Panama Papers: biggest leak in history published by German newspaper

[kannot]

Now THIS is going to be interesting.

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

I only "expose" with the Mrs thanks

[Misty]

Apparently there's no reason to go all the way to Panama to find a law firm like Mossack Fonseca to help launder dirty money. From a Jan 2016 60 Minutes episode:

"If you like crime dramas and movies with international intrigue, then you probably have a basic understanding of money laundering. It's how dictators, drug dealers, corrupt politicians, and other crooks avoid getting caught by transforming their ill-gotten gains into assets that appear to be legitimate.

They do it by moving the dirty money through a maze of dummy corporations and offshore bank accounts that conceal their identity and the source of the funds.

And most of it would never happen without the help -- witting or unwitting -- of lawyers, accountants and incorporators; the people who actually create these anonymous shell companies and help move the money. In fact, the U.S. has become one of the most popular places in the world to do it.

Tonight, with the help of hidden camera footage, we're going to show you how easy it seems to have become to conceal questionable funds from law enforcement and the public."

http://www.cbsnews.com/news/anonymous-inc-60-minutes-steve-kroft-investigation/

[craigt3365]

It has been rumored for years that Putin has in

essence stolen billions of dollars from Russia,

and is in fact the world's wealthiest man. So

hopefully these documents will show that.......

for the moment, they found 30 million belonging to one of Putin's friends... and they hope to make a big story out of that. Alone the amount is already laughable for someone like Putin.

Ummmm....more like 2 BILLION. And done with criminal intent.

http://www.cnbc.com/2016/04/04/what-the-panama-papers-mean-for-putin.html

The International Consortium of Investigative Journalists (ICIJ), one of the teams that has been analyzing the data, told CNBC the papers show Putin's close aides were involved in a $2 billion money trail with offshore firms and banks.

.........

"It's extraordinary, they are moving hundreds of millions of dollars at a time, they are taking money from a subsidiary, a Russian state bank, they are grabbing interests in major Russian companies and although we never see Vladimir Putin's name in the documents themselves, these are people who are very close to him," he added.

[Khon Kaen Dave]

I'm wondering if Tony and his arrogant wife Cherie are getting the sweats right now?

[Publicus]

It has been rumored for years that Putin has in

essence stolen billions of dollars from Russia,

and is in fact the world's wealthiest man. So

hopefully these documents will show that.......

Indeed.

This poster is on the ICIJ paper trail of Putin and Xi Jinping.

Xi has his notorious "anti-corruption" campaign which focuses only on his personal and intra-party rivals, competitors, foes, coup plotters, Party members Xi has screwed out of big money and the like. One estimate of corruption in the CCP China is $4 Trillion moving from the bottom of it to the top (2004-2013).

As for Putin, he focuses his hit men on anti-corruption people themselves period.

Here are the stars of corruption in the CCP China as discovered and identified by the ICIJ, all 37,000 named names, photos, corruption data.

Leaked Records Reveal Offshore Holdings of China’s Elite

https://www.icij.org/offshore/unlocking-chinas-secrets

The latest revelations, published on Jan. 21, exposed how close relatives of China’s top Communist leaders and wealthiest capitalists have held secretive offshore companies in the British Virgin Islands (BVI) and other offshore centers.

A few hours after the articles were published, Chinese censors blocked access to them on ICIJ’s website and the websites of other partner publications.

Still more stories may be found among the more than 37,000 names being released today.

You can go straight to the Offshore Leaks Database and start doing name and keyword searches revealed at the link above.

ICIJ has been around since 1997 so it's a treasure trove of most countries elites for going on 20 years.

Among the 197 ICIJ participant media are: Panorama, CBC, South China Morning Post (HKG), NYT, WAPO, Sydney Morning Herald, New Age (Aus), Sunday Times, Ming Pao (HKG), Ashai Shimbun, (Japan) Isra News Agency (Thailand).

SamutprakanToday Miss Uncensored News Thailand 2015

Edited April 5, 2016 by Publicus

[geriatrickid]

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.

