Panama Papers - Wikipedia, The Free Encyclopedia

8/18/2019 Panama Papers - Wikipedia, The Free Encyclopedia

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6/4/2016 Panama Papers - Wikipedia, the free encyclopedia

https://en.wikipedia.org/wiki/Panama_Papers

Panama PapersFrom Wikipedia, the f ree encyclopedia

The Panama Papers are a leaked set of 11.5 million confidential documents that provide detailedinformation about more than 214,000 offshor e companies listed by the Panamanian corporate service

provider Mossack Fonseca, including the identities of shareholders and directors of the companies. Thedocuments show how wealthy individuals, including public officials, hide their money from public scrutinyThe papers identify current government leaders from five countries – Argentina, Iceland, Saudi Arabia,Ukraine, and the United Arab Emirates – as well as government officials, close relatives, and closeassociates of various heads of government of more than forty other countries, including Brazil, China, PeruFrance, India, Malaysia, Mexico, Pakistan, Romania, Russia, South Africa, Spain, Syria, and the UnitedKingdom.

The use of offshore business entities is generally not illegal in the jurisdictions in which they are registered but during their investigation reporters found that some of the shell companies may have been used for

illegal purposes, including fraud, drug trafficking, and tax evasion.[1]

The documents were made available to the Süddeutsche Zeitung beginning in early 2015 by an anonymous

source, an unremunerated whistleblower using the pseudonym "John Doe".[2] The information documentedactions going back to the 1970s and eventually totaled 2.6 terabytes of data. Given the scale of the leak, thenewspaper enlisted the help of the U.S.-based Inter national Consortium of Investigative Journalists (ICIJ),distr ibuted documents for investigation and analysis to some 400 journalists at 107 media organizations inmor e than eighty countries. The first news reports based on the papers, and 149 of the documentsthemselves, were published on April 3, 2016. A full list of companies is promised for early May 2016.Some public figures have resigned their positions due to public criticism of their actions.

Contents

1 Background2 Leak 3 Contents

3.1 Transactions3.2 People3.3 Mossack Fonesca Companies

3.3.1 Nordea3.4 Importance3.5 Clients

3.5.1 Icelandic Prime Minister 3.5.2 Juan Armando Hinojosa3.5.3 Sergei Roldugin3.5.4 Tatiana Navka3.5.5 Lionel Messi3.5.6 HSBC

3.6 Mossack Fonseca response3.7 Official reactions and investigations

https://en.wikipedia.org/wiki/Center_for_Public_Integrity#International_Consortium_of_Investigative_Journalistshttps://en.wikipedia.org/wiki/Terabytehttps://en.wikipedia.org/wiki/Anonymous_sourcehttps://en.wikipedia.org/wiki/John_Doe_(Panama_Papers%27s_whistleblower)https://en.wikipedia.org/wiki/Anonymous_sourcehttps://en.wikipedia.org/wiki/Anonymous_sourcehttps://en.wikipedia.org/wiki/Anonymous_sourcehttps://en.wikipedia.org/wiki/United_Kingdomhttps://en.wikipedia.org/wiki/Mossack_Fonsecahttps://en.wikipedia.org/wiki/Center_for_Public_Integrity#International_Consortium_of_Investigative_Journalistshttps://en.wikipedia.org/wiki/Terabytehttps://en.wikipedia.org/wiki/John_Doe_(Panama_Papers%27s_whistleblower)https://en.wikipedia.org/wiki/Anonymous_sourcehttps://en.wikipedia.org/wiki/S%C3%BCddeutsche_Zeitunghttps://en.wikipedia.org/wiki/United_Kingdomhttps://en.wikipedia.org/wiki/Syriahttps://en.wikipedia.org/wiki/Spainhttps://en.wikipedia.org/wiki/South_Africahttps://en.wikipedia.org/wiki/Russiahttps://en.wikipedia.org/wiki/Romaniahttps://en.wikipedia.org/wiki/Pakistanhttps://en.wikipedia.org/wiki/Mexicohttps://en.wikipedia.org/wiki/Malaysiahttps://en.wikipedia.org/wiki/Indiahttps://en.wikipedia.org/wiki/Francehttps://en.wikipedia.org/wiki/Peruhttps://en.wikipedia.org/wiki/Chinahttps://en.wikipedia.org/wiki/Brazilhttps://en.wikipedia.org/wiki/Mossack_Fonsecahttps://en.wikipedia.org/wiki/Offshore_tax_havenhttps://en.wikipedia.org/wiki/Wikipedia:Protection_policy#semi


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https://en.wikipedia.org/wiki/Panama_Papers 2

3.7.1 Argentina3.7.2 Australia3.7.3 China3.7.4 Colombia3.7.5 Cyprus3.7.6 Egypt3.7.7 France3.7.8 Iceland

3.7.9 India3.7.10 Israel3.7.11 Mexico3.7.12 New Zealand3.7.13 Norway3.7.14 Pakistan3.7.15 Panama3.7.16 Russia3.7.17 Saudi Arabia3.7.18 Sweden3.7.19 Thailand3.7.20 Tunisia3.7.21 Ukraine3.7.22 United Kingdom3.7.23 United States

4 References5 External links

Background

While no formal definition exists, offshore financial centers (sometimes also called "tax havens") aretypically defined as jurisdictions whose banking industries:

1. primarily provide services to people or businesses who are not resident;2. do not require companies to disclose information; and3. have low-tax regimes.[3]

Companies and individuals may place money in offshore financial centers for a variety of reasons, some

"perfectly legal and benign".[4] However, as noted by The Economist and researchers like the Tax Justice Network, "the most obvious use of offshore financial centers is to avoid taxes" and other laws and

regulations.[5][6]

Law firms play a central role in the operation of offshore financial centers. [6] Mossack Fonseca, a

Panamanian law firm, is one of the biggest offshore law firms,[7] and an "industry leader".[8][9] The firm'sservices include incorporating companies in offshore financial centers and administering offshore

companies.[10] This can include creating "complex shell company structures" that, while legal, also allow

the firm's clients "to operate behind an often impenetrable wall of secrecy".[4] The leaked papers detail sucstructures.

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A conversation between Süddeutsche Zeitung and the anonymous source.

Mossack Fonseca has acted on behalf of more than 300,000 companies, most of which are registered in the

UK or in British-administered offshore financial centers.[10] The firm works with the world's biggestfinancial institutions, such as Deutsche Bank, HSBC, Société Générale, Credit Suisse, UBS, Commerzbank

and Nordea.[9][11]

Leak

More than a year before the first publication of the Panama leaks inApril 2016,[12] the German newspaper Süddeutsche Zeitung wasoffered large caches of documents from an anonymous source, whoidentified himself by the classic placeholder name "John Doe". The

paper accepted and began to receive more and more material; in thespace of a year they acquired a total of 2.6 terabytes of data

consisting of documents related to Mossack Fonseca,[13] providinginformation on 214,488 offshore entities related to public

officials.[14] The leak consists of 11.5 million documents created

between the 1970s and late 2015 by Mossack Fonseca.[7]

The reporters communicated with the source only via encrypted channels,[15] as he demanded

anonymity:[16] "There are a couple of conditions. My life is in danger, we will only chat over encrypted[lines]. No meeting ever." Süddeutsche Zeitung journalist Bastian Obermayer said the source decided to doit because he thought Mossack Fonseca was behaving unethically. "The source thinks that this law firm inPanama is doing real harm to the world, and the source wants to end that. That's one of the motivations," h

said.[16]

The International Consortium of Investigative Journalists organized the research and review of documents.They enlisted reporters and resources at The Guardian, the BBC, Le Monde, SonntagsZeitung, Falter , and

La Nación and German public broadcasters Norddeutscher Rundfunk and Süddeutscher Rundfunk andAustrian ORF (broadcaster). The team initially met in Munich, Lillehammer, London, and Washington, DC

to structure their research.[2] The data was distributed to and analyzed by about 400 journalists at 107 medi

organizations in more than 80 countries.[7] After more than a year, the first news reports based on the set,

along with 149 of the documents themselves,[17] were published on April 3, 2016.[13] Among other planne

disclosures, the full list of companies is to be released in early May 2016.[18]

