On Sunday, over 100 news organisations from around the world dropped simultaneous investigations into a massive leak of data belonging to Mossack Fonseca, a Panamanian firm specialising in establishing shell corporations, which revealed how the world’s ultra-wealthy – including major world leaders and their associates – hide their money.
The leak is one of the biggest ever. There are 11.5 million documents and 2.6 terabytes of information drawn from Mossack Fonseca’s internal database.
The International Consortium of Investigative Journalists’ analysis of the leaked records revealed information on more than 214,000 offshore companies connected to people in more than 200 countries and territories. The data includes emails, financial spreadsheets, passports and corporate records revealing the secret owners of bank accounts and companies in 21 offshore jurisdictions, including Nevada, Hong Kong and the British Virgin Islands.
The documents show the ways in which the rich can exploit secretive offshore tax regimes. Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens. In India too over 500 people including actors, industrialists and real estate bigwigs have come under the scanner.
Also Read:
How Offshore Accounts are Used to Hide Wealth and Avoid Taxes
Probe Initiated on Panama Papers Leak, World’s Wealthy Deny Links
Unravelling Panamagate Will be a Challenge For Indian Agencies
(Video Editor: Prashant Bhardwaj)
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