Panama Papers are 11.5 million documents and 2.6 TB leaked information and files of database of world’s fourth biggest off shore law firm – Mossack Fonseca. Mossack Fonseca is a law firm situated in Panama whose services includes lower taxes jurisdictions. All the records were found out by a source of German newspaper. This information was then shared with ICIJ which was then shared with the Guardian and the BBC. It is a huge leak of documents on how the rich and powerful people use tax havens to hide their wealth and riches and avoid on paying taxes.
Panama Papers Revealed Informations
The documents show the innumerable ways in which the rich people can deprive benefit through offshore tax regimes. Many big celebrities and well-known people are linked in this case namely, the prime minister of Pakistan, Vice president of Iraq, Bollywood celebrity Amitabh Bachchan, late father of UK Prime Minister David Cameron and football’s world governing body, FIFA. More than 60 relatives and associates of heads of different states and politicians are also involved. The British Virgin Islands are the most involved with over 1,00,000 companies under it.
People don’t have the access to the panama papers till now because a huge amount of it includes personal information and the rest followed by criminal records.
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Wordings Of Involved Peoples
- Mossack Fonseca says that they have been in this for more than 40 years, and they have never been charged for this.
- Putin says that the journalists want to discredit Putin and his work towards the society.
- Some other say that business affairs were overboard and broke off the interview.
- Fifa say that they have been accused of corruption.
Consequences Of Panama Papers Leak
Sources says the biggest consequence of the Panama Papers leak was the massive blow to secrecy – the only selling point of offshore tax havens. They have been trying to get away from this for a long time, but finally they got busted.
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