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

[Fuzz]

That depends. Did your leader get hung and quartered?

[Travis Munroe]

If either Trump or Clinton were to show up, does that not all but guarantee the opposite party a victory?

If Trump is not listed, will this not help his campaign to great lengths as he continues to preach keeping US money in the US?

[FlameOn]

Originally Posted by Realtor 1

If either Trump or Clinton were to show up, does that not all but guarantee the opposite party a victory?

If Trump is not listed, will this not help his campaign to great lengths as he continues to preach keeping US money in the US?

Apparently there will be an implication of Americans very soon.
https://twitter.com/mathewi/status/716771686482202625

[Azure]

There is some kind of US law that prohibits Americans to be openly mentioned in leaks like this in regarding to offshore companies and the like.

Also, Wikileaks has only released 11 pages out of thousands so the rest of the world and news agencies outside of the ones directly involved haven't exactly been able to get their hands on everything.

[Looch City]

Originally Posted by Azure

There is some kind of US law that prohibits Americans to be openly mentioned in leaks like this in regarding to offshore companies and the like.

If you did something wrong and it leaks, your name is protected by law.

If you win the lottery, you're forced to reveal your name by law.

Makes sense? haha

[Locke]

Originally Posted by Iggy City

If you did something wrong and it leaks, you're name is protected by law.

If you win the lottery, you're forced to reveal your name by law.

Makes sense? haha

'Murica!

[blankall]

Any details on how the leak emerged? Looked around briefly but couldn't find anything specific.

[FlameOn]

Originally Posted by blankall

Any details on how the leak emerged? Looked around briefly but couldn't find anything specific.

From what I've read the original leaker contacted the German Newspapers who then passed all the information to the ICIJ to obfuscate the responsibility and possible problems following the leak. I doubt we'll see who the original leaker is ever. Probably in hiding now to avoid a certain Russian radioactive accident.

[blankall]

Originally Posted by FlameOn

From what I've read the original leaker contacted the German Newspapers who then passed all the information to the ICIJ to obfuscate the responsibility and possible problems following the leak. I doubt we'll see who the original leaker is ever. Probably in hiding now to avoid a certain Russian radioactive accident.

An employee of the law firm, hacker, auditor, etc?

[cSpooge]

Originally Posted by blankall

To add to this, the line between avoidance and evasion typically revolves around honesty or deliberately ignoring part of the law. There is nothing to stop you from taking advantage of the Income Tax Act and a loophole within it. As long as you are making an honest and informed application of the law, even if a very creative one, you typically won't get charged with evasion. Doing things like failing to report income and purposely moving it to a shelter to avoid taxes would typically be evasion. Doing things like setting up an offshore/corporate structure to minimize the taxes you owe, as long as you are in compliance with the law, is typically avoidance.

The CRA also has some pretty crazy powers, including the ability to go back and retro-actively change the law.

This isn't correct at all. The only that can changes laws in parliament or the courts. CRA doesn't have any powers to changes laws they just enforce the laws.

[FlameOn]

Originally Posted by Azure

There is some kind of US law that prohibits Americans to be openly mentioned in leaks like this in regarding to offshore companies and the like.

Also, Wikileaks has only released 11 pages out of thousands so the rest of the world and news agencies outside of the ones directly involved haven't exactly been able to get their hands on everything.

It may be due to FATCA, or it may be due to local US competition to Mossack Fonseca that handles most of the business for Americans. CT Corp and Corporation Services Company are the next biggest Offshore Company Registration Agents and are headquartered in Delaware and NYC. Maybe the upcoming next thing is with one or both of those
https://www.reddit.com/r/PanamaPaper...the_reason_we/

Originally Posted by blankall

An employee of the law firm, hacker, auditor, etc?

Hacker or insider. Likely an email server hack. Anonymous after that point to German newspaper. They've had access to this for almost a year.
http://www.itpro.co.uk/data-leakage/...-server-hack-1

[Fuzz]

I just caught a touch of it on the radio, but it sounded like it was an ex contracting company that worked with the firm that leaked it.

[Huntingwhale]

http://panamapapers.sueddeutsche.de/...b8d3c3495adf4/

[blankall]

Originally Posted by cSpooge

This isn't correct at all. The only that can changes laws in parliament or the courts. CRA doesn't have any powers to changes laws they just enforce the laws.

Not quite, the CRA is overseen by a member of parliament, the Minister of National Revenues. In the case of a majority government, the Minister can just introduce a bill without opposition.

Also regulations, which accompany the Act, can be changed without an act of parliament and outside the courts.

So the Minister of Parliament, who is also the head of the CRA, can change Regulations without an act of parliament. And the Regulations are part of the law.

So if the CRA wants to change the law, they can change the law.

[FlameOn]

American names have started showing up in the document leaks, apparently just a bunch of crooks already being investigated so far.

http://www.seattletimes.com/nation-w...panama-papers/

[GreenLantern2814]

Here's a novel idea. Why not just pay taxes in the place you live and help contribute to making it better?

[Itse]

Originally Posted by GreenLantern2814

Here's a novel idea. Why not just pay taxes in the place you live and help contribute to making it better?

Communist.

[pylon]

Icelandic PM just resigned according to CNN.

[Fighting Banana Slug]

Originally Posted by blankall

Not quite, the CRA is overseen by a member of parliament, the Minister of National Revenues. In the case of a majority government, the Minister can just introduce a bill without opposition.

Also regulations, which accompany the Act, can be changed without an act of parliament and outside the courts.

So the Minister of Parliament, who is also the head of the CRA, can change Regulations without an act of parliament. And the Regulations are part of the law.

So if the CRA wants to change the law, they can change the law.

That would be the case for any Federal bureau. You implied that the CRA had some form of secret nefarious power to change laws. That is false.

[Bunk]

Originally Posted by pylon

I really hope the Trudeau name pops up in this whole thing.

Why would you hope our Prime Minister is a criminal? How bizarre.