Breaking: Dirty Money Exposed Worldwide

Discussion in 'The Bar' started by eliasbboy, Apr 3, 2016.

  1. eliasbboy

    eliasbboy Insert Witty Title Here Staff Member

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    This is looking to be an enormous news story.

    2.6 terabytes (11.5 million documents and 214,000 shell companies) have been leaked of Panamanian shell company data. The leak reveals "how a global industry led by major banks, legal firms, and asset management companies secretly manages the estates of politicians, Fifa officials, fraudsters and drug smugglers, celebrities and professional athletes."

    In the past 12 months, around 400 journalists from more than 100 media organizations in over 80 countries have taken part in researching the documents.

    It's a lot of reading, but a website has already been established to explain the information and document the discoveries.

    Panama Papers: The Secret of Dirty Money


    https://panamapapers.icij.org/

    http://panamapapers.sueddeutsche.de/en/




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  2. eliasbboy

    eliasbboy Insert Witty Title Here Staff Member

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    A network of secret offshore deals and vast loans worth $2bn has laid a trail to Russia’s president, Vladimir Putin.

    An unprecedented leak of documents shows how this money has made members of Putin’s close circle fabulously wealthy.

    Though the president’s name does not appear in any of the records, the data reveals a pattern – his friends have earned millions from deals that seemingly could not have been secured without his patronage.

    The documents suggest Putin’s family has benefited from this money – his friends’ fortunes appear his to spend.

    The files are part of an unprecedented leak of millions of papers from the database of Mossack Fonseca, the world’s fourth biggest offshore law firm. They show how the rich and powerful are able to exploit secret offshore tax regimes in myriad ways.

    The offshore trail starts in Panama, darts through Russia, Switzerland and Cyprus – and includes a private ski resort where Putin’s younger daughter, Katerina, got married in 2013.

    The Panama Papers shine a particular spotlight on Sergei Roldugin, who is Putin’s best friend. Roldugin introduced Putin to the woman he subsequently married, Lyudmila, and is godfather to Putin’s older daughter, Maria.
     
  3. eliasbboy

    eliasbboy Insert Witty Title Here Staff Member

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    More than 200,000 companies, foundations and trusts are contained in the leak of information which came from a little-known but powerful law firm based in Panama called Mossack Fonseca.

    The law firm is one of the world's top creators of shell companies, which can be legally used to hide the ownership of assets.

    The data includes emails, contracts, bank records, property deeds, passport copies and other sensitive information dating from 1977 to as recently as December 2015.

    The year-long investigation was coordinated by the International Consortium of Investigative Journalists (ICIJ), who worked with hundreds of journalists from the world's top media organisations including the ABC's Four Corners program.

    What the documents reveal is the inner workings of a global industry of law firms and big banks who sell financial secrecy to those who can afford it.
     
  4. eliasbboy

    eliasbboy Insert Witty Title Here Staff Member

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    The ICIJ findings include evidence that:

    • Associates of Russian President Vladimir Putin secretly shuffled as much as $2 billion through banks and shadow companies
    • Icelandic Prime Minister Sigmundur David Gunnlaugsson and his wife secretly owned an offshore firm that held millions of dollars in Icelandic bank bonds during the country's financial crisis
    The files also expose or identify:

    • Offshore companies controlled by the Prime Minister of Pakistan, the King of Saudi Arabia and the children of the President of Azerbaijan
    • Offshore companies linked to the family of China's top leader, Xi Jinping, as well as Ukrainian President Petro Poroshenko, who has positioned himself as a reformer in a country shaken by corruption scandals
    • 29 billionaires featured in Forbes Magazine's list of the world's 500 richest people
    • 33 people and companies blacklisted by the US Government because of evidence that they have done business with Mexican drug lords, terrorist organisations like Hezbollah or rogue nations like North Korea
    • New details of offshore dealings by the late father of British Prime Minister David Cameron, a leader in the push for tax-haven reform
    • Customers including Ponzi schemers, drug kingpins, tax evaders and at least one jailed sex offender
    • Movie star Jackie Chan, who had at least six companies managed through the law firm
     
  5. eliasbboy

    eliasbboy Insert Witty Title Here Staff Member

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    As with many of Mossack Fonseca's clients, there is no evidence that Chan used his companies for improper purposes. Having an offshore company is not illegal and for some international business transactions, it is a logical choice.