The total quantity of the leaked data significantly exceeds that of the Wikileaks Cablegate 2010[13] (1.7

GB),[19] Offshore Leaks 2013 (260 GB), Lux Leaks 2014 (4 GB), and Swiss Leaks 2015 (3.3 GB). The dat primarily comprises e-mails, PDF files, photos, and excerpts of an internal Mossack Fonseca database,

covering a period from the 1970s to 2016.[13] The Panama Papers leak provides data on some 214,000companies with a folder for each shell firm that contains e-mails, contracts, transcripts, and scanned

documents.[13] The leak comprises 4,804,618 emails, 3,047,306 database format files, 2,154,264 PDFs,

1,117,026 images, 320,166 text files, and 2,242 files in other formats. [13]

https://en.wikipedia.org/wiki/Image_scannerhttps://en.wikipedia.org/wiki/Portable_Document_Formathttps://en.wikipedia.org/wiki/Swiss_Leakshttps://en.wikipedia.org/wiki/Lux_Leakshttps://en.wikipedia.org/wiki/Offshore_Leakshttps://en.wikipedia.org/wiki/Gigabytehttps://en.wikipedia.org/wiki/United_States_diplomatic_cables_leakhttps://en.wikipedia.org/wiki/ORF_(broadcaster)https://en.wikipedia.org/wiki/S%C3%BCddeutscher_Rundfunkhttps://en.wikipedia.org/wiki/Norddeutscher_Rundfunkhttps://en.wikipedia.org/wiki/La_Naci%C3%B3nhttps://en.wikipedia.org/wiki/Falterhttps://en.wikipedia.org/wiki/SonntagsZeitunghttps://en.wikipedia.org/wiki/Le_Mondehttps://en.wikipedia.org/wiki/BBChttps://en.wikipedia.org/wiki/The_Guardianhttps://en.wikipedia.org/wiki/International_Consortium_of_Investigative_Journalistshttps://en.wikipedia.org/wiki/Mossack_Fonsecahttps://en.wikipedia.org/wiki/Terabytehttps://en.wikipedia.org/wiki/John_Doehttps://en.wikipedia.org/wiki/John_Doe_(Panama_Papers%27s_whistleblower)https://en.wikipedia.org/wiki/S%C3%BCddeutsche_Zeitunghttps://en.wikipedia.org/wiki/Nordeahttps://en.wikipedia.org/wiki/Commerzbankhttps://en.wikipedia.org/wiki/UBShttps://en.wikipedia.org/wiki/Credit_Suissehttps://en.wikipedia.org/wiki/Soci%C3%A9t%C3%A9_G%C3%A9n%C3%A9ralehttps://en.wikipedia.org/wiki/HSBChttps://en.wikipedia.org/wiki/Deutsche_Bankhttps://en.wikipedia.org/wiki/Financial_institutionhttps://en.wikipedia.org/wiki/Anonymous_sourcehttps://en.wikipedia.org/wiki/S%C3%BCddeutsche_Zeitunghttps://en.wikipedia.org/wiki/File:Panama_papers_sz_chat.jpg


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Countries with politicians, public officials or close associates implicated in the leak as of April 3, 2016.

Countries of people implicated

European Union

The data was systematically indexed using proprietary software donated by the Australian company Nuix.[

The software is also used by international investigators. Nuix was used to perform optical character recognition (OCR) on the millions of scanned documents, making the data machine-readable andsearchable. Reporters then used Nuix tools to extract individual and corporate names from the documents

for analysis.[1] Compiled lists of important people were then cross matched against the processed

documents.[13] The next step in the analysis was to connect people, roles, monetary flow, and structure

legality.[13]

The company advised its customers April 1, 2016 of an email hack, but denied any connection to the leak,

saying the hack was limited. Privacy experts have noted that the company did not encrypt its emails[20] and

also seems to have been running a three-year-old version of Drupal with several known vulnerabilities.[20]

Contents

Transactions

Over £10 million of cash from the sale of the gold stolen in the Brink's-Mat robbery was laundered, firstunwittingly and later with the complicity of Mossack Fonseca, through a Panamanian company set up on

behalf of an unnamed client twelve months after the robbery. The money was put through Feberion, whichhad only bearer shares, and other front companies via banks in Switzerland, Liechtenstein, Jersey and the

Isle of Man. Two nominee directors from Sark were appointed to Feberion.[21] The offshore firms served to

recycle the funds through transactions in land and property in the United Kingdom.[21] Although theMetropolitan Police raided the offices of Centre Services late 1986 in cooperation with the Jerseyauthorities and seized papers and the two Feberion bearer shares, only in 1995 did Brink’s-Mat solicitors

finally take control of Feberion and assets.[21]

People

Early reports noted financial and power connections tomultiple high-ranking political figures and their

relatives.[7][22][23]

Several current national leaders are named in the PanamaPapers, including presidents Khalifa bin Zayed Al Nahyanof the United Arab Emirates, Petro Poroshenko of Ukraine,

King Salman of Saudi Arabia, as well as the PrimeMinister of Iceland Sigmundur Davíð Gunnlaugsson.[22]

Former heads of state mentioned in the papers includeSudanese President Ahmed al-Mirghani, the Emir of Qatar Hamad bin Khalifa Al Thani, and prime ministers of Georgia Bidzina Ivanishvili, of Iraq Ayad Allawi, of JordanAli Abu al-Ragheb, former prime minister of Qatar Hamad

bin Jassim bin Jaber Al Thani, former Ukrainian prime

minister Pavlo Lazarenko,[22] and Ion Sturza of Moldava[24]

https://en.wikipedia.org/wiki/Moldavahttps://en.wikipedia.org/wiki/Ion_Sturzahttps://en.wikipedia.org/wiki/Pavlo_Lazarenkohttps://en.wikipedia.org/wiki/Hamad_bin_Jassim_bin_Jaber_Al_Thanihttps://en.wikipedia.org/wiki/Qatarhttps://en.wikipedia.org/wiki/Ali_Abu_al-Raghebhttps://en.wikipedia.org/wiki/Ayad_Allawihttps://en.wikipedia.org/wiki/Bidzina_Ivanishvilihttps://en.wikipedia.org/wiki/Hamad_bin_Khalifa_Al_Thanihttps://en.wikipedia.org/wiki/Ahmed_al-Mirghanihttps://en.wikipedia.org/wiki/Sigmundur_Dav%C3%AD%C3%B0_Gunnlaugssonhttps://en.wikipedia.org/wiki/Salman_of_Saudi_Arabiahttps://en.wikipedia.org/wiki/Petro_Poroshenkohttps://en.wikipedia.org/wiki/Khalifa_bin_Zayed_Al_Nahyanhttps://en.wikipedia.org/wiki/Sarkhttps://en.wikipedia.org/wiki/Bearer_shareshttps://en.wikipedia.org/wiki/Brink%27s-Mat_robberyhttps://en.wikipedia.org/wiki/Drupalhttps://en.wikipedia.org/wiki/Optical_character_recognitionhttps://en.wikipedia.org/wiki/Nuixhttps://en.wikipedia.org/wiki/Proprietary_softwarehttps://en.wikipedia.org/wiki/European_Unionhttps://en.wikipedia.org/wiki/File:Countries_implicated_in_the_Panama_Papers.svg


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United Arab Emirates

President Khalifa binZayed Al Nahyan

The leaked files identify 61 family members and associates of prime ministers, presidents and kings,[25]

including the late father of British prime minister David Cameron, the brother-in-law of China's paramount

leader Xi Jinping,[22] the son of Malaysian Prime Minister Najib Razak,[22] the children of Pakistani Prime

Minister Nawaz Sharif,[22] and Azerbaijani President Ilham Aliyev,[22] the nephew of South African

President Jacob Zuma,[26] the grandson of Kazakh President Nursultan Nazarbayev,[22] the personal

secretary of Moroccan King Mohammed VI,[22] and the "favourite contractor" of Mexican President

