Way back in 1914, Panama – the country joining Central and South America – was in news for one of the world’s best engineering marvel – the Panama Canal. The 48-mile canal has been a big aid in easing out businesses across the two oceans (Atlantic and Pacific oceans). And now again, in 2016 it brings quakes in the financial world and becomes front page news.
PANAMA PAPERS LEAK – the words every media is highlighting since the past few days.
WHAT IS IT?
A mammoth set of documents - 11.5 million financial and legal records- from a company named Mossack Fonsec, a Panamanian wealth management firm founded by Jürgen Mossack. The documents include emails, financial spreadsheets, passports and corporate records.
HOW DID IT LEAK?
Süddeutsche Zeitung - the German newspaper received the documents from an unknown source almost a year back. The files were then shared with the International Consortium of Investigative Journalists (ICIJ) and reporters from over 100 news agencies around the world.
WHO IS MENTIONED?
Political leaders, Banks, Criminals, Celebrities, Athletes, Billionaires their relatives and associates from 200 countries across the globe.
Some names are President Mauricio Macri of Argentina; President Petro O. Poroshenko of Ukraine; Mr. Gunnlaugsson, the then prime minister of Iceland; Prime Minister Nawaz Sharif of Pakistan; King Salman of Saudi Arabia; the former emir of Qatar, Hamad bin Khalifa al-Thani, and its former prime minister, Hamad bin Jassim bin Jaber al-Thani; and the Argentine soccer star Lionel Messi, according to the consortium.
WHAT DOES IT DISCLOSE?
Offshore holdings, shell companies, black money, money laundering details through email chains, invoices and documents.
WHY THE BUZZ?
World’s rich and powerful hide assets and set up companies in far-flung jurisdictions to save tax, dodge sanctions and hide black money. This money is then used for bribes, arms deals, tax evasion, financial fraud and drug trafficking.
LATEST IMPACT OF PANAMA PAPERS LEAKS