    But the leaked data allows a never-before-seen view inside the offshore world — providing a day-to-day, decade-by-decade look at how dark money flows through the global financial system, breeding crime and stripping national treasuries of tax revenues.

    Most of the services the offshore industry provides are legal if used by the law-abiding.

    But the documents show the extraordinary lengths individuals will go to in order to hide the true owners of companies.

    Mossack Fonseca offers extra services to provide "front people" known as nominees to act as shareholders, directors or even the owners of your company.

    This can make it extremely difficult for authorities trying to investigate money laundering or follow the money through complex networks of offshore accounts.
     
  6. doughhead63

    doughhead63 OD'd on life itself Staff Member

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    [​IMG]
     
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  7. eliasbboy

    eliasbboy Insert Witty Title Here Staff Member

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    About the Panama Papers

    By Frederik Obermaier, Bastian Obermayer, Vanessa Wormer and Wolfgang Jaschensky


    Over a year ago, an anonymous source contacted the Süddeutsche Zeitung (SZ) and submitted encrypted internal documents from Mossack Fonseca, a Panamanian law firm that sells anonymous offshore companies around the world. These shell firms enable their owners to cover up their business dealings, no matter how shady.

    In the months that followed, the number of documents continued to grow far beyond the original leak. Ultimately, SZ acquired about 2.6 terabytes of data, making the leak the biggest that journalists had ever worked with. The source wanted neither financial compensation nor anything else in return, apart from a few security measures.

    The data provides rare insights into a world that can only exist in the shadows. It proves how a global industry led by major banks, legal firms, and asset management companies secretly manages the estates of the world’s rich and famous: from politicians, Fifa officials, fraudsters and drug smugglers, to celebrities and professional athletes.
     
  8. Neesie

    Neesie Princess Parliaments VIP Gold

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    [​IMG]
     
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  9. eliasbboy

    eliasbboy Insert Witty Title Here Staff Member

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  10. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    nobody will care since none of this involves (1) american banks, (2) wall st, or (3) israel.
     
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  11. eliasbboy

    eliasbboy Insert Witty Title Here Staff Member

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    I'm floored that this is not getting more attention.

    The scale of the information leaked is like nothing we've ever seen before. Putin alone is shown to have diverted TWO BILLION dollars thru friends and family.

    These files show clear and definitive proof of companies hiding hundreds of millions, if not billions of dollars in taxes. Not to mention the funds used to pay for weapons, bombs, human sex trafficking, etc. etc.
     
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  12. eliasbboy

    eliasbboy Insert Witty Title Here Staff Member

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    The fact I have yet to read any American names on there is confusing.
     
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  13. zhukov

    zhukov Time traveler Gold

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    Putin and his cronies basically stole all of the former Soviet Union's state-owned assets. Oil companies, manufacturing businesses...all of it.
     
    Last edited: Apr 3, 2016
  14. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    probably because its not in use by Americans. i bet we have rather extensive financial records exchange with Panama, probably since Teddy built the canal. most other countries probably do not have the connections with the banking and financial industries there.
     
  15. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    just like their parents did before them, which they learned how to do when Stalin was in charge.
     
  16. newcastlefan

    newcastlefan גֵּרְשֹׁם VIP

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    someone leaked info collected over the past 40 years of business.

    thinking about it, i bet the reason no americans are mentioned is because $2 billion is piddling small change here.
     
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  17. HelloCleveland!

    HelloCleveland! Well-Known Member

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    I reach down...between my legs...ease the seat back
     
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  18. Swedish John

    Swedish John I'm your huckleberry

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    Too much information for the average American to sit down and consume. No one will give a shit about this.
     
  19. keywordpk

    keywordpk Perpetual Geek Gold

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    hat of love :wink:
     
  20. eliasbboy

    eliasbboy Insert Witty Title Here Staff Member

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    This. You are 100% correct. :facepalm:
     
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