Panama papers come in the headlines these days. According to sources, a huge set of confidential documents have been leaked by Panamanian firm Mossack Fonseca, which is known as one of the world’s best secretive companies. They passed all the information to German newspaper Sueddeutsche Zeitung. Alongside, the Panama papers also showed that how Mossack Fonseca helped clients to launder money, elude sanctions and escape tax. French President Francois Hollande said that it’s a “good revelation”. According to him it will “increase tax revenues from those who commit fraud”.
Gerard Ryle, director of the International Consortium of Investigative Journalists (ICIJ) added “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,”. But Mossack Fonseca denied to be linked with any fraudulent activity. Later on it was also revealed that to hide their wealth how they offered financial services. Everyone was totally shocked to know about the email which was send by Mossack Fonseca to one of the wealthy clients, an US millionaire Marianna Olszewski. The email was like that “We may use a natural person who will act as the beneficial owner… and therefore his name will be disclosed to the bank. Since this is a very sensitive matter, fees are quite high.”
When the accused company was asked about this mail they replied “Your allegations that we provide structures supposedly designed to hide the identity of the real owners, are completely unsupported and false”.
They added “We do not provide beneficiary services to deceive banks. It is difficult, not to say impossible, not to provide banks with the identity of final beneficiaries and the origin of funds.”
Though the data consists of confidential seaward companies associated with the descendants and associates of
- Egypt’s former President Hosni Mubarak
- Syria’s President Bashar al-Assad and
- Former Libyan leader Muammar Gaddafi.
Associates of Putin linked with money laundering:
It has also been confirmed by Panama that President Vladimir Putin’s associates are involved in this money laundering. It is already known that money has been channelled by offshore companies but more shocking is that two of those companies are owned by Putin’s closest friends. Sergei Roldugin, one of the heads, who made millions of dollars from this deal is one of the closest friends of Putin. They know each other from childhood. Not only that Roldugin is the godfather of Maria, President’s daughter.
The documents also reveal the involvement of Icelandic Prime Minister Sigmundur David Gunnlaugsson and his wife Anna Sigurlaug Palsdottir in 2007. But Gunnlaugsson denies the fact said his wife also paid taxes timely.
The intensive investigation has already been started and very soon, the reality will come out.