Mossack Fonseca – World leaders implicated in finance scandal

Over that past 24 hours, stories are emerging of an imminent global media storm surrounding the law firm Mossack Fonseca based in Panama.

Documents have been leaked or hacked that allegedly identify multiple high profile people and corporations around the world that have dealt in the immoral practice of off-shore banking and have been involved in criminal activities. These include heads of state.

The independent newspaper says that these files are in the hands of the International Consortium of Investigative Journalists (ICIJ). The paper goes on to say:

“The ICIJ says the documents provide an insight into the financial affairs of 12 current and former world leaders”

‘The consortium said from its base in Panama City, the company has created and established anonymous companies in Panama, the British Virgin Islands and other financial havens’

“The law firm has worked closely with big banks and big law firms in places like The Netherlands, Mexico, the United States and Switzerland, helping clients move money or slash their tax bills, the secret records show,” the ICIJ said.

“An ICIJ analysis of the leaked files found that more than 500 banks, their subsidiaries and branches have worked with Mossack Fonseca since the 1970s to help clients manage offshore companies.”

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The Panama Papers

The International Business Times says:

“The Icelandic Prime Minister is facing a snap election, a member of the FIFA ethics committee member is under threat and David Cameron’s father, Ian, is implicated in the ‘largest document leak in history’. On Sunday 3 April it emerged that 11.5 million financial documents held by Panamanian lawyers Mossack Fonseca had been leaked to journalists..”

‘Also included in the files are three former Tory MPs and six peers, including former East Hampshire MP Michael Mates, ADT billionaire and founder of Crimestoppers Michael Ashcroft and Baroness Pamela Sharples along with David Cameron’s late father, Ian Cameron. His father, who died in 2010, was said to have held an offshore fund worth $20m (£14m)’

‘Also implicated are 12 national leaders among 143 politicians, their families and their close aides from around the world. They include Pakistan Prime Minister Nawaz Sharif, President of Ukraine Petro Poroshenko and at least eight current and former members of China’s supreme ruling body, the politburo’

USA today are also breaking the story

And the BBC are also covering the story here saying:

‘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’

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