Panama Papers

From the BBC:

"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.

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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

 

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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.  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.  Money has been channelled through offshore companies, two of which were officially owned by one of the Russian president's closest friends. Concert cellist Sergei Roldugin has known Vladimir Putin since they were teenagers and is godfather to the president's daughter Maria. On paper, Mr Roldugin has personally made hundreds of millions of dollars in profits from suspicious deals. But documents from Mr Roldugin's companies state that: "The company is a corporate screen established principally to protect the identity and confidentiality of the ultimate beneficial owner of the company."

 

 

 

^ No one should be that surprised that politics in any country around the world is run by money and secrets. If you  didn't know that then you live in a world of "lemon drops and moon-beams. It will be interesting to see what happens, if anything, now. ^

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