Panama Papers

Panama Papers,

popular name for the some 11.5 million internal documents belonging to the Panamanian-based law firm Mossack Fonseca that revealed information about secret offshore companies and bank accounts that had been established by wealthy individuals and politicians to hide illegal business dealings or to avoid taxes or sanctions. The documents, which was released in an unauthorized disclosure (2015) by an anonymous source, includes material dating back to 1977, when the firm was founded. The countries of origin of the owners of the offshore companies include China and Hong Kong, Russia, Great Britain, Switzerland, Argentina, Brazil, and many other nations, including the United States. The offshore companies were registered predominantly in the British Virgin Islands, Panama, the Bahamas, the Seychelles, Niue, and Samoa.

The leaked information was given to the German newspaper Süddeutsche Zeitung, and it and the International Consortium of Investigative Journalists analyzed the data. Close to 400 journalists from over 100 news organizatons in 76 countries worked for a year on the project. The documents revealed information about offshore investments associated with more the 140 politicians or their families, including national leaders in Russia, Ukraine, Pakistan, Iraq, Iceland, and Britain and prominent officials in China; Prime Minister Sigmundur Davíð Gunnlaugssonof Iceland (2016) and Prime Minister Nawaz SharifSharif, Nawaz
, 1949–, Pakistani politician; grad. Government College, Lahore; Punjab Univ. Law College. Born into a prominent Lahore business family, he was by 1980 director of one of Pakistan's largest industrial conglomerates.
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 of Pakistan (2017) both lost power as a result of the revelations. Mossack Fonseca denied any wrongdoing in its handling of the investments, and asserted that all the dealings in offshore companies are legal. In Apr., 2016, however, their headquarters in Panama City were raided in a search for evidence of money laundering and other illegal activities. Mossack Fonseca has officers and affiliates in other countries that have been accused of money laundering, corruption, and tax evasion.

References in periodicals archive ?
The Panama Papers were an international scandal, leading to dozens of arrests, resignations, and firings as well as hundreds of criminal investigations.
ISLAMABAD -- Justice Asif Saeed Khosa remarked on Wednesday that the Supreme Court never used terms like 'Godfather' and 'Sicilian Mafia' for former prime minister Nawaz Sharif in the Panama Papers case judgment.
KARACHI -- Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan on Sunday said that the Supreme Court (SC) gave a weak verdict in the Panama Papers case.
After appearing before NAB , Aleem Khan talked to reporters outside the bureau office and said, 'My company has not been named in offshore companies list of Panama Papers and I have answered all NAB queries.
THE Panama Papers were a watershed moment in international politics.
FAISLABAD -- Minister of State for Interior Talal Chaudhry on Saturday claimed that the decisions announced on Friday had technically nullified the Panama Papers case verdict.
COM The Supreme Court on Thursday sent notices to the National Accountability Bureau (NAB) and the federal government seeking reports on action taken against 436 Pakistanis named in the Panama Papers.
On Thursday, the Supreme Court formed a 2-member bench to investigate the involvement of all the Pakistanis in Panama Papers scandal.
Lahore -- Lahore High Court (LHC) has rejected an intra court appeal seeking accountability of all named in Panama papers .
Lahore -- A petition has been filed in Lahore High Court (LHC) seeking accountability of other 259 offshore companies' owners whose names were mentioned in panama papers.
by PTI Bollywood actor Amitabh Bachchan's name had cropped in the Panama Papers case which is being probed by the Income Tax Department.
Mr Muscat called the snap election a year early to consolidate his government after the Panama Papers leak indicated his wife owned an offshore company.