Panama Papers: biggest leak in history published by German newspaper

[webfact]

Panama Papers: biggest leak in history published by German newspaper



STUTTGART: -- Details are emerging from a giant leak of confidential documents: the so-called Panama Papers.

Eleven million records expose the offshore holdings of some 140 politicians from more than fifty countries.

The information in the leak covers associates of the Russian president, current and former leaders including prime ministers of Iceland and Pakistan, the president of Ukraine, and the king of Saudi Arabia.

Professional athletes, FIFA officials, fraudsters and drug smugglers have all had their financial dealings leaked.

German newspaper Süddeutsche Zeitung has posted the eleven million documents from a Panamanian law firm online. The paper says they provide “rare insights into a world that can only exist in the shadows.”

-- (c) Copyright Euronews 2016-04-04

[webfact]

News group claims huge trove of data on offshore accounts
By FRANK JORDANS

BERLIN (AP) — An international coalition of media outlets on Sunday published what it said was an extensive investigation into the offshore financial dealings of the rich and famous, based on a vast trove of documents provided by an anonymous source.

The International Consortium of Investigative Journalism, a nonprofit organization based in Washington, said the cache of 11.5 million records detailed the offshore holdings of a dozen current and former world leaders, as well as businessmen, criminals, celebrities and sports stars.

The Associated Press wasn't immediately able to verify the allegations made in articles that were published by the more than 100 news organizations around the world involved in the investigation.

However, the German newspaper Sueddeutsche Zeitung, which first received the data more than a year ago, said it was confident the material was genuine.

The Munich-based daily was offered the data through an encrypted channel by an anonymous source who requested no monetary compensation and asked only for unspecified security measures, said Bastian Obermayer, a reporter for the paper.

The data concerned internal documents from a Panama-based law firm, Mossack Fonseca. Founded by German-born Juergen Mossack, the firm has offices across the globe and is among the world's biggest creators of shell companies, the newspaper said. Mossack Fonseca did not immediately respond to an AP request for comment.

ICIJ said the law firm's leaked internal files contain information on 214,488 offshore entities connected to people in more than 200 countries and territories. It said it would release the full list of companies and people linked to them early next month.

Obermayer said that over the course of several months Sueddeutsche Zeitung received about 2.6 terabytes of data — more than would fit on 600 DVDs. The newspaper said the amount of data it obtained is several times larger than a previous cache of offshore data published by WikiLeaks in 2013 that exposed the financial dealings of prominent individuals.

"To our knowledge this is the biggest leak that journalists have ever worked on," Obermayer said.

The newspaper and its partners verified the authenticity of the data by comparing it to public registers, witness testimony and court rulings, he told the AP. A previous cache of Mossack Fonseca documents obtained by German authorities was also used to verify the new material, Obermayer added.

Among the countries with past or present political figures named in the reports are Iceland, Ukraine, Pakistan, Saudi Arabia and Russia.

The Guardian newspaper, which took part in the investigation, published a video on its website late Sunday showing an interview with Iceland's prime minister, Sigmundur David Gunnlaugsson. During the interview with Sweden's SVT television, the prime minister is asked about a company called Wintris. He responds by insisting that its affairs are above board and calling the question "completely inappropriate," before breaking off the interview.

In Russia, the Kremlin last week said it was anticipating what it called an upcoming "information attack."

Russian President Vladimir Putin's spokesman, Dmitry Peskov, told reporters that the Kremlin had received "a series of questions in a rude manner" from an organization that he said was trying to smear Putin.

"Journalists and members of other organizations have been actively trying to discredit Putin and this country's leadership," Peskov said.

The ICIJ said the documents included emails, financial spreadsheets, passports and corporate records detailing how powerful figures used banks, law firms and offshore shell companies to hide their assets. The data spanned a time frame of nearly 40 years, from 1977 through the end of 2015, it said.

"It allows a never-before-seen view inside the offshore world — providing a day-to-day, decade-by-decade look at how dark money flows through the global financial system, breeding crime and stripping national treasuries of tax revenues," the ICIJ said.

According to the media group's website, global banks including HSBC, UBS, Credit Suisse, Deutsche Bank and others have worked with Mossack Fonseca to create offshore accounts.

"The allegations are historical, in some cases dating back 20 years, predating our significant, well-publicized reforms implemented over the last few years," HSBC spokesman Rob Sherman said in an emailed response to an AP request for comment.

"We work closely with the authorities to fight financial crime and implement sanctions," he said.

UBS, Credit Suisse and Deutsche Bank did not immediately respond to a request for comment.

____

https://panamapapers.icij.org/


-- (c) Associated Press 2016-04-04

[Somtamnication]

Now THIS is going to be interesting.

[craigt3365]

More interesting info here.

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

It also reveals a suspected billion-dollar money laundering ring that was run by a Russian bank and involved close associates of President Putin.

........

Money has been channelled through offshore companies, two of which were officially owned by one of the Russian president's closest friends.

[kotsak]

[Colabamumbai]

Is anyone really surprised?

[Naam]

Now THIS is going to be interesting.

because a huge number of Thaivisa members are about to be exposed?

[craigt3365]

Now THIS is going to be interesting.

because a huge number of Thaivisa members are about to be exposed?