Enrique Peña Nieto.[22]

Other clients include less-senior government officials and their close relatives and associates, from over forty different countries, including Algeria, Angola, Argentina, Azerbaijan, Botswana, Brazil, Cambodia,

Canada,[27] Chile, China, Democratic Republic of the Congo, Republic of the Congo, Ecuador, Egypt,France, Ghana, Greece, Guinea, Honduras, Hungary, Iceland, India, Israel, Italy, Ivory Coast, Kazakhstan,Kenya, Malaysia, Mexico, Morocco, Malta, Nigeria, North Korea, Pakistan, Panama, Peru, Poland, RussiaRwanda, Saudi Arabia, Senegal, South Africa, Spain, Syria, Taiwan, United Kingdom, Venezuela and

Zambia.[22]

Several high-profile individuals named in the leak are connected with the worldgoverning body of association football, FIFA, including former President of

CONMEBOL Eugenio Figueredo,[28] former President of UEFA Michel Platini,[2

former Secretary General of FIFA Jérôme Valcke,[29] current Argentine player Lionel Messi, and from Italy, the head manager of "Metro" Antonio

Guglielmi.[28]The leak also revealed an extensive conflict of interest connection between a member of the FIFA Ethics Committee and former FIFA vice presiden

Eugenio Figueredo.[28] Swiss police searched the offices of the Uefa, Europeanfootball's governing body, following the naming of former secretary-generalGianni Infantino, now president of FIFA. Infantino, who has denied wrongdoing,signed a television while he was at Uefa with a company called Cross Trading,which the FBI has since accused of bribery. The contract emerged among the

leaked documents.[30]

According to TeleSUR, United Arab Emirates President Khalifa bin Zayed Al Nahyan "used the services oMossack Fonseca to establish at least 30 companies in the British Virgin Islands that owned and operatedUS$1.7 billion worth of commercial and residential assets for the Sheikh in high-end neighborhoods in the

United Kingdom."[31]

Passports of at least 200 Americans were discovered in the Papers, but no US politicians have been named

in the leak so far.[22][32][33]

Mossack Fonseca ran six businesses for Rami Makhlouf, cousin of Syrian president Bashar al-Assad,

despite US sanctions against him.[34] DCB Finance, a Virgin Islands-based shell company founded by Nor

Korean banker [35] Kim Chol Sam and British banker Nigel Cowie[36] also ignored international sanctionsand continued to do business with North Korea with the help of the Panamanian firm. The US Departmentof the Treasury in 2013 called DCB Finance a front company for Daedong Credit Bank and announcedsanctions against both companies for providing banking services to Korean arms dealer Korea Mining and

https://en.wikipedia.org/wiki/Korea_Mining_and_Development_Trading_Corporationhttps://en.wikipedia.org/wiki/Nigel_Cowiehttps://en.wikipedia.org/wiki/Bashar_al-Assadhttps://en.wikipedia.org/wiki/Khalifa_bin_Zayed_Al_Nahyanhttps://en.wikipedia.org/wiki/TeleSURhttps://en.wikipedia.org/wiki/Gianni_Infantinohttps://en.wikipedia.org/wiki/Eugenio_Figueredohttps://en.wikipedia.org/wiki/FIFA_Ethics_Committeehttps://en.wikipedia.org/wiki/Conflict_of_interesthttps://en.wikipedia.org/wiki/Lionel_Messihttps://en.wikipedia.org/wiki/J%C3%A9r%C3%B4me_Valckehttps://en.wikipedia.org/wiki/Michel_Platinihttps://en.wikipedia.org/wiki/List_of_Presidents_of_UEFAhttps://en.wikipedia.org/wiki/Eugenio_Figueredohttps://en.wikipedia.org/wiki/CONMEBOLhttps://en.wikipedia.org/wiki/FIFAhttps://en.wikipedia.org/wiki/Enrique_Pe%C3%B1a_Nietohttps://en.wikipedia.org/wiki/President_of_Mexicohttps://en.wikipedia.org/wiki/Mohammed_VI_of_Moroccohttps://en.wikipedia.org/wiki/List_of_rulers_of_Moroccohttps://en.wikipedia.org/wiki/Nursultan_Nazarbayevhttps://en.wikipedia.org/wiki/Kazakhstanhttps://en.wikipedia.org/wiki/Jacob_Zumahttps://en.wikipedia.org/wiki/South_Africahttps://en.wikipedia.org/wiki/Ilham_Aliyevhttps://en.wikipedia.org/wiki/Azerbaijanhttps://en.wikipedia.org/wiki/Nawaz_Sharifhttps://en.wikipedia.org/wiki/Prime_Minister_of_Pakistanhttps://en.wikipedia.org/wiki/Najib_Razakhttps://en.wikipedia.org/wiki/Prime_Minister_of_Malaysiahttps://en.wikipedia.org/wiki/Xi_Jinpinghttps://en.wikipedia.org/wiki/Paramount_leaderhttps://en.wikipedia.org/wiki/Chinahttps://en.wikipedia.org/wiki/David_Cameronhttps://en.wikipedia.org/wiki/Khalifa_bin_Zayed_Al_Nahyanhttps://en.wikipedia.org/wiki/File:Khalifa_Bin_Zayed_Al_Nahyan-CROPPED.jpg


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Development Trading Corporation,[35] attempting to evade sanctions against that country, and helping tosell arms and expand North Korea's nuclear weapons programme. Cowie said the holding company was

used for legitimate business and he was not aware of illicit transactions.[36]

Prime Minister of Pakistan Nawaz Sharif's three children — Mariam Safdar, Hasan and Hussain NawazSharif are among the 200 elites whose names are listed in the Panama Papers for establishing offshore

companies in a tax haven.[37]

Popular Indian celebrities such as Amitabh Bachchan and Aishwarya Rai Bachchan are involved, alongwith DLF owner Kushal Pal Singh, Sameer Gehlaut of the Indiabulls group, and Gautam Adani’s elder

brother Vinod Adani.[38][39] Politicians on the list include Shishir Bajoria from West Bengal and Anurag

Kejriwal, the former chief of the Delhi unit of Loksatta Party.[40] Actor Jackie Chan has been mentioned in

the leaks as a shareholder of six companies all based in the British Virgin Islands. [41]

Mossack Fonesca Companies

Mossack Fonseca has managed more than 300,000 companies over the years,

[10]

with the number of activecompanies peaking at over 80,000 in 2009. Over 210,000 companies in twenty-one jurisdictions figure inthe leaks. More than half were incorporated in the British Virgin Islands; others in Panama, the Bahamas,the Seychelles, Niue, and Samoa. Mossack Fonseca's clients have come from more than 100 countries; moof the corporate clients were from Hong Kong, Switzerland, the United Kingdom, Luxembourg, Panama,and Cyprus. Mossack Fonseca worked with more than 14,000 banks, law firms, incorporators and others to

set up companies, foundations, and trusts for their clients.[42] Some 3,100 companies listed in the databaseappear to have ties to US offshore specialists, and 3,500 shareholders of offshore companies list US

addresses.[32] Mossack Fonseca has offices in Nevada and Wyoming.[43]

The leaked documents indicate that about USD $2 trillion has passed through the firm's hands.[44] Severalof the holding companies that appear in the documents either did business with sanctioned entities, such asarms merchants and relatives of dictators, while the sanctions were in place. The firm provided services to Seychelles company named Pangates International, which the US government believes supplied aviationfuel to the Syrian government during the current civil war, and continued to handle its paperwork and

certify it as a company in good standing, despite sanctions, until August 2015.[34]

More than 500 banks registered nearly 15,600 shell companies with Mossack Fonseca, with HSBC and itsaffiliates accounting for more than 2,300 of the total. Dexia and J. Safra Sarasin of Luxembourg, CreditSuisse from the Channel Islands and the Swiss UBS each requested at least 500 offshore companies for

their clients,.[42]

Nordea

Luxembourg's Nordea bank requested almost 400 holding companies in Panama and the British Virgin

