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The Panama Papers Leak – Is It The Ashley Madison For Cheats?

For a firm dealing with the super-rich, super-elite, super-secret, Panamanian firm Mossack Fonseca has just become a euphemism for all of those things.

And for many of the wrong reasons.

The firm is very well known in a lot of people in those groups, but now thanks to a leak of massive volumes of documents leaked to journalists it is now the subject to massive scrutiny with names as big as Vladimir Putin’s being highlighted for the funnelling of funds across a multitude of jurisdictions, as well as other high profile political, social and sporting figures.

The law firm, set up in 1977, has global reach across a network of more than 40 offices, designed to help the setting up of Panamanian registered companies that will obscure the real ownership.  Entities are registered in tax havens and countries across the world

Right now, the major focus is upon Russian corruption, as well as Iceland, and ill-gotten gains concealed in securities, resorts, buildings, yachts and bank accounts just about everywhere.
However the wider repercussions regarding taxation evasion, which is increasingly the attention of those seeking to extract taxes from global giants like Google, Facebook and Apple, and the hiding of assets by both corporations and individuals, including in bankruptcy and divorce settlements is something that could undermine the taxation system globally.

What the Panama Papers Show

The Panama Papers are a trove comprising some 2.6 terabytes of data.  Let’s take a look at some of the politicians and assorted crooks who might be testing the taxation waters (to put it mildly), which our friends at Vox have reported:

The International Consortium of Investigative Journalists has a full profile of the politicians and relatives named in the papers – some 11.5 million secret files.

Is your favorite politician there?

crooks

Check the list.

 

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