Panama Papers Huge Exposure: These papers which are now considered to be very popular are a set of millions of confidential documents that include detailed information concerning the structures and identities of thousands of offshore companies. These companies have been incorporated by the company Mossack Fonseca, a corporate services provider in Panama. The said information includes the identification of the members of such companies, such as directors, shareholders and ultimate beneficial owners.
Panama Papers huge exposure: What do these papers show?
These documents have exposed big names in the world of politics and public officials as they illustrate how such wealthy individuals hide their assets and evading taxation, the least. Upon publication, past head of state and government leaders have been identified, including close relatives, friends and associates of such people from more than forty countries. Many of those companies have been incorporated in the British Virgin Islands, with Hong Kong home of banks, law firms and agencies being the affiliates of such companies. Publications indicate that purposes for the incorporation of such entities include fraud, tax evasion, money laundering and drug trafficking.
Magnitude of information
Panama Papers huge exposure: The documents had been made available early 2015, however given the scale of such leak this project was undertaken by the International Consortium of Investigative Journalists (I.C.I.J.). I.C.I.J. had distributed the information to hundreds of journalists and organizations worldwide which eventually lead to the first publication early April 2016, with a plan to release a full list of parties involved very soon.
The information undoubtedly has shaken governments and organizations worldwide, calling for greater transparency and accountability in relation to the incorporation of shell offshore companies, tax evasion, and money laundering. It remains to be seen how the corporate world will actually be affected and the actions that will follow, following this leak.
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