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Panama Paper scandal in 2 mins and ICIJ has made several terabytes of data public

Discussion in 'News & Current Events' started by Santha, May 10, 2016.

  1. Santha

    Santha Administrator

    Jan 12, 2016
    Likes Received:
    Panama Paper Scandal in 2 mins

    What is Panama paper Scandal ?
    Long story short - a tax evasion and money laundering scheme.

    How does it work?
    Say a company xyz was formed in US and its profits are taxed at about 35%.(National average - actuals may vary).
    To avoid paying taxes the company sets up a shell company in countries where there is zero to minimal tax and calls the shell company its parent.
    From then on, the company becomes a foreign company operating in US, so it doesn’t have to pay taxes in US anymore.
    Criminals and drug lords exploit this scheme to launder their money earned from illegal activities.

    Is this legal and who helps in the setup?
    Is it legal - hmmm, let me say this there are loopholes and they were heavily exploited.
    There are law firms in the host countries, which helps the foreign companies and people of wealth set up their shell company.

    Some of them are so automated it is as if driving through a burger joint drive through--you just pull up at the drive through - press the Button - order No 5 on the menu -
    Which includes Shell company set up, with all paperwork including an office space, office name and employees and what not.

    Mossack Fonseca
    Mossack Fonseca is a Panama-based law firm that specializes in creating hard-to-trace offshore companies by politicians, wealthy investors and, in many cases, notorious criminals.

    Mossack Fonseca’s internal files include companies tied to at least 36 Americans who have been accused or convicted of fraud or other serious financial misconduct. The law firm’s files also include at least33 people and companies blacklisted by the U.S. Treasury Department because of evidence that they’d been involved in wrongdoing, such as doing business with Mexican drug lords or terrorist organizations like Hezbollah.

    Mossack Fonseca’s top 5 criminal customers


    The International Consortium of Investigative Journalists

    Thanks to ICIJ have done a lot a painstaking work in gathering data and investigating it.

    They have also made the whole database available to the public.

    Complete database is located here : https://offshoreleaks.icij.org/
    Sources: http://panamapapers.icij.org/20160509-malefactors-criminals-offshore.html
    Mossack Fonseca has told ICIJ and other media partners that it “does not foster or promote unlawful acts.”


    Please note - Some companies listed might have legitimate needs for having a foreign parent company.
    This article is published under the right to free speech.
    All allegations/claims to remain as allegations unless proven guilty by federal and international law remains as allegation.
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  2. InTheLight

    InTheLight Well-Known Member
    Site Supporter

    Dec 17, 2010
    Likes Received:
    Episode 390: We Set Up An Offshore Company In A Tax Haven

    On today's show, we dive deep into the world of offshore companies and bank accounts.

    We set up our own company in an offshore tax haven, and we find out where the easiest place to register a business anonymously is.

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