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Panama Papers: leak reveals elite's tax haven

Kb27

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Kb27

Kb27

Supersonic

http://www.bbc.com/news/world-35918844

 

A huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth.

 

Eleven million documents were leaked from one of the world's most secretive companies, Panamanian law firm Mossack Fonseca.

 

They show how Mossack Fonseca has helped clients launder money, dodge sanctions and evade tax.

 

The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.

 

 

I wonder who are the famous people implicated ?

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Soya

Soya

Supersonic

I wonder who are the famous people implicated ?

 

 

hohoho......probably many richie riche MCFers. 

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Vratenza

Vratenza

Supersonic

hohoho......probably many richie riche MCFers. 

 

you are probably right....... one of the MCF motto is Full Cash or nothing!

 

Full cash leaves minimal paper trial..... ideal for putting money through a washing machine....

[:p]

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Blackyv

Blackyv

Turbocharged

aiyah.. all those hide here hide there no balls to admit those money are clean...... ahjib the best...donation money clean clean one.. wife can use to buy bags... [laugh]

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Vid

Vid

Hypersonic

Come come... Let's have a show of hands. Whose name is on that list?

 

[laugh] [laugh]

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RadX

RadX

Moderator

Come come... Let's have a show of hands. Whose name is on that list?

 

[laugh] [laugh]

 

 

nb...you dun stir can anot.... :omg:

 

:grin:  :grin: Notice T2 not around? hahahahah

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RadX

RadX

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Panama Papers' leak boosts Panama's image as hub for money laundering
An aerial view of the Panama City bay taken on March 23, 2015. PHOTO: AFP
PUBLISHED
APR 4, 2016, 7:58 AM SGT

PANAMA CITY (AFP) - A huge data leak from a law firm in Panama suggesting it hid billions of dollars in assets of global politicians, sports stars and entertainers threatened on Sunday (April 3) to dramatically boost the country's reputation as an offshore haven for money laundering.

Panama, a small nation of just four million people, has a booming financial services sector that, including revenue from its famous canal, accounts for nearly 80 per cent of gross domestic product.

It has one of the best sustained economic growth rates in Latin America, low inflation, and uses the United States dollar as its currency.

Successive governments have strenuously sought to portray the country as a business-friendly financial hub akin to Singapore that actively encourages banking and investment.

But they have found it hard to shake a widely held image of Panama as a place where shady deals are done in secret to hide money from the tax authorities and launder the proceeds of the rich, the powerful and criminals.

 
 

After coming under heavy scrutiny in recent years from other countries, especially the United States, Panama has cleaned up its act somewhat, enough to get off an international "blacklist" of suspected money-laundering states.

In February, Panama was also taken off a "grey list" of nations with lax financial laws, but still flagged as having deficiencies in fighting money laundering.

Sunday's revelations, published under the title "The Panama Papers", could put the progress it has made at risk.

Although the media investigation into the data leak notes that many of the transactions may not in themselves be illegal, they were often politically unpalatable - and were facilitated by Panama's tardiness in fully applying international transparency rules.

Despite foreign pressure, Panama has dragged it feet on exchanging financial information with other countries and lifting its banking secrecy.

"Panama has become the most opaque place on earth," the director of the Centre for Tax Policy in the Organisation for Economic Cooperation and Development (OECD), Mr Pascal Saint-Amans, told France's iTele network on Sunday.

The Tax Justice Network, an advocacy group, in December said: "Panama thumbs its nose at transparency."

Transparency International, a corruption watchdog, ranks the country 72 out of 168 in the world (168 being the least transparent), with a pretty secretive financial system put at 14 out of 71 jurisdictions.

Last month, Panama's Foreign Minister and Vice-President Isabel De Saint Malo told BBC radio her country was "completely committed" to exchanging financial information. But she said Panama was "concerned about the cost to our financial institutions" under proposed reporting guidelines.

She was also asked specifically about the Panama-based law firm at the centre of the data leak scandal, Mossack Fonseca, and its role in a huge bribery case unfolding in Brazil involving the state oil company Petrobras.

"I think that needs to be cleared up," she admitted in the March 7 interview.

She stated, however: "Our financial sector abides by the highest standards internationally."

 

 

 


 

Panama Papers' leak boosts Panama's image as hub for money laundering
An aerial view of the Panama City bay taken on March 23, 2015. PHOTO: AFP
PUBLISHED
APR 4, 2016, 7:58 AM SGT

PANAMA CITY (AFP) - A huge data leak from a law firm in Panama suggesting it hid billions of dollars in assets of global politicians, sports stars and entertainers threatened on Sunday (April 3) to dramatically boost the country's reputation as an offshore haven for money laundering.

Panama, a small nation of just four million people, has a booming financial services sector that, including revenue from its famous canal, accounts for nearly 80 per cent of gross domestic product.

It has one of the best sustained economic growth rates in Latin America, low inflation, and uses the United States dollar as its currency.

Successive governments have strenuously sought to portray the country as a business-friendly financial hub akin to Singapore that actively encourages banking and investment.

But they have found it hard to shake a widely held image of Panama as a place where shady deals are done in secret to hide money from the tax authorities and launder the proceeds of the rich, the powerful and criminals.

 
 

After coming under heavy scrutiny in recent years from other countries, especially the United States, Panama has cleaned up its act somewhat, enough to get off an international "blacklist" of suspected money-laundering states.

In February, Panama was also taken off a "grey list" of nations with lax financial laws, but still flagged as having deficiencies in fighting money laundering.

Sunday's revelations, published under the title "The Panama Papers", could put the progress it has made at risk.

