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 GunnlaugssonGunnlaugsson, Sigmundur Davíð,
1975–, Icelandic political leader. He worked as a journalist and comedian for Iceland's national radio before he joined the conservative Progressive party and entered politics. In 2009 he was elected party chairman.
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 of 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 were legal. Subsequently, however, its headquarters in Panama City was raided in a search for evidence of money laundering and other illegal activities. Mossack Fonseca, which had officers and affiliates in other countries that had been accused of money laundering, corruption, and tax evasion, announced the closure of the firm, due to loss of business and damage to its reputation, in 2018. In late 2018 the U.S. Justice Dept. indicted several people associated with the schemes revealed by the Panama Papers for alleged tax evasion.

References in periodicals archive ?
Talking to media here, Ghulam Mustafa Mughal said that the government and the courts should try each and every person whose name appeared in Panama Papers if they were sincere to dispense justice.
Vidisha (Madhya Pradesh) [India], Nov 9 ( ANI ): Taking a potshot at Congress president Rahul Gandhi over his goof up on Panama papers issue, Madhya Pradesh Chief Minister Shivraj Singh Chouhan on Friday said that the entire Congress party is confused.
ISLAMABAD:Minister of State for Finance, Revenue and Economic Affairs Hammad Azhar on Friday informed the National Assembly that notices had been issued to 294 people named in the Panama Papers under relevant sections of Income Tax Ordinance, 2001, whereas some 150 could not be traced due to "incomplete particulars".
The son of Madhya Pradesh Chief Minister Shivraj Singh Chouhan yesterday filed a defamation case against Congress president Rahul Gandhi for linking his name to the Panama papers. But the Congress chief clarified that he had got "confused" due to "scams" in the Bharatiya Janata Party state governments and was actually referring to the son of Chhattisgarh Chief Minister Raman Singh.
Islamabad -- Chief Justice of Pakistan Mian Saqib Nisar on Thursday clarified a statement attributed to him a day earlier regarding the Panama Papers joint investigation team, stating that he had in fact referred to an inquiry committee formed to investigate the so-called Dawn Leaks matter.
ISLAMABAD -- Chief Justice of Pakistan (CJP) Mian Saqib Nisar on Thursday clarified a statement attributed to him a day earlier regarding the Panama Papers joint investigation team (JIT), stating that he had in fact referred to an inquiry committee formed to investigate the so-called Dawn Leaks matter.
ISLAMABAD -- Senior leader Pakistan Muslim League Nawaz (PML-N) Daniyal Aziz has claimed party's popularity was increasing day by day despite Panama Papers case was under trial against former prime minister Mohammad Nawaz Sharif.
ISLAMABAD -- Senior leader Pakistan Muslim League Nawaz (PML-N) Daniyal Aziz Monday claimed party's popularity was increasing day by day despite Panama Papers case was under trial against former prime minister Mohammad Nawaz Sharif.
ISLAMABAD -- Many were left surprised when during the hearing of a case on Tuesday a Supreme Court judge wondered that the Panama Papers case involved the Sharif family-owned four upscale Avenfield flats in London, but former prime minister Nawaz Sharif was disqualified for holding an iqama (work permit) of the United Arab Emirates (UAE).
One of the biggest news stories of 2016 was the release of the Panama Papers. They revealed a vast worldwide network of tax evasion and corruption, engineered by a mysterious law firm that specialized in setting up obscure financial entities for the rich and powerful.
LAHORE -- Chaudhry Moonis Elahi, leader of Pakistan Muslim League-Quaid (PML-Q) appeared before the National Accountability Bureau (NAB) on Tuesday as his name had appeared in the Panama papers.
Just as the Panama Papers had been in 2016, the Paradise Papers were leaked to Frederik Obermaier and a fellow reporter at the Munich-based newspaper Suddeutsche Zeitung.