Panama Papers scandal prompts quick action by Thai AMLO

[ChrisY1]

I see denials starting already in this morning papers....one claim he didn't even know he had an off shore account.....and there'll be a whole wave of denials as the days and weeks progress.....

[mca]

I see denials starting already in this morning papers....one claim he didn't even know he had an off shore account....

Come on Chris that's a bit harsh and an easy mistake to make. Why only the other day I told my wife I was popping to the 7-11 to buy some paper clips and she informed me there were some in the cupboard next to our bedroom.

[MaxLee]

Oooops, take us off the INTERNATIONAL LOST-FACE LIST

[craigt3365]

While this is making big news across the world, we may forget that this is just one company out of many in one country out of many that specializes in shell companies and tax shelters. The problem is so much larger than this one company.

It is a big deal. Huge deal. This has been well known for years, for sure. But now it's being made public. It won't matter in most countries as there's no democracy and no freedom of the press. So the average citizen won't really know what's going on.

http://www.forbes.com/sites/frederickallen/2012/07/23/super-rich-hide-21-trillion-offshore-study-says/#4b64d27b73d3

A new report finds that around the world the extremely wealthy have accumulated at least $21 trillion in secretive offshore accounts. That’s a sum equal to the gross domestic products of the United States and Japan added together.

....

The report’s analysis, based on data from many sources including the Bank of International Settlements and the International Monetary Fund, indicates that enough money has left some developing countries since the 1970s to pay off all their debts to the rest of the world. “The problem here is that the assets of these countries are held by a small number of wealthy individuals while the debts are shouldered by the ordinary people of these countries through their governments,” the report says.Money has especially flowed out of oil producing states. Some $700 billion has left Russia since the 1990s: $305 billion has flowed out of Saudi Arabia since the 1970s, and about the same amount from Nigeria.

The leaders of these countries become rich while the average citizen lives in poverty. Not fair, IMHO.

Edited April 6, 2016 by craigt3365

[Ricardo]

Golly gosh, I do hope that no legitimate Thai businessmen based in the UAE, and reputed to bank in the BVI among other places, accidentally see details of their perfectly-legal offshore dealings revealed, but then again who would ever use murky companies in tax-havens to hide their operations, in African gold or mining or diamond-trading for example ?

[manhood]

Well now you know why Thailand ties to keep the mouth shut for the press and have to wear a muzzle!

ONLY free press can do investigations and get all the dirt up on the surface.

It's always like that: if there is no wrongdoing nothing has to be hidden ! But as there is so much of wrongdoing in Thailand mostly from the few rich families and the politicians involved in the protection of these families they create all the laws to punish all the ones who are investigating !

So in Thailand will never ever corruption, pribes and suppression of information as well as bending the law for the rich and fittest stopping!

Too many enjoy a wonderful life on this system!

[smutcakes]

Without reading the thread, is it safe to assume that TS name does not feature?

I presume if it did there would be lots of teeth knashing etc but without it, just the good people tax mitigation, soon to be buried.

[Baerboxer]

Repeat after me:

It was all perfectly legal...perfectly legal....perfectly legal.

Which may be true in many cases. Yet is also true that there are two financial games being played: the game played by the vast majority of people who are not rich; and the game played by the rich. This latter game is very well funded, and the players extremely well compensated. One might even say they are "blessed".

It's all legal providing they can show documentary evidence on how and where they acquired their funds.

If money was transferred out of Thailand they must show how it was generated and that tax laws were complied with prior to transfer. If it was generated outside of Thailand they will have to show they made appropriate declarations of global income in accordance with Thai law.

That is, of course, if any real investigation happened.

Sorry but can't see this going anywhere but round and round the garden and maybe some nice earners for one or two.

[Baerboxer]

That is a bloody good point to be honest.

It will be sure that not everyone showing up in these lists will be identified, unless someone outside Thailand independently takes on that responsibility and spreads it all over the internet, as they may not be so ready to accept dirty brown envelopes as others. Not that I am suggesting that should happen, at all.

Oh, they'll be exposed, don't worry about that!

Hopefully something like this will happen:

http://www.abc.net.au/news/2016-04-05/icelandic-pm-refuses-to-resign-over-panama-papers-leak/7298944

"I'm not going to resign". He'll be gone by Friday, latest.

