What You Need To Know About The Panama Papers Leak
The documents have implicated several world leaders.
Christian Hartmann / Reuters
Iceland Prime Minister Sigmundur Gunnlaugsson delivers a speech during the World Climate Change Conference 2015. Gunnlaugsson is under fire after being named in the leak.
Several world leaders are under fire after a consortium of journalists on Sunday revealed their ties to a Panamanian law firm that helped some of the world’s richest and most powerful people conceal their wealth through tax havens and offshore companies.
The revelations are based on the “Panama Papers,” 11.5 million leaked documents tied to the Panamanian law firm Mossack Fonseca.
Among the prominent figures listed in the documents are Iceland’s Prime Minister Sigmundur David Gunnlaugsson and Ukraine’s President Petro Poroshenko. British Prime Minister David Cameron, Pakistan’s President Nawaz Sharif and Russian President Vladimir Putin are also connected to the leak through associates or family members. Putin’s friends, the documents show, have amassed over $2 billion in offshore holdings.
German newspaper Suddeutsche Zeitung first obtained the documents from an anonymous source over a year ago, and then joined with the International Consortium of Investigative Journalists to analyze the immense amount of data. While reports on the exact ties between prominent figures and Mossack Fonseca continue to be released, the ICIJ has revealed that in total, over 140 public officials and politicians’ offshore holdings are included in the documents.
As the reporters working on the Panama Papers are careful to note, there are a number of legitimate reasons to have offshore holdings. Journalists allege, however, that the documents clearly show a number of instances in which there is the appearance of corruption, tax evasion and money laundering.
RODRIGO ARANGUA/Getty Images A view of the building where the offices of Panama-based law firm Mossack Fonseca are located. Around 11.5 million documents were leaked from the firm. What’s The Biggest Implication Of The Leak?
It’s still too soon to tell what the most important consequence will be from the leak, but the biggest immediate waves are being felt in Iceland.
Documents from Mossack Fonseca revealed that Prime Minister Gunnlaugsson and his wife founded an offshore company, Wintris Inc., that was based in the British Virgin Islands. The revelation is especially notable given Iceland’s recent history, in which the country was lauded for cracking down on bankers and executives whose market manipulations contributed to the collapse of the nation’s economy in 2008.
The documents allege the Gunnlaugssons’ offshore company owned bonds in Iceland’s failed banks, and Gunnlaugsson was involved in negotiations as prime minister that may have affected the worth of those bonds.
Gunnlaugsson reportedly sold his share in Wintris to his wife in 2009 for $1, and failed to ever declare his stake in the offshore company.A widely shared interview with Gunnlaugsson by Swedish broadcaster SVT released on Sunday further added to the scandal. The video shows Gunnlaugsson becoming visibly flustered and uncomfortable after being surprised by questions about Wintris. He later walks out of the interview altogether.
Members of Iceland’s political opposition have called on the prime minister to step down. Protestors gathered outside the country’s parliament on Monday afternoon to demonstrate against Gunnlagusson following the leaks as a potential no-confidence vote looms.
Source
The documents have implicated several world leaders.
- Nick Robins-Early World News Reporter, The Huffington Post
Christian Hartmann / Reuters
Iceland Prime Minister Sigmundur Gunnlaugsson delivers a speech during the World Climate Change Conference 2015. Gunnlaugsson is under fire after being named in the leak.
Several world leaders are under fire after a consortium of journalists on Sunday revealed their ties to a Panamanian law firm that helped some of the world’s richest and most powerful people conceal their wealth through tax havens and offshore companies.
The revelations are based on the “Panama Papers,” 11.5 million leaked documents tied to the Panamanian law firm Mossack Fonseca.
Among the prominent figures listed in the documents are Iceland’s Prime Minister Sigmundur David Gunnlaugsson and Ukraine’s President Petro Poroshenko. British Prime Minister David Cameron, Pakistan’s President Nawaz Sharif and Russian President Vladimir Putin are also connected to the leak through associates or family members. Putin’s friends, the documents show, have amassed over $2 billion in offshore holdings.
German newspaper Suddeutsche Zeitung first obtained the documents from an anonymous source over a year ago, and then joined with the International Consortium of Investigative Journalists to analyze the immense amount of data. While reports on the exact ties between prominent figures and Mossack Fonseca continue to be released, the ICIJ has revealed that in total, over 140 public officials and politicians’ offshore holdings are included in the documents.
As the reporters working on the Panama Papers are careful to note, there are a number of legitimate reasons to have offshore holdings. Journalists allege, however, that the documents clearly show a number of instances in which there is the appearance of corruption, tax evasion and money laundering.
RODRIGO ARANGUA/Getty Images A view of the building where the offices of Panama-based law firm Mossack Fonseca are located. Around 11.5 million documents were leaked from the firm. What’s The Biggest Implication Of The Leak?
It’s still too soon to tell what the most important consequence will be from the leak, but the biggest immediate waves are being felt in Iceland.
Documents from Mossack Fonseca revealed that Prime Minister Gunnlaugsson and his wife founded an offshore company, Wintris Inc., that was based in the British Virgin Islands. The revelation is especially notable given Iceland’s recent history, in which the country was lauded for cracking down on bankers and executives whose market manipulations contributed to the collapse of the nation’s economy in 2008.
The documents allege the Gunnlaugssons’ offshore company owned bonds in Iceland’s failed banks, and Gunnlaugsson was involved in negotiations as prime minister that may have affected the worth of those bonds.
Gunnlaugsson reportedly sold his share in Wintris to his wife in 2009 for $1, and failed to ever declare his stake in the offshore company.A widely shared interview with Gunnlaugsson by Swedish broadcaster SVT released on Sunday further added to the scandal. The video shows Gunnlaugsson becoming visibly flustered and uncomfortable after being surprised by questions about Wintris. He later walks out of the interview altogether.
Members of Iceland’s political opposition have called on the prime minister to step down. Protestors gathered outside the country’s parliament on Monday afternoon to demonstrate against Gunnlagusson following the leaks as a potential no-confidence vote looms.
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