Report on Panama Papers

8/16/2019 Report on Panama Papers

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Report

On

“Panama Papers scandal”

Submitted to:

Mr. Md. Bokhtiar Hasan

Assistant Professor,

Dept. of Finance & Banking

s!amic "ni#ersit$, %ushtia.

Prepared & Submitted b$:

Group –D

Date of Submission: 24- 05-16

Name of group members


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2

Panama Papers Scandal

Roll No Name1021031 MD Khairul Alam1021032 Khondakar Habibur1021033 Md. Monirul Islam1021034 Belayet Hossen1021035 amil Hossain102103! "himul "ardar102103# Abu "ayed102103$ Md. "hari%ul Islam102103& "M 'ahidul Islam1021040 Md. (ohidul Islam

!"##"R O$ #R%NS&'##%!


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May 24) 201!

Mr. Md. Bokhtiar Hasan

Assistant *ro%essor)

De*t. o% +inan,e - Bankin)Islami, /niersity) Kushtia

Sub(e)t: rayer %or submittin the e*ort.

Dear "ir)

ith due res*e,t) e ould like to in%orm you that e hae ,om*leted

our re*ort on Panama Papers Scanda!. In order to *re*are this

re*ort) e hae ,olle,ted re6uired in%ormation throuh 6ualitatie

resear,h and 7nally ,om*leted the re*ort hi,h is no ready to

submit. It as really en8oyable to ork on the re*ort as it has *roided

us ith an o**ortunity to kno about realisti, %a,t o% *anama *a*ers

s,andal. e hae learned a lot about the ien term a%ter *re*arin

this re*ort. It as a reat *leasure %or us to ork on su,h a ,hallenin

and *ra,ti,al to*i,.

e shall be hihly lad i% you kindly re,eie this re*ort and *roideyour aluable 8udment. It ould really be our immense *leasure i% you

7nd this re*ort use%ul and in%ormatie.

"in,erely yours)

999999999999

Group-D


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ACKNOWLEDGEMENT

(he su,,ess%ul ,om*letion o% this re*ort on Panama Papers

Scanda! has been *ossible %or many hel*in hands.

At 7rst) e ould like to e:*ress our in7nite ratuity toards

almihty Allah and our ,ourse tea,her Mr. Md. Bokhtiar Hasan*

Assistant ro%essor) De*t. o% +inan,e - Bankin) +a,ulty o% Business

Administration) Islami, /niersity) Kushtia to *roide not only

e:tremely ell arraned uidelines to ,om*lete our re*ort ork but

ould also hel* us to ,on%ront *roblems in our %uture ,areer.

e ould like to e:*ress our heartiest a**re,iation to our all,lassmates) ho hae been a ,onstant su**ort to us and hae

*atiently hel*ed us throuhout our re*ort.


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ABSTRACT

In recent years, using a new instrument - called Sukuk- has been increasingly taken into

consideration in Islamic countries like Saudi Arabia, Pakistan, Kuwait, Malaysia,

Bahrain, Qatar, Bangladesh and even some uro!ean countries" Sukuk is a #inancial

instrument backed by !hysical assets and balance sheet$ Sukuk bonds can be used as a

#inancing method #or government agencies as well as !rivate com!anies" %iven the

im!ortance o# the issue, this !a!er #irst discusses the history, de#ines Sukuk and e&!lains

the di##erences between Islamic bonds and conventional #inancial bonds" 'he #ollowing

section describes the ty!es o# Sukuk" 'he ne&t sections show the im!act o# Sukuk in

economic develo!ment o# di##erent countries in the world as well as the !ros!ects o#

Sukuk in Bangladesh" (inally, conclusions and re#erences are !resented"


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#itle+age No

'ntro,u)tion -15;ore o% the re*ort $&=iterature reie &>1011

History o% sukuk bonds 11

De7nition o% sukuk 12>14

Di?erent ty*es o% sukuk 14>15

"mpiri)al %nal.sis 16-1/Im*a,t o% sukuk in e,onomi, deelo*ment o% di?erent

,ountries

1#>1$

ros*e,ts o% sukuk in Banladesh 1$

on)lusion 1-21

;on,lusion 20e%eren,es 21

#able of ontents


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#


Chapter

!ntr"d#ct$"n


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$


Ob(e)ties of t3e Report

Primary objective of the report is to meet the requirement of the course “Strategic Financial

Management”. Our secondary objectives are as follos!

• "o provide basic understanding of the concept of panama papers and its emergence.

• "o assess and evaluate the level of research achievement on the topic of panama

papers scandal.

• "o identify the relationship beteen panama papers and finance.

L$m$tat$"n "% Prepar$n& Th$s Rep"rt

#hile preparing the report$ % have faced some limitations hich are mentioned belo!

"he given time is not enough for such an e&tensive study. %t is difficult to collect all

the required information in such a short period.

Most of the data and information used in this study are from the secondary sources.

'ac( of available information

Meth"d"l"&$es

(he term Methodoloy@ des,ribes ho the data) needed in order to %ul7ll

the *ur*ose) is ,olle,ted. It also dis,usses the %ormula and ho to *resent

the %ormula in the re*ort.

'#ant$tat$(e research)

'#al$tat$(e research)

I hae used 6ualitatie a**roa,h %or our re*ort be,ause the ma8ority o%

data ,olle,tion %rom the 6ualitatie a**roa,h.


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&


Panama Papers

"he Panama Papers are )).* million lea(ed documents that detail financial and attorney+ client information for more than ,)-$- offshore entities. "he lea(ed documents ere

created by Panamanian la firm and corporate service provider Mossac( Fonseca. "he

lea(ed documents illustrate ho ealthy individuals$ including public officials$ are able to

(eep personal financial information private. #hile offshore business entities are often not

illegal$ reporters found that some of the Mossac( Fonseca shell corporations ere used for

illegal purposes$ including fraud$ ta& evasion$ and evading international sanctions. "he

records ere obtained from an anonymous source by the /erman nespaper S0ddeutsche

1eitung$ hich shared them ith the %nternational 2onsortium of %nvestigative

3ournalists 4%2%35. "he %2%3 then shared them ith a large netor( of international partners$including the /uardian and the 662.

O%%sh"re c"mpan*

7 company incorporated for the purpose of operating outside the country of its registration.

7 company may legitimately move offshore for the purpose of ta& avoidance or to enjoy

rela&ed regulations. "a& avoidance allos a person or business to loer the amount of

income ta& oed by legal means by claiming permissible deductions and credits. Offshore

financial institutions can also be used for illicit purposes such as money laundering and ta&

evasion. "a& evasion is illegal because it allos a person or business to intentionally avoid

paying ta&es.

Mossack Fonseca

Mossac( Fonseca is a la firm that set up some ,)-$888 shell companies 4otherise (non

as 9offshore companies9 or 9letterbo& companies95 on behalf of ealthy clients from every

corner of the orld. 7ccording to journalists investigating the lea($ these companies

facilitated the movement of funds related to drug dealing$ human traffic(ing$ financingterrorism$ ta& dodging$ embe::lement$ sanctions evasion and other crimes.