Islands for their customers between 2004 and 2014.[45][46] The Swedish Financial Supervisory Authority(FI) has said that "serious deficiencies" exist in how Nordea monitors for money laundering, and has given

the bank two warnings. In 2015 Nordea had to pay the largest possible fine – over 5 million EUR.[45] In2012 Nordea asked Mossack Fonseca to change documents retroactively so that three Danish customers'

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Sigmundur Davíð Gunnlaugsson,Prime Minister of Iceland until 5April 2016.

power of attorney documents would appear to have been in force since 2010.[45] The director for NordeaPrivate banking, Thorben Sanders, has admitted that before 2009 Nordea did not screen for tax evaders. "In

the end of 2009 we decided that our bank shall not be a means of tax evasion," says Sanders.[45] Other Swedish banks are also present in the documents, but Nordea occurs 10,902 times and the next most

frequently mentioned bank only occurs 764 times.[47] In response to the leaks, Prime Minister StefanLöfven said he is very critical of Nordea's conduct and role while Minister of Finance Magdalena

Andersson characterized the bank's conduct as "totally unacceptable".[48][11][49]

Importance

Gerard Ryle, director of the International Consortium of Investigative Journalists, called the leak "probably

the biggest blow the offshore world has ever taken because of the extent of the documents."[50] EdwardSnowden described the release in a Twitter message as the "biggest leak in the history of data

ournalism".[51]

"This is a unique opportunity to test the effectiveness of leaktivism," said Micah White, co-founder of Occupy, "...the Panama Papers are being dissected via an unprecedented collaboration between hundreds ohighly credible international journalists who have been working secretly for a year. This is the global

professionalization of leaktivism. The days of WikiLeaks amateurism are over."[52]

Clients

Icelandic Prime Minister

Anna Sigurlaug Pálsdóttir, the wife of Icelandic Prime Minister Sigmundur Davíð Gunnlaugsson held an interest in the country's failed

banks through offshore company Wintris Inc. Sigmundur Davíð,elected after the 2008 banking collapse in Iceland, had pledged to cleanup corruption in the banking system. The couple bought Wintris in2007 from Mossack Fonseca through the Luxembourg branch of

Landsbanki.[53] But Sigmundur Davíð didn't declare his interest in thecompany when he entered parliament in 2009, and didn't sell his 50%

of Wintris to his wife—for $1 -- until eight months later,[50] on the day before a new law took effect that would have required him to declare

the conflict of interest.[54]

Contacted by ICIJ journalists ahead of publication, the couple issuedstatements about journalist encroachment on their private lives andinsisted on their disclosures were complete and the company paid taxesin Iceland. However, since his position involved negotiating with bank creditors and his wife as a bondholder was among them, citizens felt hehad a strong conflict of interest. Calls for a snap election in parliament

were expected,[55] but following the papers' release, faced calls for his

https://en.wikipedia.org/wiki/Icelandic_parliamenthttps://en.wikipedia.org/wiki/Snap_electionhttps://en.wikipedia.org/wiki/Landsbankihttps://en.wikipedia.org/wiki/Sigmundur_Dav%C3%AD%C3%B0_Gunnlaugssonhttps://en.wikipedia.org/wiki/Occupyhttps://en.wikipedia.org/wiki/Micah_M._Whitehttps://en.wikipedia.org/wiki/Data_journalismhttps://en.wikipedia.org/wiki/Twitterhttps://en.wikipedia.org/wiki/Edward_Snowdenhttps://en.wikipedia.org/wiki/International_Consortium_of_Investigative_Journalistshttps://en.wikipedia.org/wiki/Gerard_Rylehttps://en.wikipedia.org/wiki/Magdalena_Andersson_(Social_Democrat)https://en.wikipedia.org/wiki/Stefan_L%C3%B6fvenhttps://en.wikipedia.org/wiki/Tax_evasionhttps://en.wikipedia.org/wiki/Prime_Minister_of_Icelandhttps://en.wikipedia.org/wiki/Sigmundur_Dav%C3%AD%C3%B0_Gunnlaugssonhttps://en.wikipedia.org/wiki/File:Sigmundur_Dav%C3%AD%C3%B0_Gunnlaugssonin_Oct,_2014.jpg


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resignation instead. Between 22,000 and 24,000 people attended a protest outside parliament on April 4,2016, and Edward Snowden wondered in a tweet if this constituted the "largest protest by percentage of

population in history".[56][57][58]

On April 4, 2016, Sigmundur Davíð announced on live television that he would not resign in the wake of

the Panama Papers revelations, calling their content "nothing new".[59] He said he had not broken any rules

and that his wife did not benefit financially from his decisions.[50] However, on April 5, he asked the

President of Iceland to dissolve Parliament and call for a general election. The president refused, saying itwas not clear that other parties supported the move.[60] Sigmundur Davíð announced his resignation April

though later press statements from his office suggested that he merely "stepped aside" for a time. [61][62]

Juan Armando Hinojosa

In 2015 Juan Armando Hinojosa Cantú, a close friend of Mexican President Enrique Peña Nieto, enlistedMossack Foneska to create trusts for accounts worth $100 million after he was investigated for allegedlygiving special favours to the Mexican president and his wife, according to an analysis by ICIJ, who said ththe documents showed “a complex offshore network” of nine companies in New Zealand, the United

Kingdom and the Netherlands.[63] Described as Peña Nieto's “favorite contractor”, Hinojosa's companieshave won more than eighty government contracts and received at least $2.8 billion in state money, The Ne

York Times reported last year."[64]

Sergei Roldugin

Sergei Roldugin, a professional cellist described by Novaya Gazeta as Vladimir Putin’s best friend and thegodfather of his eldest daughter, was approached by their journalists prior to publication of the Panama

Papers.[65] They asked him about his offshore accounts;[65] he said "I have to take a look and find out what

can say and what I can't", because, he said, financial matters are "delicate".[65] He told them his assets resufrom business activities many years ago, even "before perestroika".[65] He also said that money in the

accounts was used to subsidize the House of Music in St Petersburg.[65] He promised to talk to reporters in

more detail in a few days but did not answer calls after that.[65]

Tatiana Navka

After The Guardian wrote that Tatiana Navka, an Olympic figure-skating champion and wife of the Putin'sspokesman Dmitry Peskov, had an offshore account for two years before their marriage, Peskov replied tha

they are not going to sue the newspaper for this publication, as neither he, nor his wife, have been accusedof any wrongdoing.[66]

Lionel Messi

The family of Argentine soccer star Lionel Messi announced that they will file a complaint after reportsaccused him of assembling a tax evasion network in Panama. The family denied Messi had been involvedand called the accusations slanderous. They said that the company referred to in the Panama Papers was

https://en.wikipedia.org/wiki/Lionel_Messihttps://en.wikipedia.org/wiki/Dmitry_Peskovhttps://en.wikipedia.org/wiki/Tatiana_Navkahttps://en.wikipedia.org/wiki/Perestroikahttps://en.wikipedia.org/wiki/Vladimir_Putinhttps://en.wikipedia.org/wiki/Novaya_Gazetahttps://en.wikipedia.org/wiki/Cellohttps://en.wikipedia.org/wiki/Sergei_Rolduginhttps://en.wikipedia.org/wiki/Enrique_Pe%C3%B1a_Nietohttps://en.wikipedia.org/wiki/Mexicohttps://en.wikipedia.org/wiki/Juan_Armando_Hinojosahttps://en.wikipedia.org/wiki/Edward_Snowden


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inactive and that Messi had declared all income from image rights before and after proceedings with the

Argentinian Tax Agency.[67]

HSBC

An HSBC spokesman said, "The allegations are historical, in some cases dating back 20 years, predating

our significant, well-publicized reforms implemented over the last few years."[68]

Mossack Fonseca response

In response to queries from the The Miami Herald and ICIJ, Mossack Fonseca issued a 2900-wordstatement. In substance, the response identified legal and compliance regimes around the world that reducethe ability of individuals to use offshore companies for tax avoidance and total anonymity. In particular,they cited the FATF protocols which (for companies and financial institutions in the majority of countries ithe world) require identification of ultimate beneficial owners of all companies (including offshorecompanies) to open accounts and transact business.