Why would you want his name or UK MPs names included? Isn't that counter productive? Will you be disappointed if none of them is named and UK compliance and vetting measures were effective?

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.

The leak is "whistleblower" disclosure compliant. It was specific to illegal activity and was vetted and verified by legal counsel. The disclosure complies with the whistle blower legislation in the key jurisdictions where legal action can be taken. The major difference was that the information was treated in a responsible manner. Names are not being named without verification and the names having been given an opportunity to respond. Wikileaks involved the dumping of information that wasn't verified and of which no one thoroughly checked before its release. The journalists learned from the multiple errors associated with wikileaks and Assange's ego trip.

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

Anyone who was compliant? It's not that big a disclosure as far as these things go, and to be blunt, it just confirms what was long suspected for the past 25 years. Once again we ail see the involvement of some of the same accounting firms, banks and legal firms as have been implicated previously.

Waiting to see if Jacob Zuma's name appears.

Robert and Grace Mugabe are a given.

They were using Arab and Chinese financial facilities if I am not mistaken.

[geriatrickid]

If you want to see what the future is likely to hold for some of the wrong doers, just look at the big tax evasion scandal that's been dragging on for years in Canada with the Isle of Man tax haven and the shenanigans of KPMG:

http://www.cbc.ca/news/business/kpmg-tax-sham-used-by-at-least-25-wealthy-canadians-document-says-1.3249468

It mirrors the Panama activities. Nothing ever happens in some countries because the cases drag on and on. The only country which ever seems to successfully prosecute is the USA.

[Naam]

The use of offshore accounts is *always* to escape paying what is due to the users "home-country" tax system. Offshore corporations are just a bigger and more complicated way of doing the same thing. "Professionals" in the finance world resent the simplification of their world, but you really can not avoid the simple fact that the offshore facility is for the purpose of "saving" the client money which would otherwise be paid to their home country. The legitimacy of the process is not presented by any "legal" argument, but rather by a moral one.

.

quite obviously you possess a wealth of "no idea" concerning the definition of "offshore" that's why i take the liberty to enlighten you

my accounts with German banks located in Germany where i hold some assets who's yield is tax free because i reside in Thailand are de jure and de facto offshore accounts irrespective of the fact that i am a German citizen. the same applies to my account in the United States and accounts with banks in the "tax haven" Singapore.

the only difference is that the U.S. and German tax authorities require once in a while to certify that i meet the relevant criteria to obtain, respectively to keep that tax free status.

Uncle Sam doesnt scratch my back, I dont scratch his.

All I was required to do was fill out a simple form that stated I live overseas, simple.

The Thai tax man leaves me alone, I leave him alone.

if you maintain an account in the U.S. you have to renew a declaration (not form W-8BEN) at least every two years.

[DDbkh]

I wonder if these papers will expose how a certain well known investment bank helped a well known Thai fugitive short the Baht before the Asian financial crisis.

[billd766]

I'm wondering if Tony and his arrogant wife Cherie are getting the sweats right now?

That I don't know, but the UK PM Dave Cameron my have a problem explaining this.

http://www.bbc.com/news/world-35961422

David Cameron has called for greater transparency in tax havens and a clampdown on aggressive tax avoidance and evasion. But documents leaked from one of the world's biggest offshore specialists, Mossack Fonseca, reveal that his late father used one of the most secretive tools of the offshore trade after he helped set up a fund for investors.

[Basil B]

I'm wondering if Tony and his arrogant wife Cherie are getting the sweats right now?

I suspect this is going to be far bigger then the MP's expenses scandal, expect to see MP's of all parties named but I am sure the Tories will head the list.

[Basil B]

I'm wondering if Tony and his arrogant wife Cherie are getting the sweats right now?

That I don't know, but the UK PM Dave Cameron my have a problem explaining this.

http://www.bbc.com/news/world-35961422

David Cameron has called for greater transparency in tax havens and a clampdown on aggressive tax avoidance and evasion. But documents leaked from one of the world's biggest offshore specialists, Mossack Fonseca, reveal that his late father used one of the most secretive tools of the offshore trade after he helped set up a fund for investors.