"he firm began life as the 30rgen Mossac( 'a Firm in Panama 2ity in );


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'atin 7merica. ?e provided legal services to 2aro @uintero$ a Me&ican drug boss hom he

described as ma(ing Pablo Ascobar loo( li(e 9a baby.9

@uintero as arrested in );*$ and the ne&t year the /erman partnered ith a

Panamanian layer$ BamCn Fonseca Mora$ to form Mossac( Fonseca. #hat occurred over

the subsequent years + or a portion of them + is the subject of the Panama Papers.

On 7pril )D$ Panamanian la enforcement raided the offices of Mossac( Fonseca. "he firm

has denied any rongdoing$ saying that the crime prosecutors should investigate is hat it

calls the 9hac(9 of its servers.

What do Panama Papers Reveal?

"he documents sho the myriad ays in hich the rich can e&ploit secretive offshore ta&

regimes. "elve national leaders are among )-D politicians$ their families and close

associates from around the orld (non to have been using offshore ta& havens.7 E,bn trail leads all the ay to ladimir Putin. "he Bussian presidentGs best friend +

a cellist called Sergei Boldugin + is at the centre of a scheme in hich money from Bussian

state ban(s is hidden offshore. Some of it ends up in a s(i resort here in ,8)D PutinGs

daughter Haterina got married.

7mong national leaders ith offshore ealth are Iaa: Sharif$ Pa(istanGs prime

ministerJ 7yad 7llai$ e&Kinterim prime minister and former viceKpresident of %raqJ Petro

Poroshen(o$ president of L(raineJ 7laa Mubara($ son of AgyptGs former presidentJ and the

prime minister of %celand$ Sigmundur avN /unnlaugsson.

7n offshore investment fund run by the father of 6ritish Prime Minister avid2ameron avoided ever having to pay ta& in 6ritain by hiring a small army of 6ahamas

residents to sign its paperor(. "he fund has been registered ith ?M Bevenue and 2ustoms

since its inception and has filed detailed ta& returns every year.

"he families of at least eight current and former members of 2hinaGs supreme ruling

body$ the politburo$ have been found to have hidden ealth offshore.

"entyKthree individuals ho have had sanctions imposed on them for supporting the

regimes in Iorth Horea$ 1imbabe$ Bussia$ %ran and Syria have been clients of Mossac(

Fonseca. "heir companies ere harboured by the Seychelles$ the 6ritish irgin %slands$

Panama and other jurisdictions.

"he scandal also touches football=s orld governing body$ Fifa. Part of the documents

suggest that a (ey member of Fifa=s ethics committee$Lruguayan layer 3uan Pedro

amiani$ and his firm provided legal assistance for at least seven offshore companies lin(ed

to a former Fifa viceKpresident arrested last May as part of the LS inquiry into football

corruption.

http://www.theguardian.com/news/2016/apr/03/panama-papers-money-hidden-offshorehttp://www.theguardian.com/news/2016/apr/03/iceland-pm-calls-snap-election-offshore-revelationshttp://www.theguardian.com/news/2016/apr/03/iceland-pm-calls-snap-election-offshore-revelationshttp://www.theguardian.com/news/2016/apr/04/panama-papers-david-cameron-father-tax-bahamashttp://www.theguardian.com/news/2016/apr/04/panama-papers-david-cameron-father-tax-bahamashttp://www.bbc.co.uk/sport/football/35954640http://www.bbc.co.uk/sport/football/35954640http://www.bbc.co.uk/sport/football/35954640http://www.theguardian.com/news/2016/apr/03/panama-papers-money-hidden-offshorehttp://www.theguardian.com/news/2016/apr/03/iceland-pm-calls-snap-election-offshore-revelationshttp://www.theguardian.com/news/2016/apr/03/iceland-pm-calls-snap-election-offshore-revelationshttp://www.theguardian.com/news/2016/apr/04/panama-papers-david-cameron-father-tax-bahamashttp://www.theguardian.com/news/2016/apr/04/panama-papers-david-cameron-father-tax-bahamashttp://www.bbc.co.uk/sport/football/35954640http://www.bbc.co.uk/sport/football/35954640http://www.bbc.co.uk/sport/football/35954640


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One lea(ed memorandum from a partner of Mossac( Fonseca said! “IinetyKfive per cent

of our or( coincidentally consists in selling vehicles to avoid ta&es.”

Where c"mpan$es that appear $n the panama papers +ere $nc"rp"rated)

7lso mentioned are the brotherKinKla of 2hina=s President i 3inpingJ L(rainePresident PetroPoroshen(oJ 7rgentina President Mauricio MacriJ "he documents sho that %celand=s PrimeMinister$ Sigmundur /unnlaugsson$ had an undeclared interest lin(ed to his ife=s ealth. ?ehas no resigned. "he lea( has also revealed that more than *88 ban(s$ including their

subsidiaries and branches$ registered nearly )*$>88 shell companies ith Mossac( Fonseca.'enders have denied allegations that they are helping clients to avoid ta& by using complicatedoffshore arrangements.

http://www.bbc.co.uk/news/world-asia-35962326http://www.bbc.co.uk/news/world-europe-35958762http://www.bbc.co.uk/news/world-europe-35958762http://www.bbc.co.uk/news/world-europe-35958762http://www.bbc.co.uk/news/world-europe-35964517http://www.bbc.co.uk/news/business-35970340http://www.bbc.co.uk/news/business-35970340http://www.bbc.co.uk/news/world-asia-35962326http://www.bbc.co.uk/news/world-europe-35958762http://www.bbc.co.uk/news/world-europe-35958762http://www.bbc.co.uk/news/world-europe-35964517http://www.bbc.co.uk/news/business-35970340


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Tax Havens

2ustomers may open offshore accounts for any number of reasons$ some entirely legal and

ethically irreproachable. 7 2anadian layer based in ubai noted$ for e&ample$ that

businesses might ish to avoid falling under %slamic inheritance jurisprudence if an oner

dies. 6usinesses in some countries may ish to hold some of their funds in dollars also$ said

a 6ra:ilian layer. Astate planning is another e&ample of legal ta& avoidance.

7merican filmKma(er Stanley Hubric( had an estimated personal orth of E,8

million hen he died in );;;$ much of it invested in the )thKcentury Anglish manor he

bought in );


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Poster issued by the 6ritish ta& authorities to counter offshore ta& evasion.

Other uses are more ambiguous. 2hinese companies may incorporate offshore in order to

raise foreign capital$ normally against the la in 2hina. %n some of the orld=s hereditary

dictatorships$ the la may be on the side of the elite ho use offshore companies to aard

themselves oil contracts$ or their children gold concessions$ but such dealings are sometimes

prosecuted under international la.

Io official definition e&ists$ but a jurisdiction is typically considered an offshorefinancial center $ less formally (non as a ta& haven$ hen itGs ban(ing infrastructure!