In an accompanying Editor's note, The Miami Herald stated that the Mossack Fonseca statement "did notaddress any of the specific due-diligence failings uncovered by reporters".[69]

On Monday, April 4, Mossack Fonseca released a statement: "Our industry is not particularly wellunderstood by the public, and unfortunately this series of articles will only serve to deepen that confusion.The facts are these: while we may have been the victim of a data breach, nothing we've seen in this illegallobtained cache of documents suggests we've done anything illegal, and that's very much in keeping with thglobal reputation we've built over the past 40 years of doing business the right way, right here in Panama.Obviously, no one likes to have their property stolen, and we intend to do whatever we can to ensure theguilty parties are brought to justice. But in the meantime, our plan is to continue to serve our clients, stand

behind our people, and support the local communities in which we have the privilege to work all over theworld, just as we've done for nearly four decades." Also, Firm co-founder Ramón Fonseca Mora told CNNthat the information published is false and full of inaccuracies and that parties "in many of thecircumstances" cited by the ICIJ "are not and have never been clients of Mossack Fonseca." The firm

provided longer statements to ICIJ.[70]

In an interview Jürgen Mossack and Ramón Fonseca gave to Bloomberg Mossack said: "The cat’s out of th

bag, so now we have to deal with the aftermath."[71]

Official reactions and investigations

Argentina

Argentine President Mauricio Macri is listed as head of a trading company based in the Bahamas that he dinot disclose during his tenure as Mayor of Buenos Aires; it is not clear whether disclosure of non-equity

directorships was then required under Argentian law.[23]

Australia

https://en.wikipedia.org/wiki/Chief_of_Government_of_Buenos_Aireshttps://en.wikipedia.org/wiki/Mauricio_Macrihttps://en.wikipedia.org/wiki/J%C3%BCrgen_Mossackhttps://en.wikipedia.org/wiki/CNNhttps://en.wikipedia.org/wiki/Ram%C3%B3n_Fonseca_Morahttps://en.wikipedia.org/wiki/Financial_Action_Task_Force_on_Money_Launderinghttps://en.wikipedia.org/wiki/The_Miami_Heraldhttps://en.wikipedia.org/wiki/HSBChttps://en.wikipedia.org/wiki/Image_rights


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Argentine PresidentMauricio Macri

China's leader Xi Jinping withMexican President Enrique Peña

Nieto

The Australian Tax Office has announced that it is investigating 800 individualAustralian taxpayers on the Mossack Fonseca list of clients and that some of the

cases may be referred to the country's Serious Financial Crime Task Force.[72]

China

Relatives of highly placed Chinese officials

including seven senior leaders and former senior leaders of Politburo of the CommunistParty of China have been named, includingformer Premier Li Peng's daughter Li Xiaolinand Deng Jiagui, the brother-in-law of XiJinping, the current General Secretary of theCommunist Party. Deng had two shell companies in the British VirginIslands while Xi was premier, but they were dormant by the time Xi

became president.[73] China's government is suppressing mentions of

the Panama Papers on social media and in search engines results.[74]

China is in the third year of an anti-corruption campaign launched by Xi which has punished more than

300,000 party officials for financial misdeeds and created many enemies for Xi. [73][75][76]

Considering the material to be a concerted foreign media attack on China, provincial internet informationoffices were immediately given verbal orders to delete reprinted reports on the Panama Papers, and not tofollow up on related content without exceptions. Hong Lei, the spokesman of China's Foreign Ministry,

responded that he had "no comment" for "such groundless accusations" at an April 5 news conference.[77]

Colombia

The National Directorate of Taxes and Customs launched an investigation into all 850 clients of Mossack

Fonseca Colombia, a subsidiary of Mossack Fonseca that was established in 2009.[78] In 2014, Colombia

placed Panama in its blacklist of tax havens.[79]

Cyprus

Central Bank of Cyprus officially declared: "With regard to press reports citing leaked documents, knownas the Panama Papers, the Central Bank of Cyprus announces that it is assessing the information to the

extent that it may concern the Cypriot banking system and taking, where necessary, appropriate action." [80A Cypriot online paper said "The Cyprus link stems from the fact that Fonseca runs an office in Cyprus anmore specifically, in Limassol. In a chart, the leaks name Cyprus as a tax haven (countries that offer little o

no tax), although it has a corporate tax rate of 12.5%, the same as Ireland."[81]

Egypt

Alaa Mubarak, son of former president Hosni Mubarak was cited as owning, through holding companies,

real estate properties in London.[63]

https://en.wikipedia.org/wiki/Hosni_Mubarakhttps://en.wikipedia.org/wiki/Alaa_Mubarakhttps://en.wikipedia.org/wiki/Limassolhttps://en.wikipedia.org/wiki/Central_Bank_of_Cyprushttps://en.wikipedia.org/wiki/Mossack_Fonsecahttps://en.wikipedia.org/wiki/National_Directorate_of_Taxes_and_Customshttps://en.wikipedia.org/wiki/Hong_Lei_(diplomat)https://en.wikipedia.org/wiki/Officials_implicated_by_the_anti-corruption_campaign_in_China_since_2012https://en.wikipedia.org/wiki/Anti-corruption_campaign_in_Chinahttps://en.wikipedia.org/wiki/Internet_censorship_in_Chinahttps://en.wikipedia.org/wiki/General_Secretary_of_the_Communist_Partyhttps://en.wikipedia.org/wiki/Xi_Jinpinghttps://en.wikipedia.org/wiki/Deng_Jiaguihttps://en.wikipedia.org/wiki/Li_Xiaolinhttps://en.wikipedia.org/wiki/Li_Penghttps://en.wikipedia.org/wiki/Politburo_of_the_Communist_Party_of_Chinahttps://en.wikipedia.org/wiki/Australian_Tax_Officehttps://en.wikipedia.org/wiki/Enrique_Pe%C3%B1a_Nietohttps://en.wikipedia.org/wiki/Xi_Jinpinghttps://en.wikipedia.org/wiki/Chinahttps://en.wikipedia.org/wiki/File:Cena_de_Estado_que_en_honor_del_Excmo._Sr._Xi_Jinping,_Presidente_de_la_Rep%C3%BAblica_Popular_China,_y_de_su_esposa,_Sra._Peng_Liyuan_(8960384656).jpghttps://en.wikipedia.org/wiki/Mauricio_Macrihttps://en.wikipedia.org/wiki/File:Presidente_Macri_en_el_Sillon_de_Rivadavia_(cropped).jpg


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France

French financial prosecutors opened a probe, and President François Hollande said that tax evaders would

be brought to trial and punished.[82] Also, as a result, France added Panama to its tax havens list.[83]

Jean-Marie Le Pen, founder of the far-right-wing Front National is mentioned in the documents, in addition

to several aides to his daughter Marine, the current party leader.[63]

Iceland

On April 5, 2016, Prime Minister of Iceland Sigmundur Davíð Gunnlaugsson announced his resignation.[6

Reykjavík City Council Member Júlíus Vífill Ingvarsson resigned earlier in the day.[84]

Shortly after initial reports of Gunnlaugsson's resignation, the Prime Minister's office in Iceland issued astatement to the international press saying that Gunnlaugsson has not resigned, but rather stepped aside for

an unspecified amount of time and will continue to serve as the Chairman of the Progressive Party. [62]

India

Indian Prime Minister Narendra Modi ordered an inquiry, and subsequently the Indian governmentannounced that it was constituting a special multi-agency group comprising officers from the investigativeunit of the Central Board of Direct Taxes and its Foreign Tax and Tax Research division, the Financial

Intelligence Unit and the Reserve Bank of India.[85]

Israel

Some 600 Israeli companies and 850 Israeli shareholders are listed. Among the Israeli names found in theleaked documents are: top attorney Dov Weissglass, who was the bureau chief of the late prime minister Ariel Sharon; Jacob Engel, a businessman active in the African mining industry; and Idan Ofer, a member

of one of Israel's wealthiest families, according to Haaretz.[86]

Weissglass’ name appears as a sole owner of one of four companies set up by his business partner Assaf Halkin. The company, Talaville Global, was registered in the British Virgin Islands in May 2012, accordingto Haaretz, and seven months later, all of its shares were mortgaged against a loan from a Vienna bank.

