Panama Papers : POWERS THAT BE THROWING "ONE ANOTHER UNDER THE BUS!

"MORE POWERS THAT BE" THROWING "ONE ANOTHER UNDER THE BUS"!







The year-long investigation was coordinated by the International Consortium of Investigative Journalists (ICIJ), who worked with hundreds of journalists from the world's top media organisations including the ABC's Four Corners program.. What the documents reveal is the inner workings of a global industry of law firms and big banks who sell financial secrecy to those who can afford it.. The ICIJ findings include evidence that: - Offshore companies linked to the family of China's top leader, Xi Jinping, as well as Ukrainian President Petro Poroshenko, who has positioned himself as a reformer in a country shaken by corruption scandals.. - 29 billionaires featured in Forbes Magazine's list of the world's 500 richest people.. - Icelandic Prime Minister Sigmundur David Gunnlaugsson and his wife secretly owned an offshore firm that held millions of dollars in Icelandic bank bonds during the country's financial crisis.. - Associates of Russian President Vladimir Putin secretly shuffled as much as $2 billion through banks and shadow companies.. - New details of offshore dealings by the late father of British Prime Minister David Cameron, a leader in the push for tax-haven reform.. - Offshore companies controlled by the Prime Minister of Pakistan, the King of Saudi Arabia and the children of the President of Azerbaijan.. - 33 people and companies blacklisted by the US Government because of evidence that they have done business with Mexican drug lords, terrorist organisations like Hezbollah or rogue nations like North Korea.. - Customers including Ponzi schemers, drug kingpins, tax evaders and at least one jailed sex offender.. - Movie star Jackie Chan, who had at least six companies managed through the law firm.. The leaked data allows a never-before-seen view inside the offshore world — providing a day-to-day, decade-by-decade look at how dark money flows through the global financial system, breeding crime and stripping national treasuries of tax revenues.. Most of the services the offshore industry provides are legal if used by the law-abiding. But the documents show the extraordinary lengths individuals will go to in order to hide the true owners of companies.. Mossack Fonseca offers extra services to provide "front people" known as nominees to act as shareholders, directors or even the owners of your company. This can make it extremely difficult for authorities trying to investigate money laundering or follow the money through complex networks of offshore accounts.. An ICIJ analysis of the leaked files found that more than 500 banks, their subsidiaries and branches had worked with Mossack Fonseca since the early 1970s to help clients manage offshore companies.. In all, the files indicate Mossack Fonseca worked with more than 14,000 banks, law firms, company incorporators and other middlemen to set up companies, foundations and trusts for customers.. The documents reveal that these offshore players often failed to follow legal requirements to ensure their clients were not involved in criminal enterprises, tax dodging or political corruption.. Mossack Fonseca says the middlemen are its true clients, not the eventual customers who use offshore companies. The firm says these middlemen provide additional layers of oversight for reviewing new customers. As for its own procedures, Mossack Fonseca says they often exceed "the existing rules and standards to which we and others are bound".. The leaked files also show the firm regularly offered to backdate documents to help its clients gain advantage in their financial affairs. It was so common that an email exchange from 2007 showed firm employees talking about establishing a price structure — clients would pay $8.75 for each month farther back in time that a corporate document would be backdated.. In a written response to questions from ICIJ and its media partners, the firm said it "does not foster or promote illegal acts".. "Your allegations that we provide shareholders with structures supposedly designed to hide the identity of the real owners are completely unsupported and false," the firm said.. The firm added that the backdating of documents "is a well-founded and accepted practice" that is "common in our industry and its aim is not to cover up or hide unlawful acts".. Finally, for those curious why not a single prominent US name features in the list above, the reason may be found within the snapshot of the non-profit ICIJ's "funding supporters": Recent ICIJ funders include: Adessium Foundation, Open Society Foundations, The Sigrid Rausing Trust, the Fritt Ord Foundation, the Pulitzer Center on Crisis Reporting, The Ford Foundation, The David and Lucile Packard Foundation, Pew Charitable Trusts and Waterloo Foundation.. And then, at the bottom of the Panama Papers disclosure site we again find Open Society which, as everyone knows, is another name for George Soros...





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