• Primarily provides services to people or businesses ho are not its on residents.

• Bequires little or no disclosure of information hen doing business.

• Offers lo ta&es.

9"he most obvious use of offshore financial centers is to avoid ta&es9$ hoever$ "he

Aconomist remar(ed. O&fam blamed ta& havens in its ,8)> annual report on incomeinequality for much of the idening gap beteen rich and poor. 9"a& havens are at the core

of a global system that allos large corporations and ealthy individuals to avoid paying

their fair share$9 said Baymond 2. Offenheiser$ president of O&fam 7merica$ 9depriving

governments$ rich and poor$ of the resources they need to provide vital public services and

tac(le rising inequality.9

https://en.wikipedia.org/wiki/Offshore_financial_centrehttps://en.wikipedia.org/wiki/Offshore_financial_centrehttps://en.wikipedia.org/wiki/Offshore_financial_centrehttps://en.wikipedia.org/wiki/Tax_havenhttps://en.wikipedia.org/wiki/The_Economisthttps://en.wikipedia.org/wiki/The_Economisthttps://en.wikipedia.org/wiki/The_Economisthttps://en.wikipedia.org/wiki/Oxfamhttps://en.wikipedia.org/wiki/Offshore_financial_centrehttps://en.wikipedia.org/wiki/Offshore_financial_centrehttps://en.wikipedia.org/wiki/Tax_havenhttps://en.wikipedia.org/wiki/The_Economisthttps://en.wikipedia.org/wiki/The_Economisthttps://en.wikipedia.org/wiki/Oxfam


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%nternational Monetary Fund 4%MF5 researchers estimated in 3uly ,8)* that profit

shifting by multinational companies costs developing countries around LSE,)D billion a

year$ almost to percent of their national income. %gor 7ngelini$ head of Auropol=s Financial

%ntelligence /roup$ said that shell companies 9play an important role in largeKscale money

laundering activities9 and that they are often a means to 9transfer bribe money9. "a& 3ustice

Ietor( concluded in a ,8), report that 9designing commercial ta& abuse schemes and

turning a blind eye upon suspicious transactions have become an inherent part of the or( of

ban(ers and accountants.9

MoneyKlaundering affects the first orld as ell$ since a favored shell company

investment is real estate in Aurope and Iorth 7merica. 'ondon$ Miami$ Ie Qor( and

ancouver have all been affected. "he practice of par(ing assets in lu&ury real estate has

been frequently cited as fueling s(yroc(eting housing prices in Miami9. "here is a huge

amount of dirty money floing into Miami that=s disguised as investment$9 according to

former congressional investigator 3ac( 6lum. %n Miami$ R of condo oners pay cash$considered a red flag for moneyKlaundering.

Beal estate in 'ondon$ here housing prices have increased *8R since ,88


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full dividend paid by the fund on his or her account$ and French personal income ta& can be

evaded$ since there is no automatic e&change of information beteen Siss ban(s and the

French ta& authority.

Siss ban(s provide a unique (ind of deposit oned by households only$ in the form

of hat are (non as fiduciary deposits. Fiduciary deposits cannot be used as a medium of

e&change! they are useless for corporations. Siss ban(s invest the funds placed in fiduciary

deposits in foreign money mar(ets on behalf of their clients. 'egally spea(ing$ all interest is

considered to be paid by foreigners to the depositors$ ith the Siss ban(s acting merely as

“fiduciaries.” "hus$ fiduciary deposits are not subject to the D*R Siss advance ta&.

?e shos that most Siss fiduciary deposits held by foreigners are actually held in

the name of sham corporations set up in ta& havens such as Panama$ 'iechtenstein and the

6ritish irgin %slands. ?e concludes that once you understand the purposes that sham

corporations serve$ it becomes clear that most fiduciary deposits assigned to ta& havens by

the Siss Iational 6an( belong to residents of rich countries$ in particular to Auropeans.


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Chapter

%llegations*rea)tions an,inestigations

"he allegations$ reactions and investigations for panama paper scandal$ country by

country$ are discussed belo!

United Kingdom

7ccording to "he /uardian$ 9More than T)


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%ncluded among the Panama Paper documents are the names of si& members of the ?ouse of

'ords$ several of hom have been donors to 2ameron=s 2onservative Party$ as ell as other

2onservative donors. "hese include!

• 7nthony 6amford! T- million in 2onservative Party donations$ made a

2onservative life peer in ,8)DJ

• avid Boland! TD. million in 2onservative Party donations$ former party

treasurerJ

• Fleming Family U Partners! Over T-88$888 in 2onservative Party donations$

including direct donations to avid 2ameronJ

• 3uniper Aquities "rading! T,*8$888 loan to the 2onservative Party party from an

offshore fund ith an opaque onership structureJ

• "ony 6uc(ingham! T)88$888 donation to the 2onservative PartyJ

• 'ord 7shcroft! the man ho published 9 piggate9 allegations about 2ameronJV,D-W

• 6aroness Pamela Sharples 4via her 6ahamas company Iunsell %nvestments

'imited5! made a life peer in );


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1$


in their jurisdictions$ but by the time of the Panama Papers lea( in 7pril ,8)>$ only

Montserrat and /ibraltar had agreed to do so.

France

French financial prosecutors opened an investivation$ and President FranXois

?ollande declared that ta& evaders ould be brought to trial and punished. 7lso as a result

of the lea($ France restored Panama to its list of ta& havens$ from hich Panama had recently

been removed.

Former French budget minister 3YrZme 2ahu:ac$ ho spearheaded a crac(don on

ta& fraud hile in office$ as a client of Mossac( Fonseca and through them oned a

Seychelles company named 2erman /roup 'imited$ incorporated in ,88;. #hen France

investigated ,8)D allegations by Mediapart that in ,888 2ahu:ac had held undeclared assets

in an account first in Sit:erland$ then Singapore$ he resigned his cabinet post$ protesting his

innocence$ but admitted a fe months later that he indeed had hidden [>88$888 in

a L6S account and then moved it to (eep it hidden$ 9hile continuing to lead France=s

clampdon on ta& evasion.9 "he French Socialist Party unanimously voted to e&pel him a

ee( later. On the heels of the 7pril ,8)D 92ahu:ac affair9$ President ?ollande created

the parquet national financier 4PIF5 a judiciary investigation unit speciali:ing in largeKscale

fraud and corruption investigations.

ta!$

Silvio 6erlusconi$ former Prime Minister of %taly On 7pril >$ ,8)>$ %taly=s Procura of "urin ordered the /uardia di Finan:a to investigate the 88 %talians contained in the PanamaPaper=s documents.

Former longKtime Prime Minister Silvio 6erlusconi$ ho had been already convicted

for ta& evasion and e&pelled from the Parliament$ as included in the papers. Other notable

people hose names are mentioned in the Papers include entrepreneurs 'uca 2ordero di

Monte:emolo$ Flavio 6riatore$ 7driano /alliani$ and actor 2arlo erdone.

