The Panama papers are data leak related to the money fraud made by many national leaders belonging to different nations. All the data is related to the data about illegal money or black money stored in offshore accounts. All this data is leaked by an insider in the company's database.
The Panama papers are an unprecedented leak of 11.5m files from the database of the world's fourth-biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Suddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists(ICIJ). The ICIJ then shared them with a large network of international partners, including the Guardian and the BBC.
The main issue is what they revealed. The documents containing the information about the myriad ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax heavens.
A $2bn trail leads all the way to Vladimir Putin. The Russian president's best friend - a cellist called Sergei Roldugin - is at the center of a scheme in which money from Russian state banks is hidden offshore. Some of it ends up in a ski resort wherein 2013 Putin's daughter Katerina git married.
Among national leaders with offshore wealth are Nawaz Sharif, Pakistan prime minister; Ayad Allawi,ex-interim prime minister of Ukraine; Alaa Mubarak, son of Egypt's former president; and the prime minister of Iceland, Sigmundur Davio Gunnlaugsson.
An offshore investment fund run by the father of British prime minister David Cameron avoided ever having to pay tax in Britain by hiring a small army of Bahamas residents to sign its paperwork. The fund has been registered with HM Revenue and Customs since its inception and has filed detailed tax returns every year.
All these things are related to MOSSACK FONSECA. So what is this? It is a Panama based law firm whose services include incorporating companies in offshore jurisdictions such as the British Virgin Islands. It administers offshore firms for a yearly fee. Other services include wealth management.
The firm is Panamanian but runs a worldwide operation. Its website boasts of a global network with 600 people working in 42 countries. It has franchises around the world, where separately owned affiliates sign up new customers and exclusive rights to use its brand. Mossack Fonseca operates in tax havens including Switzerland, Cyprus and the British Virgin Islands, and in the British crown dependencies Guernsey, Jersey and the Isle of Man.
The leak is one of the biggest ever-larger than the US diplomatic cables released by WikiLeaks in 2010 and the secret intelligence documents were given to the journalists by Edward Snowden in2013. there are 11.5m documents and 26 terabytes of information drawn from Mossack Forseca's internal database.
The Panama papers are an unprecedented leak of 11.5m files from the database of the world's fourth-biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Suddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists(ICIJ). The ICIJ then shared them with a large network of international partners, including the Guardian and the BBC.
The main issue is what they revealed. The documents containing the information about the myriad ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax heavens.
A $2bn trail leads all the way to Vladimir Putin. The Russian president's best friend - a cellist called Sergei Roldugin - is at the center of a scheme in which money from Russian state banks is hidden offshore. Some of it ends up in a ski resort wherein 2013 Putin's daughter Katerina git married.
Among national leaders with offshore wealth are Nawaz Sharif, Pakistan prime minister; Ayad Allawi,ex-interim prime minister of Ukraine; Alaa Mubarak, son of Egypt's former president; and the prime minister of Iceland, Sigmundur Davio Gunnlaugsson.
An offshore investment fund run by the father of British prime minister David Cameron avoided ever having to pay tax in Britain by hiring a small army of Bahamas residents to sign its paperwork. The fund has been registered with HM Revenue and Customs since its inception and has filed detailed tax returns every year.
All these things are related to MOSSACK FONSECA. So what is this? It is a Panama based law firm whose services include incorporating companies in offshore jurisdictions such as the British Virgin Islands. It administers offshore firms for a yearly fee. Other services include wealth management.
The firm is Panamanian but runs a worldwide operation. Its website boasts of a global network with 600 people working in 42 countries. It has franchises around the world, where separately owned affiliates sign up new customers and exclusive rights to use its brand. Mossack Fonseca operates in tax havens including Switzerland, Cyprus and the British Virgin Islands, and in the British crown dependencies Guernsey, Jersey and the Isle of Man.
The leak is one of the biggest ever-larger than the US diplomatic cables released by WikiLeaks in 2010 and the secret intelligence documents were given to the journalists by Edward Snowden in2013. there are 11.5m documents and 26 terabytes of information drawn from Mossack Forseca's internal database.
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