The "Panama Papers" - massive leak from an offshore tax law firm

[oilyfan]

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

Eleven million documents were leaked from one of the world's most secretive companies, Panamanian law firm Mossack Fonseca.
They show how Mossack Fonseca has helped clients launder money, dodge sanctions and evade tax.

The documents show links to 72 current or former heads of state in the data, including dictators accused of looting their own countries.

The data contains secret offshore companies linked to the families and associates of Egypt's former president Hosni Mubarak, Libya's former leader Muammar Gaddafi and Syria's president Bashar al-Assad.

In a bigger leak (in quantity) than what Wikileaks put out BBC is analyzing the leak from an anonymous source about the dealings of Mossack Fonseca.

Some pretty explosive stuff, not that it will come as too much of a surprise. Putin, indirectly, and Sigmundur Gunnlaugsson prime minister of Iceland have been linked to money laundering and tax avoidance schemes.

[Sluggo]

I imagine shortly there will be a flotilla of Yachts moving to or from various island nations in the Caribbean at top speed.

[calgarygeologist]

It will be really interesting to see which Canadians and Americans surface in these documents. I'm sure there will be some interesting names. Maybe this will take down Clinton or Trump.

I know in my personal dealings and relationships within the O&G industry I've heard folks talk about Panama before and various opportunities but I never really paid any attention. It never seemed like a place I would want to visit. I know people with registered companies in Panama and now it really makes me curious as to whether or not they are really screwing the system and to what extent.

[peter12]

Ah Iceland. The land of justice and moral superiority.

[Baron von Kriterium]

Originally Posted by calgarygeologist

It will be really interesting to see which Canadians and Americans surface in these documents. I'm sure there will be some interesting names. Maybe this will take down Clinton or Trump.

I know in my personal dealings and relationships within the O&G industry I've heard folks talk about Panama before and various opportunities but I never really paid any attention. It never seemed like a place I would want to visit. I know people with registered companies in Panama and now it really makes me curious as to whether or not they are really screwing the system and to what extent.

It looks like the download link for the documents has been shut down. Apparently there aren't any big names from North America on the list, which shouldn't be too much of a surprise because The Powers That Be in North America can use Lloyd Blankfein and company over at Goldman Sachs.

Also, if you look at the bottom of the page of the Panama Papers disclosure site,

https://www.occrp.org/en/panamapaper...nder-scrutiny/

you will note the project was partially funded by Open Society (George Soros) and the US Govt, so I don't think there will be any American names of note.

[Azure]

Pretty crazy. 12 heads of state are involved. Trillions upon trillions of dollars going through fake companies paying fake taxes to fake people keeping rich people rich.

[Azure]

Among the leaked records is info on the offshore assets of several hundred Canadians, including lawyers, mining and oil executives, business people and even known fraudsters. None of them are prominent personalities, however.

The big international names include soccer phenom Messi, who according to the leaked files had a Panama company set up for him by Mossack Fonseca in 2012 called Mega Star Enterprises Inc., adding a new name to the list of shell companies known to be linked to him. Messi's offshore dealings are currently the target of a tax evasion case in Spain.

Movie star Chan has at least six companies managed through Mossack Fonseca, files in the leak reveal. As with many of the firm's clients, there is no evidence that Chan used his companies for any improper purpose.

http://www.cbc.ca/news/world/panama-...oney-1.3518951

Read the link. Lots of interesting info.

[afc wimbledon]

Originally Posted by peter12

Ah Iceland. The land of justice and moral superiority.

Up there with Fifa

[calgarygeologist]

Originally Posted by Baron von Kriterium

It looks like the download link for the documents has been shut down. Apparently there aren't any big names from North America on the list, which shouldn't be too much of a surprise because The Powers That Be in North America can use Lloyd Blankfein and company over at Goldman Sachs.

Also, if you look at the bottom of the page of the Panama Papers disclosure site,

https://www.occrp.org/en/panamapaper...nder-scrutiny/

you will note the project was partially funded by Open Society (George Soros) and the US Govt, so I don't think there will be any American names of note.

Some Canadians are beginning to show up in the documents:

http://www.cbc.ca/news/canada/secret...vens-1.1376407

[driveway]

This is pretty amazing. It's the kind of thing that everyone is certain happens all the time, but no one ever expects anyone to get caught doing it because 'the system' protects them.

[Looch City]

This is huge, I wonder what the lost tax revenue adds up to for each country...

[Handsome B. Wonderful]

Originally Posted by Iggy City

This is huge, I wonder what the lost tax revenue adds up to for each country...

In Russia? 0. It's not like they were going to pay taxes anyway.

[HarryH93]

I'm less interested in the Russians and more interested in the Canadians. C'mon CBC, find out who they are!

[White Out 403]

Wait.

Hold on. Just a second.

Wait.

The rich and elite are breaking the laws using their wealth and power, to remain wealthy and powerful? You mean the "job creators" aren't out there managing our economy with the best interests of their nations at heart?

Shocking. I am truly shocked.

[Handsome B. Wonderful]

Originally Posted by Resurrection

Wait.

Hold on. Just a second.

Wait.

The rich and elite are breaking the laws using their wealth and power, to remain wealthy and powerful? You mean the "job creators" aren't out there managing our economy with the best interests of their nations at heart?

Shocking. I am truly shocked.

Yeah that Bashar al-Assad is a real job creator. But go ahead, have your temper tantrum of misplaced righteous indignation.

[Thor]

Originally Posted by peter12

Ah Iceland. The land of justice and moral superiority.

I hope we finally stop seeing those stupid memes about us, Icelander's have long known how deep the corruption is in our country, the level at which the top 1% do things vs how the rest of us live.

The scope of this scandal is massive in Iceland and the protests planned for tonight should be quite massive for this tiny island.

I'll update you guys on more details later, lots going on, vote of non confidence, protests, 600 more names just in Iceland being investigated so this is a dark time if you are in the wealthy elite here.

[afc wimbledon]

Originally Posted by Thor

I hope we finally stop seeing those stupid memes about us, Icelander's have long known how deep the corruption is in our country, the level at which the top 1% do things vs how the rest of us live.

The scope of this scandal is massive in Iceland and the protests planned for tonight should be quite massive for this tiny island.

I'll update you guys on more details later, lots going on, vote of non confidence, protests, 600 more names just in Iceland being investigated so this is a dark time if you are in the wealthy elite here.

Yes the 1% must be crapping in their Gucci pants.

[Itse]

I think one of the most interesting things about this is going to be comparing the reactions in different countries. Some countries will launch investigations to get their money back. Some countries might actually put some guys in prison as a warning.

My prediction for Finland is that absolutely nothing happens. We already had a similar case relating to Liechtenstein, and it was mostly an indication of deeply corrupt our country really is. First the tax officers slap clearly illegally low "punitive" taxes on those caught red-handed, enough so that a police investigation was asked on the behavior of the tax officers. That investigation was buried in almost complete silence by the police and then promptly forgotten in the media. At that point I lost all hope that this is going to get better anytime soon.

[Thor]

Watching him squirm (our PM) and stand up and walk out was something. Icelands version of CBC had this investigative report at 6pm Sunday and the majority of the country watched this live, the roads were nearly empty while the show was on.

The size and reaction to this news has been similar to how the country reacted after the news by then PM that our banks are failing.

http://www.dailymail.co.uk/news/arti...collapsed.html

[Fuzz]

Originally Posted by HarryH93

I'm less interested in the Russians and more interested in the Canadians. C'mon CBC, find out who they are!

Murray Edwards.