Just in:
Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // AI Boost for Galaxy Devices: Samsung Expands One UI 6.1 Update // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // Emirates Post Speeds Up Deliveries for GCC with Special Day // Emirati Aid Reaches Ukraine as Food Shortages Bite // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // US reiterates concern over Kejriwal arrest, Cong accounts // Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // German Job Market Resilience Bodes Well for Economic Recovery // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // Court Sides with Coinbase on Wallet Service, But Staking Program Remains in Limbo //
HomeWorldAnniversary of Panama Papers leak a time to review impact – NewsAhead Agency

Anniversary of Panama Papers leak a time to review impact – NewsAhead Agency

A year since the leak of some 11 million documents from Mossack Fonseca, the owners of the vast wealth hidden away by the Panamanian law firm appear safe from everything but embarrassment. The founders of the law firm were less fortunate.

Juergen Mossack and his colleague Ramon Fonseca, were arrested in Panama City in February in connection with Brazil’s sprawling car wash corruption scandal. The investigation is understood to be seeking possible links to the Brazilian engineering company Odebrecht. Britain’s Guardian reports that Fonseca denies his firm had a connection to Odebrecht, which has admitted to bribing officials in Panama and other countries to obtain government contracts in the region between 2010 and 2014.

ADVERTISEMENT

The so-called Panama Papers leak exposed corrupt officials and regimes, money laundering, tax evasion on a massive scale and sanctions busting, but the naming and shaming was short-lived. The anniversary promises to bring the names back into the headlines, revitalising public pressure for prosecutions and raising the question of whether the account holders will remain safe.

The challenges for prosecutors appear formidable. Referring mainly to tax evasion cases, Britain’s Financial Times observed at the time that leaked documents cannot be relied on in court. The newspaper noted that an earlier so-called list of client details from HSBC’s Swiss private bank revealed the limitations of using leaked data: of almost 9,000 United Kingdom tax residents whose details were shared with the British tax authorities in 2010, only one has been convicted of tax evasion.

The Panama documents held by Mossack Fonseca were passed to German newspaper Sueddeutsche Zeitung, which then shared them with the International Consortium of Investigative Journalists. The BBC was among 107 media organisations in 76 countries that have been analysing the documents. The British broadcaster, one of many news organisations that laid out the obstacles ahead for prosecutors, reported that there was a surge in business for Mossack Fonseca when the European Savings Directive made hiding money in Europe more difficult.

HMRC prosecutions unlikely after Panama Papers leak (Financial Times 13 Apr 2016)

Panama Papers: 10 things we’ve learned (BBC 26 Apr 2016)

Panama Papers Q&A: What is the scandal about? (BBC 6 Apr 2016)

No deals for Panama Papers ‘tax cheats’ (Globe&Mail 26 Sep 2016)

Panama Papers: Mossack Fonseca founders arrested over bribery scandal (Guardian 10 Feb 2017)

Date written/update: 2017-03-12

(via Google News)

ADVERTISEMENT

ADVERTISEMENT
Just in:
Andertoons by Mark Anderson for Thu, 28 Mar 2024 // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // Sunshine’s Debut Features Leave Tech World Scratching Its Head // Renewables Surge Sets Record, But Global Equity Lags // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // Universal Language for Healthcare: General Authority Embraces Global Coding System // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Global Audience to Witness Thrill of Dubai World Cup // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // Emirates Post Speeds Up Deliveries for GCC with Special Day // Ingdan Announces 2023 Annual Results // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress // Court Sides with Coinbase on Wallet Service, But Staking Program Remains in Limbo // AI Boost for Galaxy Devices: Samsung Expands One UI 6.1 Update // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // German Job Market Resilience Bodes Well for Economic Recovery // US reiterates concern over Kejriwal arrest, Cong accounts // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” //