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Old 03.04.2016, 21:56
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Mossack Fonseca leak reveals elite's tax havens

Another interesting revelation after Wiki leaks. Surprising - not at all. Extent and people involved - quite shocking.

A huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth.

Panama Papers: Mossack Fonseca leak reveals elite's tax havens
http://www.bbc.co.uk/news/world-35918844
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Old 04.04.2016, 00:13
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Re: Mossack Fonseca leak reveals elite's tax havens

This is going to be huge.

The Guardian's article on the fate of one billion dollars of Putin's money: http://www.theguardian.com/news/2016...idden-offshore

cites Zurich lawyers as the gobetweens of Bank Rossiya and Mossack Fonseca.

The data set has dossiers on more than 200,000 offshore companies. Get out the popcorn !
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Old 04.04.2016, 00:14
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Re: Mossack Fonseca leak reveals elite's tax havens

So far does every news outlet involved with the leak jump at their favourite targets. Some mention Messi, others various political leaders. The guardian, as always,... Putin: http://www.theguardian.com/news/2016...idden-offshore

Great to see that a Swiss law firm was involved. I already had the impression that the Finanzplatz Schweiz was in serious decline if the rich and famous could pull this off without any Swiss involved...
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Old 04.04.2016, 00:18
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Re: Mossack Fonseca leak reveals elite's tax havens

Will this effect Swiss companies?

I mean the info is all still very fresh and the case is only a few hours old, but what is coming out is huge. And Swiss banks are very well represented in those filing for off-shore companies in this case.

https://panamapapers.icij.org/graphs/

I think every paper with some kind of freedom in what it writes in the world will adjust tomorrow's headlines according to more info coming out over night. And even state owned papers or censured ones might open with this. (Don;t bite the hand that feeds you, but what if the hand turns out to be a great main course)
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Old 04.04.2016, 10:02
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Re: Mossack Fonseca leak reveals elite's tax havens

Blick published today a list of some of the politicians with offshore companies, sorry in German language but anyway the names are clear
Bashar al-Assad (50), Präsident von Syrien seit 2000
Mauricio Macri (57), Präsident von Argentinien seit 2015
Salman ibn Abd al-Aziz (80), seit 2015 König von Saudi-Arabien
Sigmundur Davíð Gunnlaugsson (41), Premierminister von Island seit 2013
Petro Poroschenko (50), Präsident der Ukraine seit 2014
Pawlo Lasarenko (63), Premierminister der Ukraine von 1996 bis 1997
Bidzina Ivanishvili (60), Premierministers von Georgien von 2012 bis 2013
Scheich Hamad bin Chalifa Al Thani (64), Staatsoberhaupt von Katar von 1995 bis 2013
Ali Abu al-Ragheb (69), Premierminister von Jordanien von 2000 bis 2003
Hamad Bin Dschassim Al Thani (56), Premierminister von Katar von 2007 bis 2013
Husni Mubarak (87), Präsident Ägyptens von 1981 bis 2011
Iyad Allawi (71), Premierminister des Irak von 2004 bis 2005
Chalifa bin Zayid Al Nahyan (68), Präsident der Vereinigten Arabischen Emirate seit 2004
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Old 04.04.2016, 10:21
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Re: Mossack Fonseca leak reveals elite's tax havens

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Will this effect Swiss companies?

Only if they did something illegal. As far as known right now did the lawyers and banks not break any laws... they simply adapted their strategies to ever changing and ever tighter controls.


What this leak shows is that as long as there is a single tax harbor open in the Caribbean... this game will continue.
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Old 04.04.2016, 11:03
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Re: Mossack Fonseca leak reveals elite's tax havens

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Only if they did something illegal. As far as known right now did the lawyers and banks not break any laws... they simply adapted their strategies to ever changing and ever tighter controls.


What this leak shows is that as long as there is a single tax harbor open in the Caribbean... this game will continue.
Unless the companies and any Swiss people involved have foreign assets that were not declared
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Old 04.04.2016, 11:20
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Re: Mossack Fonseca leak reveals elite's tax havens

Panama 11 hours ago and Panama now ...

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Old 04.04.2016, 11:33
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Re: Mossack Fonseca leak reveals elite's tax havens

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Will this effect Swiss companies?

I mean the info is all still very fresh and the case is only a few hours old, but what is coming out is huge. And Swiss banks are very well represented in those filing for off-shore companies in this case.

https://panamapapers.icij.org/graphs/

I think every paper with some kind of freedom in what it writes in the world will adjust tomorrow's headlines according to more info coming out over night. And even state owned papers or censured ones might open with this. (Don;t bite the hand that feeds you, but what if the hand turns out to be a great main course)
What are you expecting to happen.

Maybe some of these people will be shamed into pulling out, only to find a different arrangement.

Maybe politicians will go for a knee jerk reaction and create some random laws that don't really address the core of the problem but make life even tougher for the rest of us.
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Old 04.04.2016, 11:37
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Re: Mossack Fonseca leak reveals elite's tax havens

Zuma's legacy already at stake and he might face impeachment. This is another blow for the government.

http://www.news24.com/SouthAfrica/Ne...404?isapp=true
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Old 04.04.2016, 11:49
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Re: Mossack Fonseca leak reveals elite's tax havens

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What are you expecting to happen.

