The biggest financial data leak in history has revealed how world leaders and rich people are using offshore tax havens to hide their wealth.
The Reports were spilled from one of the world’s most secretive companies, Panamanian law firm and show how the company has allegedly helped clients launder money, dodge sanctions and evade tax.
More than 200,000 companies, foundations and trusts are contained in the leak of information which came from a little-known but powerful law firm based in Panama.
The law firm, Mossack Fonseca, is one of the world’s top creators of shell companies, which can be legally used to hide the ownership of assets.
German newspaper Suddeutsche Zeitung obtained the files and shared with the International Consortium of Investigative Journalists (ICIJ ) but the identity of the source who leaked them and how it was done is unknown.
The data includes emails, contracts, bank records, property deeds, passport copies and other sensitive information dating from 1977 to as recently as December 2015.
An ICIJ analysis of the leaked files found that more than 500 banks, their subsidiaries and branches had worked with Mossack Fonseca since the early 1970s to help clients manage offshore companies.
The files indicate Mossack Fonseca worked with more than 14,000 banks, law firms, company incorporators and other middlemen to set up companies, foundations and trusts for customers.
The documents reveal that these offshore players often failed to follow legal requirements to ensure their clients were not involved in criminal enterprises, tax dodging or political corruption.
Mossack Fonseca says the middlemen are its true clients, not the eventual customers who use offshore companies. The firm also says that these middlemen provide additional layers of oversight for reviewing new customers.
Man divorces wife just 15 minutes after Islamic marriage in Dubai
A man in Dubai divorced his bride just 15 minutes after their Islamic marriage as he felt ‘insulted’ by her father’s bride price demands.
The man agreed to pay his new father-in-law Dh100,000 for their wedding but the older man became impatient to get the cash, DailyMail reported.
According to Gulf News, family members and friends accompanied the couple to a Sharia judge’s office to witness the marriage contract being signed. The groom then gave Dh 50,000 on the spot as agreed, with the rest to come after the party left the court building, according to Gulf News.
But, the bride’s father demanded the remaining cash as soon as the signing was over, even though the groom didn’t have it on him.
He said it would only take five minutes to walk to his car, which was parked outside, and get the rest of the bride price.
Instead of letting him retrieve it, the father insisted him to pay either right then or send a friend or relative to get the money while he stayed inside.
The groom felt insulted and demeaned by the series of demands and called off the marriage immediately, a lawyer handling the case said.
‘He told the bride’s father that he did not want his daughter as his wife and divorced her in less than 15 minutes from signing the marriage contract,’ he said.Follow @gorkhapost