04-04-2016, 12:51 PM
This is just the beginning......
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http://www.bbc.com/news/world-35960329
Authorities across the world are being spurred into action after a huge leak of confidential documents revealed how tax havens are used to hide wealth.
Eleven million documents were leaked from the secretive Panamanian law firm Mossack Fonseca. They show how the company has helped some clients launder money, dodge sanctions and avoid tax. The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing. Since the first revelations late on Sunday a number of investigations have been launched by Austrian, Dutch and Australian authorities, among others.
The documents feature 12 current or former heads of state, and at least 60 people linked to current or former world leaders. The files reveal a suspected billion-dollar money laundering ring involving close associates of Russia's President Vladimir Putin.
Iceland's Prime Minister, Sigmundur David Gunnlaugsson, is also shown to have had an undeclared interest linked to his wife's wealth.
By Monday morning, 16,000 people in Iceland had signed a petition demanding his resignation, and a large protest was expected in Reykjavik later.
Mr Gunnlaugsson has ruled out stepping down.
The leaked documents also show that Ian Cameron, the late father of UK Prime Minister David Cameron, was a Mossack Fonseca client.
Also mentioned are the brother-in-law of China's President Xi Jinping; Ukraine's President Petro Poroshenko; and Argentina's President Mauricio Macri.
The documents reveal for the first time details of an operation run by a Russian bank and which involves close associates of President Putin. The operation was run by Bank Rossiya, which is subject to US and EU sanctions following Russia's annexation of Crimea.
Money has been channelled through offshore companies, two of which were officially owned by one of the Russian president's closest friends, cellist Sergei Roldugin.
The Kremlin spokesman said it was clear the main target of the reports was Mr Putin, as well as Russia's political stability ahead of parliamentary elections.
Dmitry Peskov dismissed the investigation as insinuation and speculation, and suggested many of the team of journalists behind it were actually former US state department and CIA officials.
Another case highlights how Mossack Fonseca offered financial services designed to help business clients hide their wealth. One wealthy client was offered fake ownership records to hide money from the authorities.
Mossack Fonseca says offshore companies are available worldwide and are used for a variety of legitimate purposes. "If we detect suspicious activity or misconduct, we are quick to report it to the authorities," it said. "Similarly, when authorities approach us with evidence of possible misconduct, we always co-operate fully with them."
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http://www.bbc.com/news/world-35960329
Authorities across the world are being spurred into action after a huge leak of confidential documents revealed how tax havens are used to hide wealth.
Eleven million documents were leaked from the secretive Panamanian law firm Mossack Fonseca. They show how the company has helped some clients launder money, dodge sanctions and avoid tax. The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing. Since the first revelations late on Sunday a number of investigations have been launched by Austrian, Dutch and Australian authorities, among others.
The documents feature 12 current or former heads of state, and at least 60 people linked to current or former world leaders. The files reveal a suspected billion-dollar money laundering ring involving close associates of Russia's President Vladimir Putin.
Iceland's Prime Minister, Sigmundur David Gunnlaugsson, is also shown to have had an undeclared interest linked to his wife's wealth.
By Monday morning, 16,000 people in Iceland had signed a petition demanding his resignation, and a large protest was expected in Reykjavik later.
Mr Gunnlaugsson has ruled out stepping down.
The leaked documents also show that Ian Cameron, the late father of UK Prime Minister David Cameron, was a Mossack Fonseca client.
Also mentioned are the brother-in-law of China's President Xi Jinping; Ukraine's President Petro Poroshenko; and Argentina's President Mauricio Macri.
The documents reveal for the first time details of an operation run by a Russian bank and which involves close associates of President Putin. The operation was run by Bank Rossiya, which is subject to US and EU sanctions following Russia's annexation of Crimea.
Money has been channelled through offshore companies, two of which were officially owned by one of the Russian president's closest friends, cellist Sergei Roldugin.
The Kremlin spokesman said it was clear the main target of the reports was Mr Putin, as well as Russia's political stability ahead of parliamentary elections.
Dmitry Peskov dismissed the investigation as insinuation and speculation, and suggested many of the team of journalists behind it were actually former US state department and CIA officials.
Another case highlights how Mossack Fonseca offered financial services designed to help business clients hide their wealth. One wealthy client was offered fake ownership records to hide money from the authorities.
Mossack Fonseca says offshore companies are available worldwide and are used for a variety of legitimate purposes. "If we detect suspicious activity or misconduct, we are quick to report it to the authorities," it said. "Similarly, when authorities approach us with evidence of possible misconduct, we always co-operate fully with them."