Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corruption

[azgreg]

https://panamapapers.icij.org/20160403-panama-papers-global-overview.html

-Files reveal the offshore holdings of 140 politicians and public officials from around the world

-Current and former world leaders in the data include prime ministers of Iceland and Pakistan, the president of Ukraine, and the king of Saudi Arabia

-More than 214,000 offshore entities appear in the leak, connected to people in more than 200 countries and territories

-Major banks have driven the creation of hard-to-trace companies in offshore havens

A massive leak of documents exposes the offshore holdings of 12 current and former world leaders and reveals how associates of Russian President Vladimir Putin secretly shuffled as much as $2 billion through banks and shadow companies.

The leak also provides details of the hidden financial dealings of 128 more politicians and public officials around the world.

The cache of 11.5 million records shows how a global industry of law firms and big banks sells financial secrecy to politicians, fraudsters and drug traffickers as well as billionaires, celebrities and sports stars.

These are among the findings of a yearlong investigation by the International Consortium of Investigative Journalists, German newspaper Süddeutsche Zeitung and more than 100 other news organizations.

First off, I haven't had the time to read the whole piece and I have no information to the validity of the authors. With that being said, this looks kinda big. I look forward to the board's input.

 

[Carjosse]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

No one should be surprised by this.

 

[TheDemSocialist]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Report from the Guardian

The hidden wealth of some of the world’s most prominent leaders, politicians and celebrities has been revealed by an unprecedented leak of millions of documents that show the myriad ways in which the rich can exploit secretive offshore tax regimes.
The Guardian, working with global partners, will set out details from the first tranche of what are being called “the Panama Papers”. Journalists from more than 80 countries have been reviewing 11.5m files leaked from the database of Mossack Fonseca, the world’s fourth biggest offshore law firm.

The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists with the Guardian and the BBC.

Though there is nothing unlawful about using offshore companies, the files raise fundamental questions about the ethics of such tax havens – and the revelations are likely to provoke urgent calls for reforms of a system that critics say is arcane and open to abuse.

The Panama Papers reveal:

Read more @:
[h=1]The Panama Papers: how the world’s rich and famous hide their money offshore[/h]

 

[SocialD]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Looks like the primary haven of money has transition to Luxembourg. yea some in Switzerland still but there is a lot of pressure on Swiss banks these days so it figures it would move.

 

[azgreg]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

The Panama Papers: what you need to know | News | The Guardian

How much data has been leaked?
A lot. The leak is one of the biggest ever – larger than the US diplomatic cables released by WikiLeaks in 2010, and the secret intelligence documents given to journalists by Edward Snowden in 2013. There are 11.5m documents and 2.6 terabytes of information drawn from Mossack Fonseca’s internal database.

This will take some time to go through.

 

[Orly?]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Wish I could ctrl+f=clinton

 

[Carjosse]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Looks like the primary haven of money has transition to Luxembourg. yea some in Switzerland still but there is a lot of pressure on Swiss banks these days so it figures it would move.

It was never in Switzerland to begin with, Switzerland has not been a popular tax haven for along time. You have to remember this was one law firm that specialized in Panama and probably Luxembourg. The actual primary haven is probably the Cayman Islands or Bermuda, Luxembourg and Ireland are just bases for the shell companies.

 

[Manc Skipper]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

PM David Camerins's dd's account is there in the Files. Cameron denied it existed two years ago. So fr there seems to be a handful of Conservative MP's past and present, and a few high flyers. Interesting times!

 

[TheDemSocialist]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Wish I could ctrl+f=clinton

What about the Trumpster?

 

[Orly?]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

What about the Trumpster?

Sure...

But I'm pretty sure he brags about all his money rather than trying to hide it..

 

[Roadvirus]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Wouldn't surprise me if sHrillary's name is listed.

 

[TheDemSocialist]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Sure...

But I'm pretty sure he brags about all his money rather than trying to hide it..

:lamo
Let validate the "press sure" shall we?

 

[Orly?]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

:lamo
Let validate the "press sure" shall we?

Engrish?

