 72 current or former heads of state in the data, including dictators accused of looting their own countries.
    Gerard Ryle, director of the International Consortium of Investigative Journalists (ICIJ), said the documents covered the day-to-day business at Mossack Fonseca over the past 40 years.
    "I think the leak will prove to be probably the biggest blow the offshore world has ever taken because of the extent of the documents," he said.
    Panama Papers - tax havens of the rich and powerful exposed

    • Eleven million documents held by the Panama-based law firm Mossack Fonseca have been passed to German newspaper Suddeutsche Zeitung, which then shared them with the International Consortium of Investigative Journalists. BBC Panorama is among 107 media organisations - including UK newspaper the Guardian - in 78 countries which have been analysing the documents. The BBC doesn't know the identity of the source
    • They show how the company has helped clients launder money, dodge sanctions and evade tax
    • Mossack Fonseca says it has operated beyond reproach for 40 years and never been accused or charged with criminal wrong-doing
    • Tricks of the trade: How assets are hidden and taxes evaded
    • Panama Papers: Full coverage; follow reaction on Twitter using #PanamaPapers; in the BBC News app, follow the tag "Panama Papers"

    The data contains secret offshore companies linked to the families and associates of Egypt's former president Hosni Mubarak, Libya's former leader Muammar Gaddafi and Syria's president Bashar al-Assad.
    Russian connection

    It also reveals a suspected billion-dollar money laundering ring that was run by a Russian bank and involved close associates of President Putin.
    The operation was run by Bank Rossiya, which is subject to US and EU sanctions following Russia's annexation of Crimea.
    The documents reveal for the first time how the bank operates.

    More here.

    http://www.bbc.com/news/world-35918844
    Credo quia absurdum.


    Quantum mechanics describes nature as absurd from the point of view of common sense. And yet it fully agrees with experiment. So I hope you can accept nature as She is - absurd! - Richard Feynman

  • #2
    Poor richs !
    That rug really tied the room together

    Comment


    • #3
      A fascinating story - will be very interesting to see what happens now.
      "Patriotism is your conviction that this country is superior to all other countries because you were born in it"
      G.B Shaw

      "They promised us homes fit for heroes, they give us heroes fit for homes."
      Grandad, Only Fools and Horses

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      • #4
        Mossack Fonseca says it has operated beyond reproach for 40 years and never been accused or charged with criminal wrong-doing
        And all that means is they were good at not getting caught
        Human history becomes more and more a race between education and catastrophe (H G Wells)
        Mit der Dummheit kaempfen Goetter selbst vergebens (Friedrich von Schiller)

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        • #5
          Originally posted by Sergio View Post
          A fascinating story - will be very interesting to see what happens now.

          Why should anything happen ?

          Comment


          • #6
            In some countries nothing will happen. Putin's cronies are safe. However in Western democracies the tax authorities are already showing interest in the data as are some politicians. I suspect that Iceland will be getting a new Prime Minister soon. After the scandals in Britain over MP's expenses I'm sure the papers will be scrutinised to see if any of them appear - if they do they're toast. I imagine similar interest will be shown in Brazil for example.
            Human history becomes more and more a race between education and catastrophe (H G Wells)
            Mit der Dummheit kaempfen Goetter selbst vergebens (Friedrich von Schiller)

            Comment


            • #7
              There will be action only if financial laws have been violated . And I am waiting if there will be ONE accusation .

              Lawyers will argue that evidence has been obtained illegally,has been stolen and that thse evidences can not be used in a trial .

              Other lawyers will questen the authenticity of the documents, and the prosecutor has to prove the authenticity .


              As usual in such cases there will be great cry and little wool .

              Comment


              • #8
                What I find interesting is how the Russians and the Chinese are trying to spike the story.

                Hey, what if we can be rid of trump and shillary because of their involvement?
                Credo quia absurdum.


                Quantum mechanics describes nature as absurd from the point of view of common sense. And yet it fully agrees with experiment. So I hope you can accept nature as She is - absurd! - Richard Feynman

                Comment


                • #9
                  Originally posted by Bwaha View Post
                  What I find interesting is how the Russians and the Chinese are trying to spike the story.

                  Hey, what if we can be rid of trump and shillary because of their involvement?
                  Nope it seems most corrupt US citizens prefer to do their dirty deeds through either the British Virgin Islands or the Caymans - nicer places to go if you need to visit your money and crooks you can trust (with good English)
                  Human history becomes more and more a race between education and catastrophe (H G Wells)
                  Mit der Dummheit kaempfen Goetter selbst vergebens (Friedrich von Schiller)

                  Comment


                  • #10
                    Originally posted by MarkV View Post
                    Nope it seems most corrupt US citizens prefer to do their dirty deeds through either the British Virgin Islands or the Caymans - nicer places to go if you need to visit your money and crooks you can trust (with good English)
                    Shh. No need to broadcast that...
                    Credo quia absurdum.


                    Quantum mechanics describes nature as absurd from the point of view of common sense. And yet it fully agrees with experiment. So I hope you can accept nature as She is - absurd! - Richard Feynman

                    Comment


                    • #11
                      It shakes the world politics for sure.

                      Comment


                      • #12
                        Maybe "Boston George" will get his drug money back?

                        Pruitt
                        Pruitt, you are truly an expert! Kelt06

                        Have you been struck by the jawbone of an ASS lately?

                        by Khepesh "This is the logic of Pruitt"

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                        • #13
                          Originally posted by MarkV View Post
                          Nope it seems most corrupt US citizens prefer to do their dirty deeds through either the British Virgin Islands or the Caymans - nicer places to go if you need to visit your money and crooks you can trust (with good English)
                          There are numerous watering holes for the rich to get out of paying most or all taxes, and for crime money to avoid the prying eyes of the Legal Eagles. The Isle of Man, Jersey, Malaysia, Switzerland and many other places can be variously deemed 'safe'. Can the latest 'revelation' really be that much of a surpise?

                          Follow the money - oh, sod it, it has 'disappeared' again.

                          Comment


                          • #14
                            Originally posted by Wooden Wonder View Post
                            There are numerous watering holes for the rich to get out of paying most or all taxes, and for crime money to avoid the prying eyes of the Legal Eagles. The Isle of Man, Jersey, Malaysia, Switzerland and many other places can be variously deemed 'safe'. Can the latest 'revelation' really be that much of a surpise?

                            Follow the money - oh, sod it, it has 'disappeared' again.
                            In this case it's about more than taxes it's about corruption, sanction busting and money laundering. The legal firm in question appears to have been actively assisting in all of these.
                            Human history becomes more and more a race between education and catastrophe (H G Wells)
                            Mit der Dummheit kaempfen Goetter selbst vergebens (Friedrich von Schiller)

                            Comment


                            • #15
                              Originally posted by MarkV View Post
                              In this case it's about more than taxes it's about corruption, sanction busting and money laundering. The legal firm in question appears to have been actively assisting in all of these.
                              It is ultimately all about corruption, selfishness and greed - nothing new there.

                              Comment

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