Would not David's farther not told his son about his off shore dealings and how to avoid income tax??? I am sure my farther would have told me if we had been in the same situation.

When Ian Cameron wanted to attend a board meeting of Blairmore Holdings, he had to fly to either Switzerland or the Bahamas.

Blairmore, which appears to have been named after the Cameron family's ancestral estate in Aberdeenshire, held its meetings offshore to ensure the investment fund wouldn't have to pay any UK income tax or corporation tax on its profits.

So he must have known of his farther's frequent trips abroad... what did he think his farther was doing? playing footsie with a Mai noi or two?

[jpinx]

The hounds are baying but there are so many spoors they don't know which way to run first. The potential exposees are possibly well within the legal framework, but they are far outside the moral span.

Edited April 5, 2016 by jpinx

[Basil B]

There is nothing wrong or illegal with off shore accounts...

It is how they are used that can be at issue.

and it is not just about tax avoidance, one document, an internal Memo clearly states that funds came from the 1983 Brinks Mat robbery.

Lot of those funds are for laundering the proceeds of robberies, corruption & embezzlements, and the law firm was knowingly assisting crooks.

[jpinx]

The use of offshore accounts is *always* to escape paying what is due to the users "home-country" tax system. Offshore corporations are just a bigger and more complicated way of doing the same thing. "Professionals" in the finance world resent the simplification of their world, but you really can not avoid the simple fact that the offshore facility is for the purpose of "saving" the client money which would otherwise be paid to their home country. The legitimacy of the process is not presented by any "legal" argument, but rather by a moral one.

.

quite obviously you possess a wealth of "no idea" concerning the definition of "offshore" that's why i take the liberty to enlighten you

my accounts with German banks located in Germany where i hold some assets who's yield is tax free because i reside in Thailand are de jure and de facto offshore accounts irrespective of the fact that i am a German citizen. the same applies to my account in the United States and accounts with banks in the "tax haven" Singapore.

the only difference is that the U.S. and German tax authorities require once in a while to certify that i meet the relevant criteria to obtain, respectively to keep that tax free status.

There seems to be a recurring theme here 'tax free'. You have intentionally structured your international accounts so that you incur no taxable income. Happy to generate profit on your assets but loath to part with one Euro in Tax to countries that generate your income. Rather than 'enlighten' anyone you demonstrate jpinx points perfectly.

you also need some enlightenment none of my accounts are "structured" because there is no way to structure accounts or portfolios in order to achieve tax free income except in cheap Hollywood movies and/or your wrong assumptions.

i wish that kind of structuring was possible because then i'd live in another country.

the reasons for my tax free status are:

-no tax liability in Germany because i am not a resident,

-no tax liability in Singapore because income and capital gains from investments are not taxed,

-no tax liability in Thailand because offshore income is not taxed,

-no tax liability in any of the countries i invest because non-resident foreign investors are not taxed.

note: even in the unlikely case of catching mad cow disease which destroys the brain cells sending money to any tax authorities no taxman would accept it under prevailing circumstances.

this enlightenment is free of charge!

One can list many similar concepts, and their "legality" -- but none of them are morally justifiable. The fact that a law exists does not make it "right". Laws exist for the obedience of fools and the guidance of wise men - (quote) and a wise man understands the moral obligation in creating wealth. Money is not a passport to wisdom and happiness. Enlightenment comes from living a moral life - not from the unsolicited teachings of a materialist.

Examples of the morality (or lack of it) are highlighted by the howls of protest when Starbucks/Google/etc were exposed for paying virtually no tax in EU/UK -- all perfectly legal, all worked out by bean counters and lawyers -- but the public outrage exposed the iniquitous lack of morality in such "legal" schemes. Their wrath was directed at the companies, but it might have been better used against the inept law-makers.

This is not a direct comparison of corporate tax structuring versus personal investment and taxation so don't start throwing apples and pears at me, but it *is* a classic example of immoral laws allowing immoral activity.

