The Panama Papers leak is catastrophe of 11.5 million confidential documents held by the Panamanian corporate service provider and world’s fourth biggest offshore law firm - Mossack Fonseca on 3rd April 2016. This database included furtive information for more than 214,000 offshore companies. It comprehended identities of shareholders and financiers investing in shell companies and offshore tax haven through Mossack Fonseca which handled their financial activities.
Participating in shell companies involved tax avoidance which later was accused to lead as frauds and tax evasion. This leak highlighted companies and individuals involved in this tax evasion and public scrutiny. Companies and individuals listed in Panama Papers had executed illegal practice of tax avoidance, tax evasion and frauds. This catastrophe was brought in light by Süddeutsche Zeitung through an anonymous source. A full list of database of the Panama Papers is expected to disclose in May 2016.
In 2015, this anonymous source provided Süddeutsche Zeitung 2.6 terabytes data. This data was shared with the International Consortium of Investigative Journalists (ICIJ) which was distributed for investigation and analysis to approximately 400 journalists at 107 media organizations in more than 80 countries. Panama Papers include government leaders, officials, close relatives & associates of various heads of government and renowned celebrities across Argentina, Iceland, Saudi Arabia, Ukraine, the United Arab Emirates, Brazil, China, Peru, France, India, Malaysia, Mexico, Pakistan, Romania, Russia, South Africa, Spain, Syria, and the United Kingdom.
Adversative impact of this leak is witnessed by countries such as U.S., Great Britain, Hong Kong, Argentina, Iceland, etc. In addition, it has affected various stock markets. This research report examines the Panama Papers leak’s impact and consequences. It further elaborates the advantages and describes the disadvantages that are faced by the world.
Advantages:
1. INTRODUCTION TO THE PANAMA PAPERS LEAK
2. PANAMA PAPERS LEAK ANALYSIS
3. ANALYSIS OF OFFSHORE FINANCIAL CENTERS
4. PANAMA PAPERS LEAK ANALYSIS BY GEOGRAPHY
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