7n investigation by %2%3 partner "he Iamibian found that the imprisoned

mafioso ito Boberto Pala::olo shielded his finances from %talian$ Iamibian and South7frican authorities ith shell companies in the 6ritish irgin %slands set up by a /erman

ban(er in ?ong Hong$ #olfKPeter 6erthold$ hich they also used to transfer control of

Pala::olo=s assets to his son.

'ussia

https://en.wikipedia.org/wiki/Fran%C3%A7ois_Hollandehttps://en.wikipedia.org/wiki/Fran%C3%A7ois_Hollandehttps://en.wikipedia.org/wiki/J%C3%A9r%C3%B4me_Cahuzachttps://en.wikipedia.org/wiki/J%C3%A9r%C3%B4me_Cahuzachttps://en.wikipedia.org/wiki/Mediaparthttps://en.wikipedia.org/wiki/UBShttps://en.wikipedia.org/wiki/Silvio_Berlusconihttps://en.wikipedia.org/wiki/Judiciary_of_Italyhttps://en.wikipedia.org/wiki/Judiciary_of_Italyhttps://en.wikipedia.org/wiki/Guardia_di_Finanzahttps://en.wikipedia.org/wiki/Silvio_Berlusconihttps://en.wikipedia.org/wiki/Tax_evasionhttps://en.wikipedia.org/wiki/Italian_Parliamenthttps://en.wikipedia.org/wiki/Italian_Parliamenthttps://en.wikipedia.org/wiki/Luca_Cordero_di_Montezemolohttps://en.wikipedia.org/wiki/Luca_Cordero_di_Montezemolohttps://en.wikipedia.org/wiki/Flavio_Briatorehttps://en.wikipedia.org/wiki/Adriano_Gallianihttps://en.wikipedia.org/wiki/Carlo_Verdonehttps://en.wikipedia.org/wiki/Vito_Roberto_Palazzolohttps://en.wikipedia.org/wiki/Fran%C3%A7ois_Hollandehttps://en.wikipedia.org/wiki/Fran%C3%A7ois_Hollandehttps://en.wikipedia.org/wiki/J%C3%A9r%C3%B4me_Cahuzachttps://en.wikipedia.org/wiki/Mediaparthttps://en.wikipedia.org/wiki/UBShttps://en.wikipedia.org/wiki/Silvio_Berlusconihttps://en.wikipedia.org/wiki/Judiciary_of_Italyhttps://en.wikipedia.org/wiki/Judiciary_of_Italyhttps://en.wikipedia.org/wiki/Guardia_di_Finanzahttps://en.wikipedia.org/wiki/Silvio_Berlusconihttps://en.wikipedia.org/wiki/Tax_evasionhttps://en.wikipedia.org/wiki/Italian_Parliamenthttps://en.wikipedia.org/wiki/Luca_Cordero_di_Montezemolohttps://en.wikipedia.org/wiki/Luca_Cordero_di_Montezemolohttps://en.wikipedia.org/wiki/Flavio_Briatorehttps://en.wikipedia.org/wiki/Adriano_Gallianihttps://en.wikipedia.org/wiki/Carlo_Verdonehttps://en.wikipedia.org/wiki/Vito_Roberto_Palazzolo


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"he S0ddeutsche 1eitung$ one of the nespapers participating in the project that made the

papers public$ described the connections of various individuals listed in them to Bussian

president ladimir Putin. "hey quoted IobelKinning economist Paul Hrugman and LS

State epartment documents saying that Bussia is a 9(leptocracy9 and a 9mafia state9

respectively. "he S0ddeutsche 1eitung reported about E, billion had moved through a

netor( of companies associated ith Bussian firms and individuals in 9just a fe years9

and the companies appeared to have been used for 9questionable business transactions.9

Putin has critici:ed offshore companies as 9unpatriotic9 on several occasions since ,8)) and

in ,8)D a la as passed banning foreign ban( accounts for government officials.

Putin=s name does not appear in any of the records released to date$ but those of his

associates do. 2onstruction billionaires 7r(ady and 6oris Botenberg$ musician Sergei

Boldugin and business magnate 7lisher Lsmanov are mentioned in the lea(ed documents$ as

are Putin=s longKstanding friend$ billionaire /ennady "imchen(o$ as ell as his press

secretary=s spouse$ his cousin$ and former H/6 colleagues$ as ell as several oligarchs

connected to Mossac( Fonseca shell companies.

Sergei Boldugin$ a cellist ith the St Petersburg orchestra ho is the godfather of

Putin=s eldest daughter and ho has been described as Putin=s 9best friend9$ appears

prominently in the Panama Papers. Panama Papers documents indicate that Boldugin

companies received several loans ith no collateral$ or at very lo interest rates$ or never

repaid. %n ,8)D$ several shell companies lin(ed to the brothers 6oris and 7r(ady Botenberg

loaned orth about LSE,88 million to a company in Boldugin=s netor(. "he lea(ed

documents do not sho hether they ere repaid. Shortly before the loan as granted$

7r(ady Botenberg=s company had been aarded the tender for the South Stream pipeline

project$ orth billions. 7s(ed about his companies$ Bodulgin said 9% have to ta(e a loo( andfind out hat % can say and hat % can=t9$ and that financial matters are 9delicate9.

Putin denied 9any element of corruption9$ and said his opponents are trying to

destabilise Bussia. Putin also said! 9#i(i'ea(s has shoed us that official people and official

organs of the LS are behind this.9

Sweden

"he Sedish Financial Supervisory 7uthority 4F%5 said on 7pril -$ ,8)> it ould investigate

the actions of Iordea$ one of the largest financial institutions in the Iordic countries$ after the Panama Papers revealed the ban(=s 'u&embourg office had helped to set up nearly -88

offshore companies for its clients beteen ,88- and ,8)- in Panama and the 6ritish irgin

%slands for their customers.

"he Sedish Financial Supervisory 7uthority 4F%5 has said that 9serious deficiencies9

e&ist in ho Iordea monitors for money laundering$ and had given the ban( to arnings.

