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Panama Papers - How the Rich and Powerful are Hiding Their Money

Other | Monday 4th April 2016 | Osh

We have a new leak - this time the biggest leak ever in journalism according to Snowden. Surprisingly the world's leaders have been stashing away billions of pounds in dodgy offshore tax havens. 300 journalists exposed a list of clients involved in bribery, arms deals, tax evasion, fraud and drug trafficking.

Panaman Papers, 11 million internal documents leaked from Panamanian law firm Mossack Fonseca show 128 politicians, 12 current and former world leaders from all over hide their income worth billions.

So, who did what?

Icelandic Prime Minister, Sigmundur Gunnlaugsson has been accused of hiding millions of dollars worth of investments in Icelandic banks behind the guise of a secretive offshore company called Wintris back in 2007. He did not declare an interest in the company upon entering parliament in 2009; Mr. Gunnlaugson may have to resign.

 

According to the Guardian, six current members of the House of Lords, three former Conservative MPs as well as what’s claimed to be “dozens” of donors to UK political parties are among those who have had offshore assets.

Reports also confirm that stockbroker and multimillionaire Ian Cameron, David Cameron’s late father was in fact a client of Mossack Fonseca, and helped to develop Blairemore Holdings Inc. in 1982 and was actively involved in the investment.

Transparency International, a non-governmental organisation which focuses on and makes public corporate and political corruption in international developments has begun probing Pakistani Prime Minister Nawaz Sharif. The Panama Papers have confirmed that the Sharif family controls an extensive portfolio in land and property, ranging from places in Pakistan to several locations in London’s Mayfair district and the Prime Minister is already being called on to quit.

Two weeks ago, Mr. Sharif’s son, Hussain Sharif came forward in an interview about the family’s previously undisclosed wealth, but denied any family involvement in corruption, saying they had done "nothing wrong.”

Deng Jiaui, the Chinese president’s brother-in-law, Xi Jinping was also mentioned in the report as well as Li Iaolin, tycoon and daughter of China’s former premier, Li Peng.

Russian President Vladimir Putin, whilst not directly named in the documents, has still been accused of playing a part in a billion dollar-dollar money-laundering ring controlled by a Russian bank which has links to him. The Guardian added in their article which was published on Sunday that Putin’s “friends have earned millions from deals that seemingly could not have been secured without his patronage.”

It has also been reported that there will be more leaks to come in the next couple of days and it could take weeks to get the complete reports.

 

 

Journalists, the public and many others including Edward Snowden have hit up Twitter and other social media sites in a fit of mutual anger and informative tweets and videos:

 

 

 

 

 

 

 

The law firm at the heart of this, Mossack Fonseca, claims that it's all legal but it looks like the reprecussions of the leak are being felt already.

The people of the world voted for these politicians so we only have ourselves to blame... don't we?

The video below will explain more:

 

 

What do you think about this/ Let us know!

 

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