Less than 24 hours... Iceland PM Resigns Following Protests Over Offshore Investments

In his case that conflict of interest in dealing with collapsed Icelandic banks pay outs looks to be the killer rather than the initial source of funds.

But how many politicians around the world have conflicts of interest, rule for their own benefit and take advantage of insider knowledge I wonder?

[connda]

Tick, tick, tick...

"Sweep, sweep, sweep" <sounds of pushing all this back into a dark corner amidst a frenzy of damage control>. "Sweep, sweep, sweep"

[al007]

As a retired UK Chartered Accountant who has lead an interesting life, I comment that Panama Companies for 99% of the time are only used for tax evasion, illegal, and tax avoidance, generally legal but today becoming morally unacceptable

For general purposes there are many jurisdictions better and far cheaper and more acceptable than Panama unless secrecy is required

Delaware in the centre of the USA has great secrecy on company structure, with nominee and bearer status companies, might and probably would produce even more worries if all exposed

This is only the tip of the global iceberg and the current exposure goes back yo 1977 WOW a lot of people need to be worried

It is also very interesting today Lawyers and Accountants in the UK have to report to the various authorities if they are aware of their clients doing anything illegal, and it is an offence if they notify the client they are shopping them

[balo]

This is going to be great fun to watch. I bet a lot of people out there are losing a lot of sleep right now. 555

Why should they ? It's legal in Panama , they are rich and influential , worst case scenario they have to pay tax. They will not get punished with any jail sentence if that's what you think.

[Khun Han]

Golly gosh, I do hope that no legitimate Thai businessmen based in the UAE, and reputed to bank in the BVI among other places, accidentally see details of their perfectly-legal offshore dealings revealed, but then again who would ever use murky companies in tax-havens to hide their operations, in African gold or mining or diamond-trading for example ?

Ricardo, I would be astonished if Thaksin (and a few of his cohorts) wasn't involved in such dodgy deals. The real story for Thailand on this is: are people who are supposedly respectable businesspeople, or, far worse, people who are making a public stand against corruption involved in this?

[BSJ]

Think I will Sit back and watch the story un-fold.

[Ricardo]

Golly gosh, I do hope that no legitimate Thai businessmen based in the UAE, and reputed to bank in the BVI among other places, accidentally see details of their perfectly-legal offshore dealings revealed, but then again who would ever use murky companies in tax-havens to hide their operations, in African gold or mining or diamond-trading for example ?

Ricardo, I would be astonished if Thaksin (and a few of his cohorts) wasn't involved in such dodgy deals. The real story for Thailand on this is: are people who are supposedly respectable businesspeople, or, far worse, people who are making a public stand against corruption involved in this?

Yes, it's so often the ones who claim publicly to be against corruption, and who 'front' public campaigns against it, who end up being found to be involved themselves.

But without evidence, or even with it in Thailand, who would care to risk the law against defamation, which is used to keep the masses in ignorance about the misdeeds of their heroes ? Certainly (and understandably) not the local media.

IIRC one former-PM called upon Thai businessmen, who used offshore tax-havens to hide funds, to return their capital & use it where the country itself might benefit, to at least a limited extent.

Let the cleansing power of publicity, from exposures such as this one company in Panama (and elsewhere), shine the light on them all !

[lifeincnx]

The International Consortium of Investigative Journalists (ICIJ) will release the full list of companies and people linked to them in early May, though high level key names/companies are already dribbling out.

In the interim do visit the ICIJ website. It's beautifully put together and a truly fascinating read. Imagine just at the top are:

* 140 politicians from 50 countries
* current and former world leaders in the data include prime ministers of Iceland and Pakistan, the president of Ukraine, and the king of Saudi Arabia

* connected to offshore companies in 21 tax havens

* heads of state, their associates and family members, ministers, elected officials

* about 214,000 offshore entities appear in the leak, connected to people in more than 200 countries and territories

* bribery, arms deals, tax evasion, financial fraud, drug trafficking, and on and on and on.

https://panamapapers.icij.org/

[lkv]

The International Consortium of Investigative Journalists (ICIJ) will release the full list of companies and people linked to them in early May, though high level key names/companies are already dribbling out.