%n ,8)* Iordea had to pay the largest possible fineover five million ALB. %n ,8), Iordea

https://en.wikipedia.org/wiki/S%C3%BCddeutsche_Zeitunghttps://en.wikipedia.org/wiki/S%C3%BCddeutsche_Zeitunghttps://en.wikipedia.org/wiki/Vladimir_Putinhttps://en.wikipedia.org/wiki/Paul_Krugmanhttps://en.wikipedia.org/wiki/Kleptocracyhttps://en.wikipedia.org/wiki/Arkady_Rotenberghttps://en.wikipedia.org/wiki/Boris_Romanovich_Rotenberghttps://en.wikipedia.org/wiki/Boris_Romanovich_Rotenberghttps://en.wikipedia.org/wiki/Sergei_Rolduginhttps://en.wikipedia.org/wiki/Sergei_Rolduginhttps://en.wikipedia.org/wiki/Alisher_Usmanovhttps://en.wikipedia.org/wiki/Gennady_Timchenkohttps://en.wikipedia.org/wiki/KGBhttps://en.wikipedia.org/wiki/Sergei_Rolduginhttps://en.wikipedia.org/wiki/Sergei_Rolduginhttps://en.wikipedia.org/wiki/Financial_Supervisory_Authority_(Sweden)https://en.wikipedia.org/wiki/Nordeahttps://en.wikipedia.org/wiki/British_Virgin_Islandshttps://en.wikipedia.org/wiki/British_Virgin_Islandshttps://en.wikipedia.org/wiki/Money_launderinghttps://en.wikipedia.org/wiki/S%C3%BCddeutsche_Zeitunghttps://en.wikipedia.org/wiki/Vladimir_Putinhttps://en.wikipedia.org/wiki/Paul_Krugmanhttps://en.wikipedia.org/wiki/Kleptocracyhttps://en.wikipedia.org/wiki/Arkady_Rotenberghttps://en.wikipedia.org/wiki/Boris_Romanovich_Rotenberghttps://en.wikipedia.org/wiki/Sergei_Rolduginhttps://en.wikipedia.org/wiki/Sergei_Rolduginhttps://en.wikipedia.org/wiki/Alisher_Usmanovhttps://en.wikipedia.org/wiki/Gennady_Timchenkohttps://en.wikipedia.org/wiki/KGBhttps://en.wikipedia.org/wiki/Sergei_Rolduginhttps://en.wikipedia.org/wiki/Financial_Supervisory_Authority_(Sweden)https://en.wikipedia.org/wiki/Nordeahttps://en.wikipedia.org/wiki/British_Virgin_Islandshttps://en.wikipedia.org/wiki/British_Virgin_Islandshttps://en.wikipedia.org/wiki/Money_laundering


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as(ed Mossac( Fonseca to change documents retroactively so that three anish customers=

poer of attorney documents ould appear to have been in force since ,8)8. "he director for

Iordea Private 6an(ing$ "horben Sanders$ has admitted that before ,88; Iordea did not

screen for ta& evaders! 9%n the end of ,88; e decided that our ban( shall not be a means

of ta& evasion$9 said Sanders. Other Sedish ban(s are also present in the documents$ but

Iordea occurs )8$;8, times and the ne&t most frequently mentioned ban( only occurs -

times.

"he Sedish Financial Supervisory 7uthority 4F%5 later said that they ould also

investigate the other three big ban(s in Seden! ?andelsban(en$ S(andinavis(a Ans(ilda

6an(en4SA65 and Sedban( . Other Sedish ban(s also appear in the documents$ but

Iordea occurs )8$;8, times and the ne&t most frequently mentioned ban( only occurs -

times.

Switzerland

On 7pril >$ the federal police searched LAF7 headquarters in Iyon as part of a 9criminal

mismanagement9 probe into a 2hampions 'eague television rights deal signed by F%F7=s

ne president /ianni %nfantino. "he same day$ /eneva=s attorney general opened several

procedures in reaction to a report about misconduct by Siss layers and trustees.

"he lea(ed papers also shed light on the onership of shell companies in protracted litigation

in 'ausanne over onership of artor( from the /staad chalet of the late /ree( shipping

tycoon 6asil /oulandris.

Bangladesh

On 7pril $ the 7nti 2orruption 2ommission 6angladesh launched an inquiry to obtain

details of the businesses and individuals allegedly affiliated ith Moassac(

Fonseca. 7llegations have been made that thirtyKto 6angladeshi individuals and to

corporations$ hoever$ media outlets sta(ing this claim have referenced an old %2%3 database

of information compiled during the investigation of the ,8)D Offshore 'ea(s.

(hina

Belatives of highly placed 2hinese officials including seven current and former senior leaders of the Politburo of the 2ommunist Party of 2hinahave been named$ including former Premier 'i Peng=s daughter 'i iaolin$ former 2ommunist Party general secretary ?uQaobang=s son ?u ehua and eng 3iagui$ the brotherKinKla of current general secretary i3inping. eng had to shell companies in the 6ritish irgin %slands hile i as a member of the Politburo Standing 2ommittee$ but they ere dormant by the time i became /eneral

https://en.wikipedia.org/wiki/Mossack_Fonsecahttps://en.wikipedia.org/wiki/Mossack_Fonsecahttps://en.wikipedia.org/wiki/Tax_evasionhttps://en.wikipedia.org/wiki/Tax_evasionhttps://en.wikipedia.org/wiki/Handelsbankenhttps://en.wikipedia.org/wiki/Handelsbankenhttps://en.wikipedia.org/wiki/Skandinaviska_Enskilda_Bankenhttps://en.wikipedia.org/wiki/Skandinaviska_Enskilda_Bankenhttps://en.wikipedia.org/wiki/Skandinaviska_Enskilda_Bankenhttps://en.wikipedia.org/wiki/Swedbankhttps://en.wikipedia.org/wiki/UEFAhttps://en.wikipedia.org/wiki/Nyonhttps://en.wikipedia.org/wiki/UEFA_Champions_Leaguehttps://en.wikipedia.org/wiki/FIFAhttps://en.wikipedia.org/wiki/Gianni_Infantinohttps://en.wikipedia.org/wiki/Gianni_Infantinohttps://en.wikipedia.org/wiki/Gianni_Infantinohttps://en.wikipedia.org/wiki/Anti_Corruption_Commission_Bangladeshhttps://en.wikipedia.org/wiki/Politburo_of_the_Communist_Party_of_Chinahttps://en.wikipedia.org/wiki/Li_Penghttps://en.wikipedia.org/wiki/Li_Penghttps://en.wikipedia.org/wiki/Li_Xiaolinhttps://en.wikipedia.org/wiki/Communist_Party_of_Chinahttps://en.wikipedia.org/wiki/Hu_Yaobanghttps://en.wikipedia.org/wiki/Hu_Yaobanghttps://en.wikipedia.org/wiki/Hu_Yaobanghttps://en.wikipedia.org/w/index.php?title=Hu_Dehua&action=edit&redlink=1https://en.wikipedia.org/wiki/Deng_Jiaguihttps://en.wikipedia.org/wiki/General_Secretary_of_the_Communist_Party_of_Chinahttps://en.wikipedia.org/wiki/General_Secretary_of_the_Communist_Party_of_Chinahttps://en.wikipedia.org/wiki/General_Secretary_of_the_Communist_Party_of_Chinahttps://en.wikipedia.org/wiki/Xi_Jinpinghttps://en.wikipedia.org/wiki/Xi_Jinpinghttps://en.wikipedia.org/wiki/Politburo_Standing_Committee_of_the_Communist_Party_of_Chinahttps://en.wikipedia.org/wiki/General_Secretaryhttps://en.wikipedia.org/wiki/Mossack_Fonsecahttps://en.wikipedia.org/wiki/Tax_evasionhttps://en.wikipedia.org/wiki/Handelsbankenhttps://en.wikipedia.org/wiki/Skandinaviska_Enskilda_Bankenhttps://en.wikipedia.org/wiki/Skandinaviska_Enskilda_Bankenhttps://en.wikipedia.org/wiki/Swedbankhttps://en.wikipedia.org/wiki/UEFAhttps://en.wikipedia.org/wiki/Nyonhttps://en.wikipedia.org/wiki/UEFA_Champions_Leaguehttps://en.wikipedia.org/wiki/FIFAhttps://en.wikipedia.org/wiki/Gianni_Infantinohttps://en.wikipedia.org/wiki/Anti_Corruption_Commission_Bangladeshhttps://en.wikipedia.org/wiki/Politburo_of_the_Communist_Party_of_Chinahttps://en.wikipedia.org/wiki/Li_Penghttps://en.wikipedia.org/wiki/Li_Xiaolinhttps://en.wikipedia.org/wiki/Communist_Party_of_Chinahttps://en.wikipedia.org/wiki/Hu_Yaobanghttps://en.wikipedia.org/wiki/Hu_Yaobanghttps://en.wikipedia.org/w/index.php?title=Hu_Dehua&action=edit&redlink=1https://en.wikipedia.org/wiki/Deng_Jiaguihttps://en.wikipedia.org/wiki/General_Secretary_of_the_Communist_Party_of_Chinahttps://en.wikipedia.org/wiki/Xi_Jinpinghttps://en.wikipedia.org/wiki/Xi_Jinpinghttps://en.wikipedia.org/wiki/Politburo_Standing_Committee_of_the_Communist_Party_of_Chinahttps://en.wikipedia.org/wiki/General_Secretary


