What is Panama Paper?

fiona December 23, 2018 No Comments

What is Panama Paper?

The Panama Paper Leak Scam

The Panama Paper leak was a great surprising leak of almost 11.5 million files right from the base of data collection from world’s top 4th offshore company – Mossack Fonseca. The proofs and statements were given by some unknown source which has again shown this to the International Consortium of Investigative Journalists i.e. ICIJ. It further shared a huge connection for international dealers. They also included the BBC and the Guardian.

MOSSACK FONSECA

This is a Panama-occupied law firm which has services inclusive of the adding companies which work on offshore jurisdiction just like the British Virgin Island. It oversees the offshore firms on getting paid from signing a yearly contract.

Wealth management and organization is also included in this service. The company is located in Panama, is a Panamanian firm. Its online portal has about 600 workers in 43 countries connected on a global network. Its franchise has spread all over the world which has some affiliated owners as a new sign up customers, also have full rights to take the name of their particular brand for publicity. This firm works in tax-free countries like Switzerland, British Virgin Island, and Jersey.

Amount of Data Leaked to date

As this is the biggest scam in case of leaking data, there was a lot of data leaked and lost during this time. Approximately 11.5 m documents have 3 terabytes of data have been debited from the data collection in the base. All these files were base in the internal system of the firm.

Involvement of People/Company in Panama Paper Scam

The list includes people coming from various sectors. They were shareholders, beneficiaries, star-celebrities, famous personalities, businessmen, other offshore companies etc. The ICIJ has just put the list of the involved companies and the people openly in the newspapers.

They also mentioned in their disclaimer stating that there will be official use of the offshore companies, other trusts, and foundations. Their intention is only to suggest or implement on other people, entities or firms being included in the ICIJ player application that have disobeyed the law or have misbehaved.

Following is the list which includes some famous celebrities which were involved in Panama Paper scam:

  • Paul McGuinness, Manager from Ireland having a rock group
  • Tiger Woods, American professional golfer
  • Amitabh Bachchan, renowned Indian actor
  • Vinod Adani, an Indian businessman, elder brother of Gautam Adani, Adani Group
  • Aishwarya Rai Bachchan, former Miss World and Indian Actress (Daughter-in-law of Amitabh Bachchan)

There was also this latest news trending that the Mossack Fonseca was not able to recognize many of the owners of such offshore firms which were shown as registered in the low-tax jurisdiction. Also after 2 months of investigation and research, the firm became aware of the records that were breached.

But still, there were no traces of the owners of more than 80% of 27000 active firms in the busiest offshore town i.e. British Virgin Island. There were other 75% of 11000 active shell firms in Panama, all the data showed this.

As the current issue being so much highlighted as such a huge scam done it is never discussed by the firm about the cases of alleged wrong actions, citing the client personally. But it favors roughly, the conduct of Mossack Fonseca, as it implies the anti-payment-laundering laws and is done in presence of its client.

Information written by Fruxinfo which is a leading New York based web design agency.

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