Weissglass and Halkin told Haaretz that the company "was registered for the purpose of receiving a loan

from the bank in order to invest in European properties. The bank would only allow a loan to acorporation... [the] company activity is reported to the tax authorities in Israel. The required tax on the said

activity is paid in Israel."[87]

Mexico

Aristóteles Núñez, who is in charge of the government's tax administration, Servicio de AdministraciónTributaria, said that people involved in the Panama Papers case can still make tax declarations and pay taxon their investments. Being Mexican and having foreign investments or bank accounts is not a crime, but

https://es.wikipedia.org/wiki/Servicio_de_Administraci%C3%B3n_Tributariahttps://en.wikipedia.org/wiki/Idan_Oferhttps://en.wikipedia.org/wiki/Jacob_Engelhttps://en.wikipedia.org/wiki/Dov_Weissglasshttps://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttps://en.wikipedia.org/wiki/Financial_Intelligence_Unithttps://en.wikipedia.org/wiki/Central_Board_of_Direct_Taxeshttps://en.wikipedia.org/wiki/Narendra_Modihttps://en.wikipedia.org/wiki/Prime_Minister_of_Indiahttps://en.wikipedia.org/wiki/J%C3%BAl%C3%ADus_V%C3%ADfill_Ingvarssonhttps://en.wikipedia.org/wiki/Reykjav%C3%ADk_City_Councilhttps://en.wikipedia.org/wiki/Sigmundur_Dav%C3%AD%C3%B0_Gunnlaugssonhttps://en.wikipedia.org/wiki/Prime_Minister_of_Icelandhttps://en.wikipedia.org/wiki/Front_Nationalhttps://en.wikipedia.org/wiki/Jean-Marie_Le_Penhttps://en.wikipedia.org/wiki/Fran%C3%A7ois_Hollande


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Nawaz Sharif – PrimMinister of Pakistan

having income and not declaring it is illegal. If the concealment of income from Panama Papers-relatedinvestments is categorized as tax evasion, fines of up to 100% of the omitted tax payment can result, as we

as three months to nine years imprisonment for a "tax crime".[88]

New Zealand

New Zealand's Inland Revenue Department said that they were working to obtain details of people who

have tax residence in the country who may have been involved in arrangements facilitated by Mossack Fonseca.[89] Prime Minister Key attempted to claim that New Zealand was not a tax haven, despite the welknown fiscal transparency issues of the Cook Islands.

Norway

The Norwegian Tax Administration expects to demand access to information from DNB (Norway's largestfinancial services group) about approximately 30 companies formed by DNB that are owned by

Norwegians, 20 of whom are living in Norway.[90] 200 Norwegians are on the client list of Mossack

Fonseca.[91]

Pakistan

The three children of prime minister Nawaz Sharif, Maryam, Hussein and Hassan,

are shown as owning four companies among them.[92] Maryam Nawaz denied allsuch charges via her official Twitter account in a series of tweets, stating:

"As stated earlier, I do NOT own any company/property abroad. My

brother has made me a trustee in one of his corporations which onlyentitles me to distribute assets to my brother Hussain's family/childrenif needed. Nothing more than what my brother has already explained.The info provided by leaks does NOT say any wrongdoing involved.Distortion is wilful that a couple of media channels using to settle

scores".[93]

Samina Durrani, the mother-in-law of chief minister Shebaz Sharif from his second marriage and IlyasMehraj, his brother-in-law from his first marriage are also included in the documents.The late Benazir

Bhutto and her nephew are also mentioned.[92]

Panama

The Procuraduría de la Nación announced that it will open an investigation concerning the international

ournalistic investigation "Panama papers", where Mossack Fonseca is involved.[94] Minister of thePresidency, Alvaro Alemán categorically rejects that Panama is considered a tax haven and ruled that no

permit is used the country as a "scapegoat", thus reacting to the scandal "Panama Papers" and thesubsequent re-registration by France in the list of tax havens. Alemán criticized vigorously the statementsmade by the Secretary General of the Organisation for Economic Co-operation and Development (OECD)

https://en.wikipedia.org/wiki/Benazir_Bhuttohttps://en.wikipedia.org/wiki/Shebaz_Sharifhttps://en.wikipedia.org/wiki/Twitterhttps://en.wikipedia.org/wiki/Maryam_Nawazhttps://en.wikipedia.org/wiki/Nawaz_Sharifhttps://en.wikipedia.org/wiki/DNB_ASAhttps://en.wikipedia.org/wiki/Norwegian_Tax_Administrationhttps://en.wikipedia.org/wiki/Cook_Islandshttps://en.wikipedia.org/wiki/Tax_residencehttps://en.wikipedia.org/wiki/Inland_Revenue_Department_(New_Zealand)https://en.wikipedia.org/wiki/Pakistanhttps://en.wikipedia.org/wiki/Nawaz_Sharifhttps://en.wikipedia.org/wiki/File:Nawaz_Sharif_January_2015.jpg


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Russian President Vladimir Putinwith South African PresidentJacob Zuma

José Ángel Gurría and Minister of Finance of France, Michael Sapin and considered as disrespectful andirresponsible, especially when publications speak of a total of 21 jurisdictions, but only lash out at

Panama.[95] Alemán explained that talks have started with the French ambassador in Panama, with whomthe issue will be discussed preliminarily and establish avenues of understanding to clarify the situation

being implicated the country.[96] Eduardo Morgan, from the Panamanian firm Morgan & Morgan accusesthe OECD of being behind the campaign to avoid competition that Panama represents for the interests of

other countries.[97] The Panama Papers are a very serious issue for Panama because it affects in an "unfair"

manner the country's image and is not the result of an investigation, but is a "hack". This was stated onApril 5, by Adolfo Linares, president of the Chamber of Commerce, Industries and Agriculture of Panama

(Cciap).[98]

Russia

The name of Vladimir Putin does not appear in any of the records, butthe construction billionaires Arkady and Boris Rotenberg, whom theydescribed as "Putin's childhood friends and former judo partners", aswell as the professional musician Sergei Roldugin and businessmagnate Alisher Usmanov, all of whom appear on the list, allegedlykept Putin's money.[99] The papers also list billionaire GennadyTimchenko, Putin's former colleagues, his cousin, his press secretary'sspouse and several oligarchs closely connected to Putin, as runningoffshore shell companies. In 2011 Putin had criticized offshore

companies as "unpatriotic".[100]

Russian Government-funded television network, RT, stated that despitethe absence of Putin's name in any of the records, 76% of the UK media coverage of Panama Papers was

about Vladimir Putin, compared to 24% on David Cameron.[101]

According to Dmitry Peskov, thespokesperson of the Russian President, the main intended target of the leak was Vladimir Putin. Peskov haalso accused the Panama Papers as being part of a conspiracy against Russia, orchestrated by the Central

Intelligence Agency and the United States Department of State.[102][103][104][105] Putin did not respond torequests for comment about the Papers from Süddeutsche Zeitung and the International Consortium of

Journalists.[100]

US Investor's Business Daily, pointed out that the main bankroller of the ICIJ, which orchestrated the leak,

is George Soros, who openly feuded with Putin over his foundation's political activities in Russia.[33]

Fortune magazine dismissed these allegations and others as "conspiracy theories floating around about the

lack of U.S. involvement";[106] despite this, according to Ian Bremmer, president of consultancy firmEurasia, the Kremlin may seek to attack the CIA and adopt a "more antagonistic" policy towards the Unite

