Guys! It finally happened.
But unfortunately, there's not a lot on the American News Networks about it.
An unprecedented leak of more than 11 million documents has revealed the hidden financial dealings of some of the world's wealthiest people, as well as 12 current and former world leaders and 128 more politicians and public officials around the world.
Key points:
Investigation reveals data from more than 11 million documents relating to law firm Mossack Fonseca
Leak includes information about world leaders from Russia, Iceland, Ukraine, China and others
Firm's customers have included Ponzi schemers, drug kingpins, tax evaders and a jailed sex offender
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.
Explainer: Inside the Panama Papers
Why does this matter? Is it illegal? How do they operate? These questions and more are answered in our explainer.
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
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.
- Article on
abc.net.auI am so happy right now!
Here is a pretty informed Reddit thread:
reddit.com/r/worldnews/comments/4d75i7..
Member
Kalas
FourtyTwo
Mole
HeMandaddy