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Secretary of the 2ommunist Party 4 paramount leader 5 in Iovember ,8),. Others namedinclude the son and daughterKinKla of propaganda chief 'iu Qunshan and the sonKinKla of iceKPremier 1hang /aoli.

Official 2hinese statistics sho investment in 6ritish Overseas "erritories acting asta& havens being much more significant than in other places! E-- billion invested inthe 2ayman %slands and E-; billion in the 6ritish irgin %slands. espite these figures9probably e&cludVingW the private investments of the many family members of the ruling eliteho have channelled money through the 6%9$ both figures e&ceed 2hinese investment inthe Lnited States and Lnited Hingdom.

2hina=s government is suppressing mention of the Panama Papers on social media andin search engines results$ and reportedly told nes organi:ations to delete all content relatedto the Panama Papers lea(. 2hinese authorities consider the material a concerted foreignmedia attac( on 2hina$ and ordered %nternet information offices to delete reports reprintedfrom the Panama Papers$ and ith no e&ceptions not to follo up on related content. ?ong'ei$ spo(esman for 2hina=s foreign ministry$ responded that he had 9no comment9 for 9such

groundless accusations9 at an 7pril * nes conference.

Hong %ong

Mossac( Fonseca=s ?ong Hong office as its busiest$ says the %2%3$ as 2hinese officials andother ealthy figures ould carry funds across the border and deposit them there to bechanneled to offshore entities. ?ong Hong invested ?HE-.> trillion 4TD>8 billion5 into the6% + more than ?ong Hong invested in mainland 2hina + and received ?HE-.) trillion4over TD88 billion5 from the 6%. 7 further T,8 billion or so as placed into the 2ayman%slands and 6ermuda individually.

Iespaper Ming Pao fired deputy editor Heung Ho(Kyuen folloing a frontKpagearticle on the Panama Papers hich mentioned many prominent ?ong Hong citi:ens. "he paper blamed a 9difficult business environment$9 but had previously fired another editor in,8)- over another lea( of offshore documents. Amployees have been publishing blan( columns scattered through the nespaper in protest of his dismissal.

ndia

6ollyood celebrities 7mitabh 6achchan$ his daughterKinKla and actress 7isharya Bai6achchan and actor 7jay evgan are listed in the papers. 6achchan has denied anyconnection to overseas companies$ and a spo(esman for Bai also questioned the documents=authenticity. 6achchan repeated the denial in response to an 7ugust ,) report that he aslisted as a director of to companies and participated in board meetings.

%ndian politicians on the list include Shishir 6ajoria from #est 6engal and 7nuragHejrial$ former chief of the elhi 'o( Satta Party. 6ajoria said he oned to other %sle of Man companies but not the one ascribed to him in the lea(ed documents. 2orporate services provider First Iames /roup ac(noledged erroneously providing his information toMossac( Fonseca. MF records sho Hejrial as director of three offshore companies based

https://en.wikipedia.org/wiki/General_Secretaryhttps://en.wikipedia.org/wiki/General_Secretaryhttps://en.wikipedia.org/wiki/Paramount_leaderhttps://en.wikipedia.org/wiki/Liu_Yunshanhttps://en.wikipedia.org/wiki/Zhang_Gaolihttps://en.wikipedia.org/wiki/British_Overseas_Territorieshttps://en.wikipedia.org/wiki/Cayman_Islandshttps://en.wikipedia.org/wiki/British_Virgin_Islandshttps://en.wikipedia.org/wiki/United_Stateshttps://en.wikipedia.org/wiki/United_Kingdomhttps://en.wikipedia.org/wiki/United_Kingdomhttps://en.wikipedia.org/wiki/Internet_censorship_in_Chinahttps://en.wikipedia.org/wiki/Hong_Lei_(diplomat)https://en.wikipedia.org/wiki/Hong_Lei_(diplomat)https://en.wikipedia.org/wiki/Mainland_Chinahttps://en.wikipedia.org/wiki/Mainland_Chinahttps://en.wikipedia.org/wiki/Ming_Paohttps://en.wikipedia.org/wiki/Bollywoodhttps://en.wikipedia.org/wiki/Amitabh_Bachchanhttps://en.wikipedia.org/wiki/Aishwarya_Rai_Bachchanhttps://en.wikipedia.org/wiki/Aishwarya_Rai_Bachchanhttps://en.wikipedia.org/wiki/Aishwarya_Rai_Bachchanhttps://en.wikipedia.org/wiki/Ajay_Devganhttps://en.wikipedia.org/wiki/Ajay_Devganhttps://en.wikipedia.org/wiki/Shishir_Bajoriahttps://en.wikipedia.org/wiki/West_Bengalhttps://en.wikipedia.org/wiki/West_Bengalhttps://en.wikipedia.org/wiki/Anurag_Kejriwalhttps://en.wikipedia.org/wiki/Anurag_Kejriwalhttps://en.wikipedia.org/wiki/Anurag_Kejriwalhttps://en.wikipedia.org/wiki/Delhihttps://en.wikipedia.org/wiki/Lok_Satta_Partyhttps://en.wikipedia.org/wiki/General_Secretaryhttps://en.wikipedia.org/wiki/Paramount_leaderhttps://en.wikipedia.org/wiki/Liu_Yunshanhttps://en.wikipedia.org/wiki/Zhang_Gaolihttps://en.wikipedia.org/wiki/British_Overseas_Territorieshttps://en.wikipedia.org/wiki/Cayman_Islandshttps://en.wikipedia.org/wiki/British_Virgin_Islandshttps://en.wikipedia.org/wiki/United_Stateshttps://en.wikipedia.org/wiki/United_Kingdomhttps://en.wikipedia.org/wiki/Internet_censorship_in_Chinahttps://en.wikipedia.org/wiki/Hong_Lei_(diplomat)https://en.wikipedia.org/wiki/Hong_Lei_(diplomat)https://en.wikipedia.org/wiki/Mainland_Chinahttps://en.wikipedia.org/wiki/Ming_Paohttps://en.wikipedia.org/wiki/Bollywoodhttps://en.wikipedia.org/wiki/Amitabh_Bachchanhttps://en.wikipedia.org/wiki/Aishwarya_Rai_Bachchanhttps://en.wikipedia.org/wiki/Aishwarya_Rai_Bachchanhttps://en.wikipedia.org/wiki/Ajay_Devganhttps://en.wikipedia.org/wiki/Shishir_Bajoriahttps://en.wikipedia.org/wiki/West_Bengalhttps://en.wikipedia.org/wiki/Anurag_Kejriwalhttps://en.wikipedia.org/wiki/Anurag_Kejriwalhttps://en.wikipedia.org/wiki/Delhihttps://en.wikipedia.org/wiki/Lok_Satta_Party


