Panama Papers: Biggest Leak in History Reveals How the Rich Hide Their Money

 

In what Edward Snowden has called ‘the biggest leak in the history of data journalism’, millions of released confidential documents reveal how some of the world’s richest and most powerful use tax havens to hide their wealth.

 

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

 

The documents, which show links to 72 current or former heads of state, show how the firm helped its clients evade tax, launder money and dodge sanctions.

 

‘I think the leak will prove to be probably the biggest blow the offshore world has ever taken because of the extent of the documents,’ said Gerard Ryle, director of the International Consortium of Investigative Journalists (ICIJ).

 

Among those heads of state are former Egyptian president Hosni Mubarak, the former leader of Libya Muammar Gaddafi and current Syrian premier Bashar al-Assad.

 

The documents also outline a suspected billion-dollar money laundering ring run by a Russian bank and involving close associates of Vladimir Putin.

 

Icelandic Prime Minister Sigmundur Gunnlaugsson is also shown to have an undeclared interest in his country’s bailed-out banks.

Mossac Fonseca, meanwhile, says it complies and has always complied with international regulations in order to ensure companies are not used for tax evasion, money-laundering or other illegal purposes.

 

‘For 40 years Mossack Fonseca has operated beyond reproach in our home country and in other jurisdictions where we have operations,’ it said.

 

 

Source: Metro