Edited April 5, 2016 by jpinx

[RuamRudy]

I'm wondering if Tony and his arrogant wife Cherie are getting the sweats right now?

I suspect this is going to be far bigger then the MP's expenses scandal, expect to see MP's of all parties named but I am sure the Tories will head the list.

I hope you are right, but the reality is that the expenses scandal didn't really change very much; the parasites are still troughing. Most likely, in this case, we will see a few of the weaker specimens thrown to us wolves, and the rest will continue with their living large at the expense of the majority.

[schondie]

I doubt if they Bliars are going to get outed in this. It seems incredible that none of the Bush clan or the Clintons are mentioned either so far.

Unless the whole lot of the papers are put online for everybody to search I doubt any of the friends of Soros, Rockerfeller and other sponsors of the ICIJ are going to get found out.

I'm hoping there's some ethical hackers out there already downloading as many files as possible unless the information is stored on an air gapped computer.

[Berkshire]

I doubt if they Bliars are going to get outed in this. It seems incredible that none of the Bush clan or the Clintons are mentioned either so far.

Unless the whole lot of the papers are put online for everybody to search I doubt any of the friends of Soros, Rockerfeller and other sponsors of the ICIJ are going to get found out.

I'm hoping there's some ethical hackers out there already downloading as many files as possible unless the information is stored on an air gapped computer.

Here's an article that explains why few Americans are implicated:

https://www.yahoo.com/news/panama-papers-why-no-americans-193702690.html

[pistachios]

There are many uses for offshore corporations.

yes, money laundering and evading taxes is one possible use, and I would say a large chunk of offshore corporations are used for that.

the use mentioned by Naam is another, widespread, legitimate use.

I use an offshore corporation to make international business in conjunction with tax residence in a country that doesn't tax income realized abroad.

another possible use of an offshore corporation is to conduct 100% legal business that for some reason you wouldn't want people to know about, such as running a special interest site, but you don't want your workmates to know about it (for example a support group for closet homosexuals).

Could also be a political blog or a civil rights movement.

there are many legitimate uses for offshore corporations.

"I use an offshore corporation to make international business in conjunction with tax residence in a country that doesn't tax income realized abroad."

You are using an unconventional (legal or not, that's not the point) structure in order to pay the least amount of tax possible. This look like and smells like tax evasion.

[craigt3365]

I doubt if they Bliars are going to get outed in this. It seems incredible that none of the Bush clan or the Clintons are mentioned either so far.

Unless the whole lot of the papers are put online for everybody to search I doubt any of the friends of Soros, Rockerfeller and other sponsors of the ICIJ are going to get found out.

I'm hoping there's some ethical hackers out there already downloading as many files as possible unless the information is stored on an air gapped computer.

Here's an article that explains why few Americans are implicated:

https://www.yahoo.com/news/panama-papers-why-no-americans-193702690.html

Very interesting. I met with a lawyer years ago about setting up an offshore account. Wink, wink, nod, nod...we can also help you save on taxes. LOL The fees were ridiculous.

I like this comment:

Tax experts generally identify three categories of people who seek global tax havens: criminals; “politically exposed persons,” or PEPs, who enrich themselves while holding office and need to hide the money; and regular rich folk who want to conceal assets from family members, ex-spouses and the like. Many of the characters who turned up in the Panama Papers appear to be PEPs who are more interested in keeping cash from public view than minimizing the tax bills on legitimate income.

[Naam]

Here's an article that explains why few Americans are implicated:

https://www.yahoo.com/news/panama-papers-why-no-americans-193702690.html

an eggsburt research by Rick Newman and Mandi Woodruff

A massive leak of documents from Panamanian law firm Mossack Fonseca shows that more than 100 prominent people have used the firm’s services to set up accounts in foreign tax havens and avoid paying taxes in their home countries. The firm’s clients include top officials in Argentina, Iceland, Saudi Arabia, Abu Dhabi

zero income tax in Saudi Arabia and the United Arab Emirates

that also applies to Kuwait, Bahrain, Qatar and Oman.