 

[azgreg]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

https://twitter.com/JimmyRushmore/status/716710497496788992

 

[Carjosse]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

I think this thread needs this:

 

[Carjosse]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Wouldn't surprise me if sHrillary's name is listed.

Looks like she is not among the politicians exposed which means she at least has not put her money in Panama.

 

[brothern]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

No American politicians or citizens have been implicated yet, which is strange ...

https://panamapapers.icij.org/the_power_players/

 

[Carjosse]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

No American politicians or citizens have been implicated yet, which is strange ...

https://panamapapers.icij.org/the_power_players/

Well considering US ties with Panama, I would not be surprised if Panama had a tax treaty that stopped this kind of activity with the US but not with other nations. Without a doubt US holdings are focused in the Caribbean (Bermuda, Caymans, Bahamas, etc.).

 

[brothern]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Iceland's PM was implicated. He and his wife set up a shell company that, from what I can gather, owned some $4 million in Icelandic bank bonds.

Iceland’s prime minister walks out of interview over tax haven question – video | News | The Guardian

 

[brothern]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Well considering US ties with Panama, I would not be surprised if Panama had a tax treaty that stopped this kind of activity with the US but not with other nations. Without a doubt US holdings are focused in the Caribbean (Bermuda, Caymans, Bahamas, etc.).

No way though that there's no Americans involved. We have the most number of billionaires in the world. No way that every single last one of them chose to hide their assets in the Caribbean islands over Panama.

 

[Carjosse]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

No way though that there's no Americans involved. We have the most number of billionaires in the world. No way that every single last one of them chose to hide their assets in the Caribbean islands over Panama.

Why? The Caribbean nations are by far the most popular places for people to hide money. There might be Americans involved but like I said I do not think any American would be able to get away with storing money there. Actually. I just checked and the US does have a tax treaty with Panama.

 

[brothern]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Why? The Caribbean nations are by far the most popular places for people to hide money. There might be Americans involved but like I said I do not think any American would be able to get away with storing money there. Actually. I just checked and the US does have a tax treaty with Panama.

Why? ... because money will always find a way.

 

[Carjosse]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Why? ... because money will always find a way.

Except when there is a tax treaty that would put a stop to most of this and just make it easier to store it in the Cayman Islands instead. Why take the extra effort and risk criminal charges when you just more easily go somewhere else.

 

[brothern]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Except when there is a tax treaty that would put a stop to most of this and just make it easier to store it in the Cayman Islands instead. Why take the extra effort and risk criminal charges when you just more easily go somewhere else.

Ok. The counter argument is to look up other tax treaties Panama has signed like the Panama-Candian one.
Agreement Between Canada and The Republic Of Panama for Tax Cooperation and the Exchange of Information Relating to Taxes

... and according to CBC News there are hundreds of Canadians implicated. "Among the leaked records is info on the offshore assets of several hundred Canadians, including lawyers, mining and oil executives, business people and even known fraudsters. None of them are prominent personalities, however."

Panama Papers: Document leak exposes global corruption, secrets of the rich - World - CBC News
Browse by country: Canada

I would be very shocked to learn that there are multiple dirty dealings of Canadians, but no dirty American dealings.

 

[Carjosse]

Re: Giant Leak of Offshore Financial Records Exposes Global Array of Crime and Corrup

Ok. The counter argument is to look up other tax treaties Panama has signed like the Panama-Candian one.
Agreement Between Canada and The Republic Of Panama for Tax Cooperation and the Exchange of Information Relating to Taxes

... and according to CBC News there are hundreds of Canadians implicated. "Among the leaked records is info on the offshore assets of several hundred Canadians, including lawyers, mining and oil executives, business people and even known fraudsters. None of them are prominent personalities, however."

Panama Papers: Document leak exposes global corruption, secrets of the rich - World - CBC News
Browse by country: Canada

I would be very shocked to learn that there are multiple dirty dealings of Canadians, but no dirty American dealings.

Well I know for a fact that the CRA is also ineffective with dealing with offshore tax havens. Also, like I said before the US has good relations with Panama that Canada does not have, they may be more cooperative withe the IRS. We have to wait and see what happens.