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in the 6ritish irgin %slands 46%5$ and holding to private foundations in Panama and poer of attorney of another 6% company. ?e ac(noledged having had offshorecompanies but said he shut them don after a short period of time.

%ndian prime minister Iarendra Modi ordered an inquiry$ and subsequently the %ndian

government announced that it as constituting a special multiKagency group comprising

officers from the investigative unit of the 2entral 6oard of irect "a&es and its Foreign "a&

and "a& Besearch ivision$ the Financial %ntelligence Lnit and the Beserve 6an( of %ndia.

Pakistan

"he Mossac( Fonseca documents do not name either prime Minister Iaa: Sharif or his

younger brother$ Punjab chief minister Sheba: Sharif . "hey do hoever lin( inKlas of

Sheba: Sharif and children of Iaa: Sharif to offshore companies. Mossac( Fonseca

records tie Iaa: daughter Maryam Iaa: and her brothers ?ussein and ?assan to four

offshore companies$ Iescoll 'imited$ Iielson ?oldings 'imited$ 2oomber /roup %nc.$ and?angon Property ?oldings 'imited. "he companies acquired lu&ury real estate in 'ondon

during ,88>+,88 that he had

oned an offshore company set up in );D to avoid 6ritish ta&es on the sale of a 'ondon

residence he bought through the company. 7bdul @ayyum$ a Pa(istani senator and retired

lieutenantKgeneral$ commented that Hhan had made the disclosures a political issue before

any investigation had been conducted$ and that accountability should be enforced across the

board.

Saudi Arabia

Hing Salman is mentioned in the lea(s in relation to to companies based in the 6ritish

irgin %slandserse evelopment 2orporation$ incorporated in );;;$ and %nro

2orporation$ incorporated in ,88,. "he companies too( out mortgages totalling over LSED- million and purchased properties in central 'ondon. ?is role in the companies

as not been specified. 6% 2ompany 2rassus 'imited$ incorporated in ,88-$ registered

a yacht in 'ondon$ named Arga after Hing Salman=s palace in Biyadh. "he vessel boasts a

banquet hall and can comfortably sleep D8. Hing Salman is described in the documents as

its 9principal user9.

https://en.wikipedia.org/wiki/Narendra_Modihttps://en.wikipedia.org/wiki/Narendra_Modihttps://en.wikipedia.org/wiki/Central_Board_of_Direct_Taxeshttps://en.wikipedia.org/wiki/Central_Board_of_Direct_Taxeshttps://en.wikipedia.org/wiki/Financial_Intelligence_Unithttps://en.wikipedia.org/wiki/Financial_Intelligence_Unithttps://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttps://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttps://en.wikipedia.org/wiki/Nawaz_Sharifhttps://en.wikipedia.org/wiki/Shebaz_Sharifhttps://en.wikipedia.org/wiki/Maryam_Nawazhttps://en.wikipedia.org/wiki/Pakistan_Tehreek-e-Insafhttps://en.wikipedia.org/wiki/Imran_Khanhttps://en.wikipedia.org/wiki/Abdul_Qayyumhttps://en.wikipedia.org/wiki/Abdul_Qayyumhttps://en.wikipedia.org/wiki/Salman_of_Saudi_Arabiahttps://en.wikipedia.org/wiki/Riyadhhttps://en.wikipedia.org/wiki/Narendra_Modihttps://en.wikipedia.org/wiki/Central_Board_of_Direct_Taxeshttps://en.wikipedia.org/wiki/Financial_Intelligence_Unithttps://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttps://en.wikipedia.org/wiki/Nawaz_Sharifhttps://en.wikipedia.org/wiki/Shebaz_Sharifhttps://en.wikipedia.org/wiki/Maryam_Nawazhttps://en.wikipedia.org/wiki/Pakistan_Tehreek-e-Insafhttps://en.wikipedia.org/wiki/Imran_Khanhttps://en.wikipedia.org/wiki/Abdul_Qayyumhttps://en.wikipedia.org/wiki/Salman_of_Saudi_Arabiahttps://en.wikipedia.org/wiki/Riyadh


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2ron Prince Muhammad bin Iayef is also named in the papers.

Singapore

"he Ministry of Finance and Monetary 7uthority of Singapore said in a statement that

9Singapore ta(es a serious vie on ta& evasion and ill not tolerate its business and

financial centre being used to facilitate ta& related crimes. %f there is evidence of

rongdoing by any individual or entity in Singapore$ e ill not hesitate to ta(e fanel

ill investigate Sri 'an(an names that come up in the Panama Papers$ as ell as the ->

ho appear in the ,8)D Offshore 'ea(s$ according to the aily Mail$ since earlier

leadership apparently did not do so. "he country has many large outstanding foreign

loans ta(en out under the administration of former president Mahinda Bajapa(se$ and the

current government recently had to obtain a LSE).* billion %MF bailout. Bajapa(se has

denied diverting funds. "he current government came to poer in 3anuary ,8)> on anantiKcorruption platform.

"nited Arab )mirates

%2%3$ "he /uardian and "he %ndependent have reported that L7A President Hhalifa bin

1ayed 7l Iahyan ons 'ondon real estate orth more than T)., billion through a

structure of some thirty shell companies Mossac( Fonseca set up for him in the 6ritish

irgin %slands and administer for him$ using them to manage and control the lu&ury

properties in 'ondon. 6y ecember ,8)*$ Mossac( Fonseca held nearly all of the shares

in those companies in trust structures on his behalf$ ith the President and his ife$ son

and daughter the trust beneficiaries.

