what is Panama Papers leaks scandal

2016-04-06 11:10:49 | almuslim news @ latest news de
what is Panama Papers leaks scandal
what is Panama Papers leaks scandal

 

A huge leak of documents has lifted the lid on how the rich and powerful use tax havens to hide their wealth. The files were leaked from one of the world's most secretive companies, a Panamanian law firm called Mossack Fonseca.

The files show how Mossack Fonseca clients were able to launder money, dodge sanctions and avoid tax.
In one case, the company offered an American millionaire fake ownership records to hide money from the authorities. This is in direct breach of international regulations designed to stop money laundering and tax evasion.
It is the biggest leak in history, dwarfing the data released by the Wikileaks organisation in 2010. For context, if the amount of data released by Wikileaks was equivalent to the population of San Francisco, the amount of data released in the Panama Papers is the equivalent to that of India.

There are links to 12 current or former heads of state and government in the data, including dictators accused of looting their own countries.
More than 60 relatives and associates of heads of state and other politicians are also implicated.

Many Islamic states heads and reputed persons also pointed in this report. Prime Minister Nawaz shareef and his family also involved. 

But a predictable and swift response from Government in pakistan. No wrong has been committed and no illegality has been revealed in the so-called Panama Papers, according to the Sharif family itself and government spokespersons who have been activated to defend against the allegations.

In matters of finance and taxation, snap judgements, particularly exonerations, are difficult to make. Whether Pakistani or international laws have been violated through the use of elaborate and secretive offshore companies and banking channels will be known in due course at least in the international arena.
In many european countries investigation started. as many big name in this scandal report . 

.

Tags: #

Latest News

What to Next

Russian foreign minister says US ready to continue talks

MOSCOW: Russian Foreign Minister Sergei Lavrov said on Sunday he believed his US colleagues were ready to continue dialogue with Moscow on complex iss... More

BJP keen to amend law on permanent residence in held Kashmir

NEW DELHI: Away from the attention that Article 370 attracts, some members and supporters of the Bha­ratiya Janata Party (BJP) are steadily pushin... More

North Korea defiant after new sanctions, rejects talks

SEOUL (AFP):North Korea on Monday angrily insisted tough new United Nations sanctions would not stop it from developing its nuclear arsenal, and warne... More

Does Trump worry you? US Muslims say yes : Survey

Survey finds Muslims feel out of place in society, displeased with their president, and are targets of discrimination. The early days of Donald Tru... More

DEATH TO ISIS:Thousands flood streets in furious protest to condemn terror group

Thousands of protesters chanted slogans against the militant Islamic State group Wednesday as they carried the coffins of victims of an attack targeti... More

China says restrained in face of India

BEIJING: China accused India on Wednesday of “concocting” excuses over the illegal entry of the South Asian nation’s military into C... More

COAS, Afghan envoy discuss border issues

ISLAMABAD: Army Chief Gen Qamar Bajwa met Afghanistan’s ambassador Dr Omar Zakhilwal on Wednesday for continuing discussions on normalisation of... More

Apple removes VPN services from Chinese app store

BEIJING: Apple has removed software allowing internet users to skirt China’s “Great Firewall” from its app store in the country, the... More

IS claims attack on Iraq embassy in Kabul

A suicide bomber blew himself up outside the Iraqi embassy in Kabul on Monday and militants breached the compound in a complex hours-long attack claim... More

Saudi-led bloc opens emergency routes to Qatari planes

DUBAI: Four Arab states that have cut diplomatic and transport ties with Qatar said on Monday that they have opened up air routes that Qatari planes c... More

83