States due to the involvement of Soros.[107] WikiLeaks also accused the Papers of being politicallymotivated. While noting that the Organized Crime and Corruption Reporting Project "can do good work",WikiLeaks accused the organisation of having "no model for integrity", saying that "#PanamaPapers Putinattack was produced by OCCRP which targets Russia & former USSR and was funded by USAID &Soros", adding that "for the US govt to directly fund the #PanamaPapers attack on Putin seriously

undermines its integrity".[108]

https://en.wikipedia.org/wiki/USAIDhttps://en.wikipedia.org/wiki/Organized_Crime_and_Corruption_Reporting_Projecthttps://en.wikipedia.org/wiki/WikiLeakshttps://en.wikipedia.org/wiki/Conspiracy_theorieshttps://en.wikipedia.org/wiki/Fortune_(magazine)https://en.wikipedia.org/wiki/Open_Society_Foundationshttps://en.wikipedia.org/wiki/George_Soroshttps://en.wikipedia.org/wiki/International_Consortium_of_Investigative_Journalistshttps://en.wikipedia.org/wiki/Investor%27s_Business_Dailyhttps://en.wikipedia.org/wiki/United_States_Department_of_Statehttps://en.wikipedia.org/wiki/Central_Intelligence_Agencyhttps://en.wikipedia.org/wiki/Vladimir_Putinhttps://en.wikipedia.org/wiki/Dmitry_Peskovhttps://en.wikipedia.org/wiki/RT_(TV_network)https://en.wikipedia.org/wiki/Russian_Governmenthttps://en.wikipedia.org/wiki/Alisher_Usmanovhttps://en.wikipedia.org/wiki/Sergei_Rolduginhttps://en.wikipedia.org/wiki/Boris_Romanovich_Rotenberghttps://en.wikipedia.org/wiki/Arkady_Rotenberghttps://en.wikipedia.org/wiki/Jacob_Zumahttps://en.wikipedia.org/wiki/Vladimir_Putinhttps://en.wikipedia.org/wiki/File:%D0%92%D1%81%D1%82%D1%80%D0%B5%D1%87%D0%B0_%D0%92%D0%BB%D0%B0%D0%B4%D0%B8%D0%BC%D0%B8%D1%80%D0%B0_%D0%9F%D1%83%D1%82%D0%B8%D0%BD%D0%B0_%D1%81_%D0%9F%D1%80%D0%B5%D0%B7%D0%B8%D0%B4%D0%B5%D0%BD%D1%82%D0%BE%D0%BC_%D0%AE%D0%90%D0%A0_%D0%94%D0%B6%D0%B5%D0%B9%D0%BA%D0%BE%D0%B1%D0%BE%D0%BC_%D0%97%D1%83%D0%BC%D0%BE%D0%B9_1.jpg


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King Salman of SaudArabia

Saudi Arabia

The Embassy of Saudi Arabia in Washington, D.C. did not respond to requests for

comment from the ICIJ.[109]

In King Salman’s case, the leaks show that he had "an unspecific role"in Verse Development Corporation [...] and Inrow Corporation [....]While King Salman's precise role is not specified, [...] mortgages arementioned "in relation to" him and his assets, the International Consortium of Investigative Journalists said. [...] [C]urrent King

Salman’s net worth is estimated at US$17 billion.[110]

— TeleSUR (April 4, 2016)

The Crown Prince Muhammad bin Nayef is listed too.[111]

Sweden

The Swedish Financial Supervisory Authority said on April 4, 2016 it would launch an investigation intothe actions of Nordea, one of the largest financial institutions in the Nordic countries, after Panama Papersrevealed the company's Luxembourg office had helped to set up nearly 400 offshore companies for itsclients. Nordea cut all ties with Mossack Fonseca following an interview with Nordea CEO Casper von

Koskull on SVT on April 4.[11][46][112] The Swedish Financial Supervisory Authority (FI) has pointed outthat there are "serious deficiencies" in how Nordea monitors money laundering and has given the bank two

warnings. In 2015 Nordea had to pay the largest possible fine – over 5 million EUR.[45]

Thailand

A Bangkok Post article said that "The Anti-Money Laundering Office (AMLO) is seeking information fromits foreign counterparts regarding 21 Thai nationals reportedly included in a list of people worldwide usinga Panama-based law firm for money laundering and tax evasion. (Note: It is not clear how the AMLOreached this number. The Panama Papers include at least 780 names of individuals and another 50 names ocompanies based in Thailand. Some are foreigners or foreign-owned companies. There are 634 individualaddresses listed in Thailand. Prominent names include the CEOs of giant companies Bangkok Land and

Phatra Finance).[113]

Tunisia

In Tunisia on April 5, 2016, the prosecutor at the trial court in Tunis ordered the opening of a judicialinquiry into the case of the Panama Papers and the Tunisian political figures suspected of being involved,

and the judge at the financial judicial pole was put in charge of the case.[114] A parliamentary commission

inquiry was also established in the Assembly of the Representatives of the People.[115]

Ukraine

https://en.wikipedia.org/wiki/Assembly_of_the_Representatives_of_the_Peoplehttps://en.wikipedia.org/wiki/Tunisiahttps://en.wikipedia.org/w/index.php?title=Phatra_Finance&action=edit&redlink=1https://en.wikipedia.org/wiki/Bangkok_Landhttps://en.wikipedia.org/wiki/Anti-Money_Laundering_Officehttps://en.wikipedia.org/wiki/Bangkok_Posthttps://en.wikipedia.org/wiki/Eurohttps://en.wikipedia.org/wiki/Money_launderinghttps://en.wikipedia.org/wiki/Sveriges_Televisionhttps://en.wikipedia.org/wiki/Nordeahttps://en.wikipedia.org/wiki/Financial_Supervisory_Authority_(Sweden)https://en.wikipedia.org/wiki/Muhammad_bin_Nayefhttps://en.wikipedia.org/wiki/TeleSURhttps://en.wikipedia.org/wiki/Salman_of_Saudi_Arabiahttps://en.wikipedia.org/wiki/Embassy_of_Saudi_Arabia_in_Washington,_D.C.https://en.wikipedia.org/wiki/Salman_of_Saudi_Arabiahttps://en.wikipedia.org/wiki/File:Salman_bin_Abdull_aziz_December_9,_2013.jpg


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Ukrainian PresidentPetro Poroshenko

The Leader of theOpposition has calledfor an immediateindependentinvestigation into thefamily of BritishPrime Minister DavidCameron (pictured).

Following the revelation of possible tax evasion by Ukrainian President PetroPoroshenko, the leader of the Radical Party, Oleh Lyashko, urged lawmakers to

initiate impeachment proceedings against Poroshenko.[116] The news aboutPoroshenko's offshore business came as his government has campaigned against

the use of offshores.[116] The scandal flared up amid bitter political infighting between Poroshenko's bloc and the party of Prime Minister Arseniy Yatsenyuk,

which has raged for months and involved mutual accusations of corruption.[116]

Even some of Poroshenko's allies backed calls for setting up a parliamentarycommission to investigate the allegations.[116]

When he ran for office in 2014, Ukrainian President Petro Poroshenko promisedvoters he would sell his candy business, Roshen, but leaked documents indicatethat he set up an offshore holding company instead and moved his business to the

British Virgin Islands, possibly saving millions of dollars in Ukrainian taxes.[116]

United Kingdom

According to The Guardian, "More than £170bn of UK property is now held overseas. ... Nearly one in 10of the 31,000 tax haven companies that own British property are linked to Mossack Fonseca." UAEPresident Khalifa bin Zayed Al Nahyan alone owns London real estate worth more than £1.2 billion throug

Mossack Fonseca offshore companies.[117] British property purchases worth more than £180 million wereinvestigated in 2015 as the likely proceeds of corruption — almost all bought through offshorecompanies.Two-thirds of the purchases were made by companies registered in just four “British” tax haven

— Jersey, Guernsey, the Isle of Man and the British Virgin Islands, according to the Land Registry dataobtained by Private Eye magazine through freedom of information requests.The seller's market has sent

prices skyrocketing out of reach for many Londoners.[118]

