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Financial secrets of the rich and famous revealed

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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.

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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.

Agencies

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Economy

South Korea provides 10 mln US Dollar grant assistance

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KATHMANDU — The government of South Korea, Korea International Cooperation Agency (KOICA), has agreed to provide 10 million US dollar (approximately Rs 1.02 billion) grant assistance to the project for the Integrated Rural Development of Nepal through Strengthening Research and Development Capacity of Kathmandu University (KU).

The objective of the project is to contribute for integrated rural development of Nepal by strengthening research and development capacity of KU and to promote technology innovation for improving quality of life and income status of people in rural communities in Nepal.

At a programme organised at the Ministry of Finance today, Finance Secretary Shankar Prasad Adhikari, and Park Young-sik, Ambassador of Korea to Nepal, signed the MoU.

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Kathmandu University is an autonomous and non-for-profit institution dedicated to maintain high standards of academic excellence.

The implementing agencies of the project are KOICA, Nepal and KU. The duration of the project will be from 2018-2023.

On the occasion, Finance Secretary, Adhikari, on the behalf of the government, expressed appreciation to the government of Korea for this assistance and its continued support in the socio-economic development of Nepal.

South Korea provides 10 mln US Dollar grant assistane

KATHMANDU — The government of South Korea, Korea International Cooperation Agency (KOICA), has agreed to provide 10 million US dollar (approximately Rs 1.02 billion) grant assistance to the project for the Integrated Rural Development of Nepal through Strengthening Research and Development Capacity of Kathmandu University (KU).

The objective of the project is to contribute for integrated rural development of Nepal by strengthening research and development capacity of KU and to promote technology innovation for improving quality of life and income status of people in rural communities in Nepal.

At a programme organised at the Ministry of Finance today, Finance Secretary Shankar Prasad Adhikari, and Park Young-sik, Ambassador of Korea to Nepal, signed the MoU.

Kathmandu University is an autonomous and non-for-profit institution dedicated to maintain high standards of academic excellence.

The implementing agencies of the project are KOICA, Nepal and KU. The duration of the project will be from 2018-2023.

On the occasion, Finance Secretary, Adhikari, on the behalf of the government, expressed appreciation to the government of Korea for this assistance and its continued support in the socio-economic development of Nepal.

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