(anada

2anadian prime minister 3ustin "rudeau has denied any involvement in the affair$ saying he

had 9entirely and completely been transparent about mine and my family=s finances. "hat is

something % learned early on that 2anadians e&pect from their leaders.9 2anada Bevenue

7gency said in a statement that its current ta& evasion audits include 9some 2anadian clients

associated ith la firm Mossac( Fonseca$9 and added that it ould communicate 9ith itstreaty partners to obtain any further information that may not currently be in its possession.9

"he 2B7 has ta& treaties ith ;, different countries and ,, "a& %nformation A&change

7greements.

"he Boyal 6an( of 2anada 4B625 denied any rongdoing associated ith the D


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diligence process... B62 or(s ithin the legal and regulatory frameor( of every country

in hich e operate$9 said a ban( spo(esman. 2AO avid McHay said the ban( ill revie

the four decades of documentation for any problems. 2AO 6ill one of the 6an( of

Montreal said 92anadian ban(s have =dramatically= beefed up antiKmoney laundering control

over the last seven to )8 years$9 and added that any lin( beteen 2anadian businesses and

the Panama Papers companies ould have originated a long time ago$ before 2anadian ban(s

too( action to stop money laundering.

2anadians for "a& Fairness had calculated that legal ta& avoidance by corporations

alone cost the 2anadian treasury almost E billion 2anadian a year. #hen it calculated the

,8)* numbers$ they found that corporations and individuals combined sent 27IE-8 billion

of declared assets to ta& havens$ and the ten most popular alone no held E,


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7ustralia said 7pril ,, that it ill create a public register shoing the beneficial$ or actual$oners of shell companies$ as part of an effort to stamp out ta& avoidance by multinationalcorporations.

"he 7ustralian "a&ation Office has announced that it is investigating 88 individual7ustralian ta&payers on the Mossac( Fonseca list of clients and that some of the cases may be referred to the country=s Serious Financial 2rime "as( Force. Aighty names match to anorgani:ed crime intelligence database.

'ea(ed documents e&amined by the 762 9pierced the veil of anonymous shellcompanies9 and lin(ed a Sydney businessman and a 6risbane geologist to mining deals in Iorth Horea. 9Bather than applying sanctions$ the 7ustralian /overnment and the 7S seemto have alloed a coach and horses to be ridden through them by the people involved informing this relationship$ corporate relationship ith one of the primary arms manufacturersin Iorth Horea$9 said "homas 2lar( of the Lniversity of "echnology Sydney.

*e+ ea!and

Ie 1ealand=s %nland Bevenue epartment 4%B K "a& ept5 have stated that they ereor(ing to obtain details of people ho have ta& residence in the country ho may have been involved in arrangements facilitated by Mossac( Fonseca.

/erard Byle$ director of the %nternational 2onsortium of %nvestigative 3ournalists$ toldBadio Ie 1ealand on 7pril $ ,8)> that Ie 1ealand is a ellK(non ta& haven and a9nice front for criminals9.Ie 1ealand provides overseas investors ith foreign trustsand loo(Kthrough companies. "he Ie 1ealand government does not as( the identity of either the settlor or the beneficiaries of the trust and thus the onership remains secret$hiding the funds from the trustholder=s home jurisdictions. Furthermore$ these foreignKoned

"rusts are not ta&ed by Ie 1ealand=s %B. Operating ithin a loophole$ these trusts canthen be used to acquire]on Ie 1ealand registered companies hich become a vehicle byhich said trusts= oners can e&ercise dayKtoKday control over their funds and assets. "hese Ie 1ealand registered companies can be made to operate in such a ay as to not ma(e a profit using loans from ta& havens and other profit shifting techniques. 7s a consequence$foreign trustholders earn ta&Kfree income]revenue K yet have the 9air of respectability9 thathas come to be associated ith companies registered in Ie 1ealand.

FFA in#estigation

On May ,


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South 7merican sports mar(eting e&ecutives ho paid and agreed to pay ell over E)*8

million in bribes and (ic(bac(s.

Many individuals mentioned in the Panama Papers are connected ith the orld

governing body of association football$ F%F7$ including the former president

of 2OIMA6O'Augenio FigueredoJ former President of LAF7 Michel PlatiniJ former secretary general of F%F7 3YrZme alc(eJ 7rgentine player for 6arcelona 'ionel MessiJ and$

from %taly$ the head manager of Metro$ 7ntonio /uglielmi.

"he lea( also revealed an e&tensive conflict of interest beteen a member of the F%F7

Athics 2ommittee and former F%F7 vice president Augenio Figueredo. Siss police searched

the offices of LAF7$ Auropean football=s governing body$ after the naming of former

secretaryKgeneral /ianni %nfantino as president of F%F7. ?e had signed a television deal

hile he as at LAF7 ith a company called 2ross "rading$ hich the F6% has since

accused of bribery. "he contract emerged among the lea(ed documents. %nfantino has denied

rongdoing.
https://en.wikipedia.org/wiki/FIFAhttps://en.wikipedia.org/wiki/FIFAhttps://en.wikipedia.org/wiki/CONMEBOLhttps://en.wikipedia.org/wiki/CONMEBOLhttps://en.wikipedia.org/wiki/Eugenio_Figueredohttps://en.wikipedia.org/wiki/List_of_Presidents_of_UEFAhttps://en.wikipedia.org/wiki/Michel_Platinihttps://en.wikipedia.org/wiki/J%C3%A9r%C3%B4me_Valckehttps://en.wikipedia.org/wiki/Lionel_Messihttps://en.wikipedia.org/wiki/Conflict_of_interesthttps://en.wikipedia.org/wiki/FIFA_Ethics_Committeehttps://en.wikipedia.org/wiki/FIFA_Ethics_Committeehttps://en.wikipedia.org/wiki/Eugenio_Figueredohttps://en.wikipedia.org/wiki/UEFAhttps://en.wikipedia.org/wiki/Gianni_Infantinohttps://en.wikipedia.org/wiki/FIFAhttps://en.wikipedia.org/wiki/CONMEBOLhttps://en.wikipedia.org/wiki/Eugenio_Figueredohttps://en.wikipedia.org/wiki/List_of_Presidents_of_UEFAhttps://en.wikipedia.org/wiki/Michel_Platinihttps://en.wikipedia.org/wiki/J%C3%A9r%C3%B4me_Valckehttps://en.wikipedia.org/wiki/Lionel_Messihttps://en.wikipedia.org/wiki/Conflict_of_interesthttps://en.wikipedia.org/wiki/FIFA_Ethics_Committeehttps://en.wikipedia.org/wiki/FIFA_Ethics_Committeehttps://en.wikipedia.org/wiki/Eugenio_Figueredohttps://en.wikipedia.org/wiki/UEFAhttps://en.wikipedia.org/wiki/Gianni_Infantino

Report on Panama Papers

Documents

Transcript of Report on Panama Papers