Ian Cameron, the late father of David Cameron, ran an offshore fund throughMossack Fonseca that avoided British taxes for thirty years. Cameron hadresidents of the Bahamas, including a part-time bishop, sign the

paperwork.[119][120] His company, Blairmore Holdings, moved to Ireland[121]),another country known for its lenient tax rules, because its directors believed it

would "come under more scrutiny" after Cameron became Prime Minister.[122] Inresponse to his late father's inclusion on the firm's list of clients, British prime

minister David Cameron initially said his family's taxes were "a private matter"[6

but later issued a statement saying that he, his wife and children receive no benef

from the company, Blairmore Holdings, which is still in operation and has assetsof £35 million. The company paid no British taxes for thirty years and moved toIreland the year Cameron became prime minister because its directors feared it

would come under scrutiny.[63] Cameron, who has denounced offshore tax havens

inherited £300,000 when his father died.[63]

Also included among the documents are the names of six members of the House

Lords.[52]

https://en.wikipedia.org/wiki/House_of_Lordshttps://en.wikipedia.org/wiki/David_Cameronhttps://en.wikipedia.org/wiki/Prime_Minister_of_the_United_Kingdomhttps://en.wikipedia.org/wiki/Republic_of_Irelandhttps://en.wikipedia.org/wiki/David_Cameronhttps://en.wikipedia.org/wiki/Ian_Cameron_(stockbroker)https://en.wikipedia.org/wiki/Khalifa_bin_Zayed_Al_Nahyanhttps://en.wikipedia.org/wiki/United_Arab_Emirateshttps://en.wikipedia.org/wiki/British_Virgin_Islandshttps://en.wikipedia.org/wiki/Roshenhttps://en.wikipedia.org/wiki/Petro_Poroshenkohttps://en.wikipedia.org/wiki/Arseniy_Yatsenyukhttps://en.wikipedia.org/wiki/People%27s_Front_(Ukraine)https://en.wikipedia.org/wiki/Petro_Poroshenko_Bloc_%22Solidarity%22https://en.wikipedia.org/wiki/Oleh_Lyashkohttps://en.wikipedia.org/wiki/Radical_Party_of_Oleh_Lyashkohttps://en.wikipedia.org/wiki/Petro_Poroshenkohttps://en.wikipedia.org/wiki/David_Cameronhttps://en.wikipedia.org/wiki/Leader_of_the_Opposition_(United_Kingdom)https://en.wikipedia.org/wiki/File:David_Cameron_official.jpghttps://en.wikipedia.org/wiki/Petro_Poroshenkohttps://en.wikipedia.org/wiki/File:Petro_Porochenko_au_Conseil_de_l%E2%80%99Europe_Strasbourg_26_juin_2014_04.jpg


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Spokespersons for the Labour Party criticized the involvement of the Cameron family in the scandal. For instance, Shadow Secretary of State for International Development Diane Abbott described the revelations

as "the tip of the iceberg" and "a stitch up", and urged "meaningful reform" of HMRC; [123] Shadow

Chancellor of the Exchequer John McDonnell condemned the tax avoidance schemes as "immoral"[124] andescribed the allegations as "extremely serious", saying "HMRC should treat this with utmost priority and

urgently launch investigation";[125] Leader of the Labour Party Jeremy Corbyn urged Cameron to stop"pussyfooting" around allegations of corruption and initiate an immediate independent investigation into th

involvement of the Prime Minister's family, as well as tighter laws on UK tax avoidance.[126][127][128][129][1

Roughly 28 tax havens worldwide fall under British legal jurisdiction.[131] According to the Wall Street ournal , the Panama Papers "are shining a light on the constellation of offshore centers in the last remnant

of the British Empire, from Gibraltar to the British Virgin Islands."[132] The Virgin Islands were the most popular with Mossack Fonseca, with more than 113,000 of the nearly 215,000 companies it managedincorporated there. Anguilla was in the 10 top tenmost-used Mossack Fonseca offshore havens. As theUnited Kingdom still exercises varying degrees of control over 14 overseas territories and three Crown

dependencies, pressure has mounted on Prime Minister David Cameron to make changes. [132] The current

Leader of the Opposition, Jeremy Corbyn, called for "direct rule" to be imposed over British OverseasTerritories and Crown dependencies that act as tax havens,[133] a move Business Secretary Vince Cable

agreed with although former attorney general Dominic Grieve described it as a "bit of a nuclear option"[134

which would "destroy the livelihoods" of British Virgin Islands inhabitants in the finance industry.[135]

The Labour Party also said that Cameron's plans for an "anti-corruption" summit in May[136] would be "acharade" if Cameron, as chair of the summit, did not require representatives of all Crown dependencies and

overseas territories to attend.[124]

Jennie Granger, a spokeswoman for the United Kingdom's tax authority, Her Majesty's Revenue andCustoms (HMRC), said that the department had received "a great deal of information on offshorecompanies, including in Panama, from a wide range of sources, which is currently the subject of intensive

investigation". She said HMRC had asked ICIJ to share all its data.[50][137]

United States

McClatchy Newspapers, the only participating US news organization, has found four Americans in thedocuments, all of whom were previously either accused or convicted of financial crimes such as fraud and

tax evasion.[32] In 2008, Mossack Fonseca reportedly utilized a 90-year-old British man to conceal the

offshore accounts of Marianna Olszewski, a well-known US businesswoman.[138]

"The lack of Americans in the leak has been suggested to be due to "the ease by which shell companies can be created in the United States [..and...] that major international banks based in America tend to have

offshore accounts in the Caymans, and this leak was from Panama"[139]

The BBC reports that "many" have questioned why there are not more Americans implicated. Experts havesuggested that more American names could be revealed as further examination of the documents occurs. Italso suggested that Americans might be using US states or other countries as tax havens instead of Panamaor that US laws make tax evasion more difficult for citizens. Mossack Fonseca said it offered services in

https://en.wikipedia.org/wiki/Marianna_Olszewskihttps://en.wikipedia.org/wiki/The_McClatchy_Companyhttps://en.wikipedia.org/wiki/British_government_departmentshttps://en.wikipedia.org/wiki/HM_Revenue_and_Customshttps://en.wikipedia.org/wiki/Chairmanhttps://en.wikipedia.org/wiki/Dominic_Grievehttps://en.wikipedia.org/wiki/Vince_Cablehttps://en.wikipedia.org/wiki/Crown_dependencieshttps://en.wikipedia.org/wiki/British_Overseas_Territorieshttps://en.wikipedia.org/wiki/Anguillahttps://en.wikipedia.org/wiki/British_Virgin_Islandshttps://en.wikipedia.org/wiki/Gibraltarhttps://en.wikipedia.org/wiki/Wall_Street_Journalhttps://en.wikipedia.org/wiki/Tax_avoidance_in_the_United_Kingdomhttps://en.wikipedia.org/wiki/Jeremy_Corbynhttps://en.wikipedia.org/wiki/Leader_of_the_Labour_Party_(UK)https://en.wikipedia.org/wiki/John_McDonnellhttps://en.wikipedia.org/wiki/Shadow_Chancellor_of_the_Exchequerhttps://en.wikipedia.org/wiki/Diane_Abbotthttps://en.wikipedia.org/wiki/Shadow_Secretary_of_State_for_International_Developmenthttps://en.wikipedia.org/wiki/Labour_Party_(UK)


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Wyoming and Nevada, which have laws that ease the creation of shell companies. Panama may not be the preferred choice for Americans, because it does not speak English nor have a similar legal system and stab

government.[140]

The Panama Free Trade Agreement, which allegedly allowed and made the abuses documented in thePanama Papers worse, was supported by President Barack Obama and former Secretary of State and curren

presidential candidate Hillary Clinton.[141] Presidential candidate Bernie Sanders opposed the measure.[142

In response to the leak, Sanders said "it has now come to light that the extent of Panama's tax avoidancescams is even worse than I had feared" and said:

As president, I will use my authority to terminate the Panama Free Trade Agreement within sixmonths. My administration will conduct an immediate investigation into U.S. banks,corporations and wealthy individuals who have been stashing their cash in Panama to avoidtaxes. If any of them have violated U.S. law, my administration will prosecute them to the

fullest extent of the law.[143]

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publicerad 2016 April 4, 11.34 läst 2016 april 5

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