Panama Papers shows how billions of dollars have been hidden
The world’s elite just got pushed off the pedestal thanks to the “Panama Papers”, a massive leak of data about offshore investments.
Over 11 million documents have been leaked from Mossack Fonseca, a Panamanian law firm that is known to be one of the world’s most secretive companies.
The leaked documents exposed the tax havens the world’s most influential people use to hide their wealth.
The Panama Papers point out that Russian President Vladmir Putin has made secret offshore deals of over $2bn.
Other notable leaders known to use tax havens include the Icelandic Prime Minister Sigmundur Gunnlaugson, Argentinian president Mauricio Macri, Libya’s former leader Muammar Gaddafi, Syria’s President Bashar al-Assad, and former prime minister of Qatar Hamad bin Jassim bin Jaber Al Thani, among others.
Ian Cameron, Prime Minister David Cameron’s late father, was also reportedly a client. He allegedly used Mossack Fonseca for hiding his investment fund, Blairmore Holdings Inc.
— Aidan Kerr (@AidanKerrPol) April 3, 2016
Former Conservative Party donor Lord Ashcroft has also been identified in the documents as a subsidiary of his company apparently worked with Mossack Fonseca in Belize.
Oxfam’s head of UK policy, Richard Pyle, said: “This leak highlights the key role that UK-linked tax havens like the British Virgin Islands play in allowing privileged elite to dodge paying their fair share of tax. People in the world’s poorest countries pay the highest price for the billions of lost tax money when their governments are unable to fund life-saving healthcare such as midwives and vaccinations for children.
“The UK is in a unique position to help clean up the murky world of tax havens – starting by ensuring that the real beneficiaries of shell companies registered in the UK’s Crown Dependencies and overseas territories, such as the British Virgin Islands, are revealed ahead of May’s anti-corruption Summit in London.”
Here’s a list of notable people in Panama files
Ian Cameron, Prime Minister David Cameron’s late father
Footballer Lionel Messi and his dad
Sigmundur Davíð Gunnlaugsson, Prime Minister of Iceland
Mauricio Macri, President of Argentina
Petro Poroshenko, President of Ukraine
Salman bin Abdulaziz bin Abdulrahman Al Saud, King of Saudi Arabia
Ayad Allawi, former Prime Minister of Iraq
Bidzina Ivanishvili, former Prime Minister of Georgia
Ali Abu al-Ragab, former Prime Minister of Jordan
Hamad bin Jassim bin Jaber Al Thani, former Prime Minister of Qatar
Sheikh Hamad bin Khalifa Al Thani, former emir of Qatar
Ahmad Ali al-Mirghani, former President of Sudan
Sheikh Khalifa bin Zayed bin Sultan Al Nahyan, President of UAE
Pavlo Lazarenko, former Prime Minister of Ukraine