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.
First Roland Macaulay Cup to start on November 21
BIRATNAGAR— The First Roland Macaulay Cup is being held in the capital on November 21-24.
To be organized by the Cricket Association of the Blind, Nepal, cricket clubs–Myagdi, Jhapa, Bardiya and Tribhuvan Army–will participate in the First Roland Macaulay Cup twenty20 cricket tournament, said Pawan Ghimire, the Central President of the Association at a press conference here.
The estimated budget is approximately Rs 750,000. The opening match will be held between Jhapa and Bardiya, said the organizer.Follow @gorkhapost