In the interim do visit the ICIJ website. It's beautifully put together and a truly fascinating read. Imagine just at the top are:

* 140 politicians from 50 countries

* current and former world leaders in the data include prime ministers of Iceland and Pakistan, the president of Ukraine, and the king of Saudi Arabia

* connected to offshore companies in 21 tax havens

* heads of state, their associates and family members, ministers, elected officials

* about 214,000 offshore entities appear in the leak, connected to people in more than 200 countries and territories

* bribery, arms deals, tax evasion, financial fraud, drug trafficking, and on and on and on.

https://panamapapers.icij.org/

Yup, and apart from politically exposed persons in democratic countries (exclude Thailand), that may have to step back, nothing else will happen.

The leaks stop about a year ago. One year is more than enough for companies to be liquidated and assets transferred. As a matter of fact, a few days is the norm.

As for the "old records", illegally obtained emails describing past practices aren't really hard evidence that those assets actually existed in those jurisdictions.

So the "major list" expected for May is going to do nothing more than sell newspapers.

[Neurath]

The good thing about being shameless is that you can't being shamed into doing anything.

Outcome here: just a lot more that you can get sued for saying. That's about it.

[connda]

Think I will Sit back and watch the story un-fold.

ZZZZZZZZZZZZZzzzzzzzz ZZZZZZZZZZZZZZZzzzzzz ZZZZZZZZZZZZZZZZZZzzzzzzzzz

[dcnx]

On cue, China started blocking news of this today, as several of their polititions were on the list.

[lkv]

On cue, China started blocking news of this today, as several of their polititions were on the list.

Thailand will try to do the same soon I bet. Daily Mail is blocked, other websites are blocked.

Google, Facebook, Youtube are not blocked here though, that's the tricky part.

Edited April 6, 2016 by lkv

[aussieinthailand]

On cue, China started blocking news of this today, as several of their polititions were on the list.

Thailand will try to do the same soon I bet. Daily Mail is blocked, other websites are blocked.

Google, Facebook, Youtube are not blocked here though, that's the tricky part.

Not blocked for now but,,, The PM has been saying his great fire wall was just a study, an idea, a possible maybe,,, and then X weeks later million's budgeted for it implementation... So this story and others like it can and will be blocked.

I'm kinda surprised anonymous hasn't had a crack at this a while ago...

[lifeincnx]

The International Consortium of Investigative Journalists (ICIJ) will release the full list of companies and people linked to them in early May, though high level key names/companies are already dribbling out.

In the interim do visit the ICIJ website. It's beautifully put together and a truly fascinating read. Imagine just at the top are:

* 140 politicians from 50 countries

* current and former world leaders in the data include prime ministers of Iceland and Pakistan, the president of Ukraine, and the king of Saudi Arabia

* connected to offshore companies in 21 tax havens

* heads of state, their associates and family members, ministers, elected officials

* about 214,000 offshore entities appear in the leak, connected to people in more than 200 countries and territories

* bribery, arms deals, tax evasion, financial fraud, drug trafficking, and on and on and on.

https://panamapapers.icij.org/

Yup, and apart from politically exposed persons in democratic countries (exclude Thailand), that may have to step back, nothing else will happen.

The leaks stop about a year ago. One year is more than enough for companies to be liquidated and assets transferred. As a matter of fact, a few days is the norm.

As for the "old records", illegally obtained emails describing past practices aren't really hard evidence that those assets actually existed in those jurisdictions.

So the "major list" expected for May is going to do nothing more than sell newspapers.

Regardless of liquidating the companies, in many cases the statute of limitations will have not been reached. So, this will do far more more than just sell newspapers, but I guess in your cynical worldview it's all hunky dory.

[lkv]

On cue, China started blocking news of this today, as several of their polititions were on the list.

Thailand will try to do the same soon I bet. Daily Mail is blocked, other websites are blocked.

Google, Facebook, Youtube are not blocked here though, that's the tricky part.

Not blocked for now but,,, The PM has been saying his great fire wall was just a study, an idea, a possible maybe,,, and then X weeks later million's budgeted for it implementation... So this story and others like it can and will be blocked.

I'm kinda surprised anonymous hasn't had a crack at this a while ago...

Well, yeah, but the great firewall of Thailand won't be ready by the time we start to find out spicy details about officials, will it?

[lkv]

Regardless of liquidating the companies, in many cases the statute of limitations will have not been reached. So, this will do far more more than just sell newspapers, but I guess in your cynical worldview it's all hunky dory.

It's all hunky dory in the authorities view.

But hey, that's just my opinion.

Edited April 6, 2016 by lkv