[Naam]

One can list many similar concepts, and their "legality" -- but none of them are morally justifiable. The fact that a law exists does not make it "right". Laws exist for the obedience of fools and the guidance of wise men - (quote) and a wise man understands the moral obligation in creating wealth. Money is not a passport to wisdom and happiness. Enlightenment comes from living a moral life - not from the unsolicited teachings of a materialist.

Examples of the morality (or lack of it) are highlighted by the howls of protest when Starbucks/Google/etc were exposed for paying virtually no tax in EU/UK -- all perfectly legal, all worked out by bean counters and lawyers -- but the public outrage exposed the iniquitous lack of morality in such "legal" schemes. Their wrath was directed at the companies, but it might have been better used against the inept law-makers.

This is not a direct comparison of corporate tax structuring versus personal investment and taxation so don't start throwing apples and pears at me, but it *is* a classic example of immoral laws allowing immoral activity.

big corporate business does not and has never cared for morality. fact is that nowadays politicians / lawmakers are more than ever dancing to the tunes and move according to the strings pulled by globally acting puppet masters. the 2008 crisis and its aftermath are perfect examples for my claim.

[lkv]

"I use an offshore corporation to make international business in conjunction with tax residence in a country that doesn't tax income realized abroad."

You are using an unconventional (legal or not, that's not the point) structure in order to pay the least amount of tax possible. This look like and smells like tax evasion.

It smells like tax evasion only to people that are not aware of the difference between tax evasion and tax avoidance.

[lkv]

big corporate business does not and has never cared for morality. fact is that nowadays politicians / lawmakers are more than ever dancing to the tunes and move according to the strings pulled by globally acting puppet masters. the 2008 crisis and its aftermath are perfect examples for my claim.

Big corporate's goal is to protect its shareholders interests. When everybody buys Apple stock and the price goes up so they make money, they're all happy about it. When they find out the way Apple structures its tax affairs, they start moaning.

A bit of a double standard.

[craigt3365]

Here's an article that explains why few Americans are implicated:

https://www.yahoo.com/news/panama-papers-why-no-americans-193702690.html

an eggsburt research by Rick Newman and Mandi Woodruff

A massive leak of documents from Panamanian law firm Mossack Fonseca shows that more than 100 prominent people have used the firm’s services to set up accounts in foreign tax havens and avoid paying taxes in their home countries. The firm’s clients include top officials in Argentina, Iceland, Saudi Arabia, Abu Dhabi

zero income tax in Saudi Arabia and the United Arab Emirates

that also applies to Kuwait, Bahrain, Qatar and Oman.

Interesting. So why would they hide the money? I guess it'd have to be for family reasons????

[Gulfsailor]

Here's an article that explains why few Americans are implicated:

https://www.yahoo.com/news/panama-papers-why-no-americans-193702690.html

an eggsburt research by Rick Newman and Mandi Woodruff

A massive leak of documents from Panamanian law firm Mossack Fonseca shows that more than 100 prominent people have used the firms services to set up accounts in foreign tax havens and avoid paying taxes in their home countries. The firms clients include top officials in Argentina, Iceland, Saudi Arabia, Abu Dhabi

zero income tax in Saudi Arabia and the United Arab Emirates

that also applies to Kuwait, Bahrain, Qatar and Oman.

Interesting. So why would they hide the money? I guess it'd have to be for family reasons????

All said countries have a corporate income tax, ranging from 10% to some as high as 55%. Any paid out dividends will be from after-tax profits, so it certainly makes economic sense to 'generate' the majority of profits offshore and hide it there.

[Naam]

Here's an article that explains why few Americans are implicated:

https://www.yahoo.com/news/panama-papers-why-no-americans-193702690.html

an eggsburt research by Rick Newman and Mandi Woodruff

A massive leak of documents from Panamanian law firm Mossack Fonseca shows that more than 100 prominent people have used the firm’s services to set up accounts in foreign tax havens and avoid paying taxes in their home countries. The firm’s clients include top officials in Argentina, Iceland, Saudi Arabia, Abu Dhabi

zero income tax in Saudi Arabia and the United Arab Emirates

that also applies to Kuwait, Bahrain, Qatar and Oman.

