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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.

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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PM congratulates Nepali national cricket team

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KATHMANDU— Prime Minister KP Sharma Oli has congratulated Nepali national cricket team for being able to clinch the International T20 series.

PM Oli in a tweet extended best wishes and congratulations saying he was very happy to know Nepal’s win over the UAE by 14 runs in the third match of the series.

Winning T20 series is another landmark success for Nepali cricket, he said, adding, “It is big achievement for Nepal’s cricket. I would like to heartily congratulate entire members of Nepali cricket squad”.

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