Panama Papers: Mossack Fonseca leak reveals elite's tax havens
Key Excerpts from Article on Website of BBC
Posted: April 11th, 2016
Eleven million documents were leaked from one of the world's most secretive companies, Panamanian law firm Mossack Fonseca. They show how Mossack Fonseca has helped clients launder money, dodge sanctions and avoid tax. 12 current or former heads of state and at least 60 people linked to current or former world leaders [are included] in the data. They include the Icelandic Prime Minister, Sigmundur David Gunnlaugson, [as well as] reveal a suspected billion-dollar money laundering ring involving close associates of Russian President Vladimir Putin. 107 media organisations - including UK newspaper the Guardian - in 76 countries ... have been analysing the documents, [which] shed light on how Mossack Fonseca offered financial services designed to help business clients hide their wealth. One wealthy client, US millionaire ... Marianna Olszewski, was offered fake ownership records to hide money. This is in direct breach of international regulations designed to stop money-laundering and tax evasion. An email from a Mossack executive to Ms Olszewski in January 2009 explains how she could deceive the bank: "We may use a natural person who will act as the beneficial owner ... and therefore his name will be disclosed to the bank. Since this is a very sensitive matter, fees are quite high." The data also contain secret offshore companies linked to the families and associates of Egypt's former President, Hosni Mubarak, former Libyan leader Muammar Gaddafi and Syria's President Bashar al-Assad.
Note: There are conflicting reports on this release. Some like this NBC News article state there is a dearth of US names, while others like this USA Today article give US names. Explore evidence in this article that the Panama Papers may have been deliberately released with political objectives in mind. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.