I wish I had the problem of too much money and where to hide it! LOL

[Naam]

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 sanctions are based on the fact that Bank Rossiya financed Crimea's occupation and last not least because the banks compliance department provided the strategic planning for the Red Army

[mike324]

Something like 2-3 years ago there was a list of wealthy businessmen who have offshore accounts, a handful of the wealthiest Thais were listed there.... anybody remember that list?

[Naam]

for the record: offshore corporations and offshore accounts are not necessarily used to evade taxes, launder money or covering up illegal activities. in many cases they are a simple and inexpensive substitute for a will / estate planning to avoid a lengthy and costly court probate.

[Khon Kaen Dave]

OP who said 'Now THIS is going to be interesting"

Amen to that brother,i only hope that Cammeron is somewhere on that list,and a good number of his government.In fact,i hope most of the British parliament is mentioned.

[sanukjim]

Now THIS is going to be interesting.

because a huge number of Thaivisa members are about to be exposed?

Keep reading your funnies and sports.good for you

[soc]

Now THIS is going to be interesting.

because a huge number of Thaivisa members are about to be exposed?

I wish I had the problem of too much money and where to hide it! LOL

l have that problem & it can get downright frustrating sometimes! lolz.

[Khon Kaen Dave]

In the UK,this could make the MP's transparency thing we had a few years ago,read like Noddy comic.One can only hope.

[bangon04]

for the record: offshore corporations and offshore accounts are not necessarily used to evade taxes, launder money or covering up illegal activities. in many cases they are a simple and inexpensive substitute for a will / estate planning to avoid a lengthy and costly court probate.

As usual, your post contains factually accurate information.

However, you will accept the possibility that the motives of those people mentioned in the OP may not be 100 per cent benevolent and socially responsible?

[Andaman Al]

So as this leak is even bigger than anything Wikileaks have done, i assume certain members will be as equally vitriolic about the editor of Sueddeutsche Zeitung as they were with Assange when he leaked info.

The press release mentions FIFA, If Sepp Blatter's name is in there it could prove more than slightly amusing.

Edited April 4, 2016 by Andaman Al

[ThaiKneeTim]

OP who said 'Now THIS is going to be interesting"

Amen to that brother,i only hope that Cammeron is somewhere on that list,and a good number of his government.In fact,i hope most of the British parliament is mentioned.

David Cameron's late father is listed, so I wouldn't be surprised if "call me Dave" doesn't have an off shore tax avoidance account somewhere too!

Edited April 4, 2016 by ThaiKneeTim

[craigt3365]

So as this leak is even bigger than anything Wikileaks have done, i assume certain members will be as equally vitriolic about the editor of Sueddeutsche Zeitung as they were with Assange when he leaked info.

The press release mentions FIFA, If Sepp Blatter's name is in there it could prove more than slightly amusing.

Comparing apples and oranges. Assange made public documents that were private, but not illegal. Unflattering comments by diplomats isn't against the law. Revealing state secrets is....

I'm sure whoever did this in Panama is for sure at risk. In more ways than one. They've revealed heads of state who've stolen money from their countries and hidden it away.

[Naam]

for the record: offshore corporations and offshore accounts are not necessarily used to evade taxes, launder money or covering up illegal activities. in many cases they are a simple and inexpensive substitute for a will / estate planning to avoid a lengthy and costly court probate.

As usual, your post contains factually accurate information.

However, you will accept the possibility that the motives of those people mentioned in the OP may not be 100 per cent benevolent and socially responsible?

there's no doubt that this possibility exists but it does not justify generalising negative judgments and assumptions.

[tracker]

I wonder who will be left standing after this is puzzled out....

Edited April 4, 2016 by tracker

[mopar71]

I wonder who will be left standing after this is puzzled out....

All of the dictators will. That PM from Iceland might be in trouble though.

[NeilSA1]

Waiting to see if Jacob Zuma's name appears.

Robert and Grace Mugabe are a given.

[craigt3365]

And so it begins...

http://www.bbc.com/news/business-35957178

The Australian Tax Office (ATO) is investigating more than 800 individual taxpayers, all residents of Australia.

...............

The ATO says in a statement it has managed to link more than 120 of the individuals to an "associate offshore service provider" located in Hong Kong.

[gerry1011]

These types of stories are a gift of God for the press to sell their papers to a populace eager to spit their venom at the rich.

It will end up in a flop.

Most of the offshore accounts and financial services are totally legal.

Remember Luxleaks... Nobody speaks about it anymore.

Edited April 4, 2016 by gerry1011

[Skywalker69]

[jpinx]

for the record: offshore corporations and offshore accounts are not necessarily used to evade taxes, launder money or covering up illegal activities. in many cases they are a simple and inexpensive substitute for a will / estate planning to avoid a lengthy and costly court probate.

That's a bit like saying that a gun is useful in controlling vermin (4-legged) and for sport

One wonders just what proportion of the total number of offshore accounts are operating for these "well-intentioned" reasons.

[ozyjon]

Use a stronger password next time,

123456 just doesn't cut it.

[ThaiKneeTim]

These types of stories are a gift of God for the press to sell their papers to a populace eager to spit their venom at the rich.

It will end up in a flop.

Most of the offshore accounts and financial services are totally legal.

Remember Luxleaks... Nobody speaks about it anymore.

Legal perhaps, especially if tax law is riddled with loopholes, or back doors, however I would question the morality of not making a fair contribution to a society from which these individuals profit.

[Chicog]

Use a stronger password next time,

123456 just doesn't cut it.

Unfortunately it is no longer that simple.