Although the media investigation into the data leak notes that many of the transactions may not in themselves be illegal, they were often politically unpalatable - and were facilitated by Panama's tardiness in fully applying international transparency rules.

Despite foreign pressure, Panama has dragged it feet on exchanging financial information with other countries and lifting its banking secrecy.

"Panama has become the most opaque place on earth," the director of the Centre for Tax Policy in the Organisation for Economic Cooperation and Development (OECD), Mr Pascal Saint-Amans, told France's iTele network on Sunday.

The Tax Justice Network, an advocacy group, in December said: "Panama thumbs its nose at transparency."

Transparency International, a corruption watchdog, ranks the country 72 out of 168 in the world (168 being the least transparent), with a pretty secretive financial system put at 14 out of 71 jurisdictions.

Last month, Panama's Foreign Minister and Vice-President Isabel De Saint Malo told BBC radio her country was "completely committed" to exchanging financial information. But she said Panama was "concerned about the cost to our financial institutions" under proposed reporting guidelines.

She was also asked specifically about the Panama-based law firm at the centre of the data leak scandal, Mossack Fonseca, and its role in a huge bribery case unfolding in Brazil involving the state oil company Petrobras.

"I think that needs to be cleared up," she admitted in the March 7 interview.

She stated, however: "Our financial sector abides by the highest standards internationally."

 

 

 

the BOLDED part is interesting and Singapore has been compared with them....hmmmmmmm

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Vratenza

Vratenza

Supersonic

 

Panama Papers' leak boosts Panama's image as hub for money laundering

 

 

 

An aerial view of the Panama City bay taken on March 23, 2015. PHOTO: AFP

 

 

PUBLISHEDAPR 4, 2016, 7:58 AM SGT

 

 

FACEBOOK

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TWITTEREMAIL

 

 

 

PANAMA CITY (AFP) - A huge data leak from a law firm in Panama suggesting it hid billions of dollars in assets of global politicians, sports stars and entertainers threatened on Sunday (April 3) to dramatically boost the country's reputation as an offshore haven for money laundering.

Panama, a small nation of just four million people, has a booming financial services sector that, including revenue from its famous canal, accounts for nearly 80 per cent of gross domestic product.

It has one of the best sustained economic growth rates in Latin America, low inflation, and uses the United States dollar as its currency.

Successive governments have strenuously sought to portray the country as a business-friendly financial hub akin to Singapore that actively encourages banking and investment.

 

 

 

fonseca75.jpg

fonseca75.jpg?itok=ixThtehP

Related Story Secret offshore dealings: Some things to know about Panama Papers leak

 

 

 

panamalawfirm04042016.jpg

panamalawfirm04042016.jpg?itok=E_A-pFkD

Related Story Panama Papers revelation a 'crime', says law firm Mossack Fonseca, whose data was leaked

 

 

 

37959731_-_04_04_2016_-_panama-assets-revelations.jpg

37959731_-_04_04_2016_-_panama-assets-re

Related Story Panama Papers: Leak exposes tax havens of world leaders, celebs, including families of Xi Jinping, Najib Razak and Jackie Chan

 

 

 

mossack20.jpg

mossack20.jpg?itok=fD0xYWkA

Related Story Panama vows to cooperate with legal probe that might ensue from 'Panama Papers' leak

 

 

 

mossack670.jpg

mossack670.jpg?itok=kdi261Tp

Related Story Australia's tax office probes hundreds for possible tax evasion after Panama Papers leak; NZ also seeks details

But they have found it hard to shake a widely held image of Panama as a place where shady deals are done in secret to hide money from the tax authorities and launder the proceeds of the rich, the powerful and criminals.

 

 

After coming under heavy scrutiny in recent years from other countries, especially the United States, Panama has cleaned up its act somewhat, enough to get off an international "blacklist" of suspected money-laundering states.

In February, Panama was also taken off a "grey list" of nations with lax financial laws, but still flagged as having deficiencies in fighting money laundering.

Sunday's revelations, published under the title "The Panama Papers", could put the progress it has made at risk.

Although the media investigation into the data leak notes that many of the transactions may not in themselves be illegal, they were often politically unpalatable - and were facilitated by Panama's tardiness in fully applying international transparency rules.

Despite foreign pressure, Panama has dragged it feet on exchanging financial information with other countries and lifting its banking secrecy.

"Panama has become the most opaque place on earth," the director of the Centre for Tax Policy in the Organisation for Economic Cooperation and Development (OECD), Mr Pascal Saint-Amans, told France's iTele network on Sunday.

The Tax Justice Network, an advocacy group, in December said: "Panama thumbs its nose at transparency."

Transparency International, a corruption watchdog, ranks the country 72 out of 168 in the world (168 being the least transparent), with a pretty secretive financial system put at 14 out of 71 jurisdictions.

Last month, Panama's Foreign Minister and Vice-President Isabel De Saint Malo told BBC radio her country was "completely committed" to exchanging financial information. But she said Panama was "concerned about the cost to our financial institutions" under proposed reporting guidelines.

She was also asked specifically about the Panama-based law firm at the centre of the data leak scandal, Mossack Fonseca, and its role in a huge bribery case unfolding in Brazil involving the state oil company Petrobras.

"I think that needs to be cleared up," she admitted in the March 7 interview.

She stated, however: "Our financial sector abides by the highest standards internationally."

 

 

 

 

 

the BOLDED part is interesting and Singapore has been compared with them....hmmmmmmm

Singapore is also just another washing machine. Just with a "cleaner" brand name niah.
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RadX

RadX

Moderator

Singapore is also just another washing machine. Just with a "cleaner" brand name niah.

 

 

ya, the more higher brand is Sentosa...hahahah

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