Panama Papers.

PANAMA PAPERS

A huge leak of confidential documents has revealed how wealthy and powerful people use tax havens to hide their wealth. Eleven million documents were leaked from one of the most secretive companies in the world, Panamanian law firm Mossack Fonseca. These documents show how Mossack Fonseca has helped clients launder money, evade taxes and avoid sanctions. The company says it has operated flawlessly for 40 years and never has been accused of criminal activities. The company is considered one of the five largest providers of offshore secret worldwide. It has more than 500 employees and contributors in over 40 offices around the world, including three in Switzerland and eight in China.

Leaked documents have shaken the banking and legal sectors of Panama, as well as the foundations of the economy and this has brought about an investigation into the legal and financial sectors and the negative news that the Latin American country is placed back in the blacklist of tax havens after trying to get rid of the reputation as a safe place for illicit business of corrupt and criminal activities.

But this leak has also had an impact worldwide because this information was made public in violation of the strict confidentiality of the owners of offshore accounts who are leading politicians and celebrities, this brought a great scandal and now these characters are objective research to know the origin of financial transactions conducted and whether these are legal or not. It is noteworthy that the fact of having business relationships or hire consulting with a Panamanian law firm, not in itself a crime, it all depends on what exactly was done, many people who seek to violate the law have often enjoyed the same discretion that those who have accounts for legitimate purposes. (Phillips, 2016)

Mossack Fonseca has tried to justify itself to this situation by saying that they are engaged to form legal structures and then sell them to middlemen and they have customers with whom the company does not maintain any relationship, the way how to handle these structures or make them is not responsibility.

The giant offshore financial records filtration exposed a global network of crime and corruption involving 140 politicians from 50 countries, 100 media in 78 countries and 11.5 million documents in tax havens. Proceso magazine and Aristegui News were the only Mexican media convened by the International Consortium of Investigative Journalists (ICIJ). The filtered records were reviewed by a team of more than 370 journalists from 78 countries.

The names mentioned after the analysis of documents ranging from international athletes like Lionel Messi, sports officials as Michel Platini, the Spanish film director Pedro Almodóvar; Mexican businessmen Ricardo Salinas Pliego and Juan Armando Hinojosa (better known as the contractor of the famous White House); actor Jackie Chan; the presidents of Argentina Mauricio Macri and Russia Vladimir Putin; ex Prime Minister of Iceland Sigmundur David Gunnlaugsson. In addition to 33 individuals and companies put on the blacklist of the US government for having done business with Mexican drug lords and terrorist organizations such as Hezbolá. (Harding, 2016)

This collaboration between journalists has been the largest ever produced, in which corporate records, property records, financial statements and court documents were screened, among other sources. Süddeutsche Zeitung reporters obtained million records from a confidential source and shared with ICIJ. The media involved did not pay for the documents.

Vladimir Putin MAIN INVOLVED: Although the name of the Russian president does not appear in the documents, according to the analysis of the data, the friends of the president, recipients of public procurement and concessions that would not have been possible without his protection, established a network of companies offshore (which the holders are hidden) by approximately $ 2000 million (1,760 million euros). Among the relatives of the Russian president highlighted the name of Sergei Roldugin, his best friend, who introduced him to his wife and godfather of his eldest daughter. The choice of this person seems evident: the highest confidence of Putin without strong economic profile is a professional musician and has hardly been involved in business activities. The Russian government has accused ICIJ launching a "misleading information attack". (Curwen, 2016)

-Sigmundur David Gunnlaugsson: The Icelandic prime minister and his wife used an offshore firm -Wintris Inc.- to hide millions of dollars in investments in three large banks during the financial crisis. Involved, head of the Icelandic government since mid-2013, has denied any wrongdoing. This week will face a question of parliamentary confidence.

-Mauricio Macri: The Argentine president took part, along with his father and one of his brothers, the board of directors of an offshore company based in Bahamas called Fleg Trading. The firm was active until 2009, when Macri occupied the headquarters of the Government of Buenos Aires, but it is unknown whether the current president of Argentina had already left office before. The president has come out of the information to ensure that never participated in the capital of Fleg Trading. "This company was linked to the family business group, hence Mr. Macri was occasionally appointed as a director," Argentina has clarified the presidency in a note.

-Salman bin Abdulaziz: The king of Saudi Arabia used a partnership with tax based in the British Virgin Islands-a territory that Spain is listed as a fiscal paradise to constitute two mortgages luxury housing in central London. The documentation is also listed as a user of a yacht registered in the British overseas territory.

Leo Messi: Barcelona FC's player used a Uruguayan firm to gain a Panamanian company with which would have checked their copy rights -a behind the Tributaria Agency- since July 13, 2013, one day after the Prosecutor lodge a complaint against the player for alleged fraud.

-Michel Platini: The former president of UEFA, suspended from office for alleged links to a corruption case, listed as the owner and sole director of Balney Enterprises, an opaque society created in Panama  few months after his nomination as head of the agency European football. According to Platini he leaned papers in the office Mossack Fonseca to manage the company. Ex French soccer player lawyers have indicated in a note that "all accounts and assets" of Platini "are known to the Swiss tax authorities, a country that is tax resident since 2007".

-Ivan Zamorano: Ex Real Madrid soccer player and the Chilean national team is one of the illustrious names in the world of football that is dotted by Panama papers. Specifically, the leaked documents linked to a society Zamorano, Fut Bam International, which managed their rights-an image of the main items of high level- a player from the British Virgin Islands.

The Film director, Pedro Almodóvar and his brother and producer Agustin were parents, since June 1991, the company Glen Valley Corporation also registered in the British Virgin Islands. The firm remained active since March 22, 1991 until November 11, 1994 and its processing was handled from the office of the Panamanian firm Mossack Fonseca in Geneva (Switzerland).

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