Maybe some of these people will be shamed into pulling out, only to find a different arrangement.

Maybe politicians will go for a knee jerk reaction and create some random laws that don't really address the core of the problem but make life even tougher for the rest of us.
I expect some politicians will drop down, others will just survive eventho they might have been wrong, in some cases things will turn out to be done legally, and a bunch of people will get a nice letter from the tax agency to hand over a bunch of money. Some might be convicted for illegally taking money out of divorces or bankruptcy's, others will be fine.

The wondering part for me is, how far will governments go with prosecuting advisers who willingly knew (or should have known due to their experience) that they assisted in situaties where tax fraud turns out to be proven.

I mean if i do bookkeepings for someone and i help them set up a construction to go under the radar and i still do bookkeeping then i should be considered to be aware that i actually helped a customer committing a crime, i wonder about the liability.
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Old 04.04.2016, 12:10
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Re: Mossack Fonseca leak reveals elite's tax havens

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Zuma's legacy already at stake and he might face impeachment. This is another blow for the government.

http://www.news24.com/SouthAfrica/Ne...404?isapp=true


Really? I think everyone in his right mind knew before that Zuma is just behind Mugabe in the top ten of most corrupt African leaders at the moment... the list of 3rd world leaders is the most boring part of the Panama Papers lead: Everyone knew it and any proof will not change a thing. It's not like Saudi or Quatari royalty will fear any form of repercussions. And having a shadow company in the Caribbean is about the least offensive thing the Assad family has done in the last six years...


I am much more interested in the bigots in the list, like the Icelandic premier, the guy from the FIFA ethics commission and of course the political links the scandal will uncover. If you openly support somebody do you not need to do it through Panama... we will learn a lot of stories influential people did not want to be public.
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Old 04.04.2016, 13:04
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Re: Mossack Fonseca leak reveals elite's tax havens

Really going to enjoy the revelations during the next several weeks, but in a popcorn-munching way and not because I expect this to really change anything.
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Old 04.04.2016, 13:19
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Re: Mossack Fonseca leak reveals elite's tax havens

This is no news till we get the full list of the people.

Where are Erdogan, Sarkozy, Berloscuni, Blair, Cameron, Merkel...No body from USA

Give us the big fishes!
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Old 04.04.2016, 13:22
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Re: Mossack Fonseca leak reveals elite's tax havens

How could anyone be surprised? We have known this all along, its only if names we don't expect to pop up do that it becomes really interesting. Vlad has been rinsing the Russian population of its wealth for at least the last 17 years, and they still don't get it. This probably wont even appear in the Russian papers.

It would be great to see someone like Boris Johnson or DC in that list, but they are probably squeaky clean.
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Old 04.04.2016, 14:10
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Re: Mossack Fonseca leak reveals elite's tax havens

you forgot our very own Konrad Mizzi
http://www.maltatoday.com.mt/news/wo...a#.VwJLeHosuC6
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Old 04.04.2016, 14:11
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Re: Mossack Fonseca leak reveals elite's tax havens

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How could anyone be surprised? We have known this all along, its only if names we don't expect to pop up do that it becomes really interesting. Vlad has been rinsing the Russian population of its wealth for at least the last 17 years, and they still don't get it. This probably wont even appear in the Russian papers.
It's appearing some papers, but most Russians are so hopelessly in love with him that they'll find a way to rationalize it away.
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Old 04.04.2016, 14:24
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Re: Mossack Fonseca leak reveals elite's tax havens

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It's appearing some papers, but most Russians are so hopelessly in love with him that they'll find a way to rationalize it away.
I don't know what it's like in Russia, but I used to have a Nigerian co-worker who said most people there don't mind corrupt leaders, and many even actually admired them. Somebody who knows how to look out for themselves can also look out for others. If somebody is too squeaky clean it's probably not because they are not hiding what they have, but that they never actually made enough money to make hiding any of it worthwhile - and therefore they don't know how to make money and can't be trusted with leading a country.
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Old 04.04.2016, 14:29
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Re: Mossack Fonseca leak reveals elite's tax havens

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I don't know what it's like in Russia, but I used to have a Nigerian co-worker who said most people there don't mind corrupt leaders, and many even actually admired them. Somebody who knows how to look out for themselves can also look out for others.
I met young, foreign educated "professionals" in Russia who love Putin for
a) putting and end to the de-facto rule of mafia Oligarchs. They'll prefer a president who does channel some funds to some friends and family over an alcoholic Jelzin who managed to run the country into ruins.
b) putting Russia back on the map of international politics. Say what you want, but the man is a strategic genius.
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Old 04.04.2016, 14:32
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Re: Mossack Fonseca leak reveals elite's tax havens

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b) putting Russia back on the map of international politics. Say what you want, but the man is a strategic genius.
If you think being taken notice of is a goal in istelf, then yes, he is succesful.

But if you think the job of a leader is to create opportunities and prosperity for the people and preserve peace, then I don't think he's really there.
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