Interesting. So why would they hide the money? I guess it'd have to be for family reasons????

an offshore corporation is a favourite vehicle e.g. to buy property in London, Paris, New York, a multi-million dollar yacht, a 29 carat rare diamond at Christies or an old master's painting at Sotheby's when the buyer wants to remain anonymous. the latter is his/her prerogative and has nothing to do with hiding money or evading taxes.

i don't want to speculate concerning reasons but i consider it utmost ridiculous that journàrselists name Saudi Arabia's King Salman in context with tax fraud

[Naam]

All said countries have a corporate income tax, ranging from 10% to some as high as 55%. Any paid out dividends will be from after-tax profits, so it certainly makes economic sense to 'generate' the majority of profits offshore and hide it there.

it makes perfect sense that the King of Saudi Arabia "hides" his corporate after tax profits which are tax free in an offshore corporation which states him as beneficiary.

next!

[chilli42]

big corporate business does not and has never cared for morality. fact is that nowadays politicians / lawmakers are more than ever dancing to the tunes and move according to the strings pulled by globally acting puppet masters. the 2008 crisis and its aftermath are perfect examples for my claim.

Big corporate's goal is to protect its shareholders interests. When everybody buys Apple stock and the price goes up so they make money, they're all happy about it. When they find out the way Apple structures its tax affairs, they start moaning.

A bit of a double standard.

Large corporations don't give a flying <deleted> about shareholders interests. Their goal is to manage shareholders, not protect their interests. I worked at the board level of a couple of very large corporations and I can assure you all they care about is themselves ... the top level management team. Aside from which it should be blindingly obvious, based on the behaviors of large corporations, they seldom to never act in the shareholder of public interest. The fact that the behaviour of corporations occasionally coincides with what shareholders also want is just happy circumstance. Big Corporations spend a great deal of time on tax avoidance schemes that are within the letter of the law. Have you thought for a second how these tax avoidance schemes came into being? They exist because large Corporations lobby and pay the law-makers in government to have these tax regulations passed into law. Meanwhile, large corporations avoid paying their fair share of the country tax burden. This is in a country where other tax payers fund roads, security, markets, government ete (all the things that make doing business possible). The double standard is the way Corporations and wealthy people are treated vs the average working person. The Panama papers are not even the tip of the iceberg ... you will only see a few small fish netted in this. If you imagine that you live in a world where the wealth of the middle class is not being squeezed into the pockets of corporations and the wealthy then you would have to be drinking the Kool Aid they are feeding you.

[craigt3365]

Large corporations don't give a flying <deleted> about shareholders interests. Their goal is to manage shareholders, not protect their interests. I worked at the board level of a couple of very large corporations and I can assure you all they care about is themselves ... the top level management team. Aside from which it should be blindingly obvious, based on the behaviors of large corporations, they seldom to never act in the shareholder of public interest. The fact that the behaviour of corporations occasionally coincides with what shareholders also want is just happy circumstance. Big Corporations spend a great deal of time on tax avoidance schemes that are within the letter of the law. Have you thought for a second how these tax avoidance schemes came into being? They exist because large Corporations lobby and pay the law-makers in government to have these tax regulations passed into law. Meanwhile, large corporations avoid paying their fair share of the country tax burden. This is in a country where other tax payers fund roads, security, markets, government ete (all the things that make doing business possible). The double standard is the way Corporations and wealthy people are treated vs the average working person. The Panama papers are not even the tip of the iceberg ... you will only see a few small fish netted in this. If you imagine that you live in a world where the wealth of the middle class is not being squeezed into the pockets of corporations and the wealthy then you would have to be drinking the Kool Aid they are feeding you.

You worked for the wrong companies. I also worked at the "board" level for many companies. Profits were absolutely important. But not at the risk of major social issues. Many of the board members were serious philanthropists. With no strings attached. Can't paint everybody with the same brush. There are good people and bad people out there.