it’s possibly the biggest data breach in history and a financial scandal with
history and a financial scandal with
history and a financial scandal with repercussions felt all over the world
repercussions felt all over the world
repercussions felt all over the world welcome to watchmojo.com
this installment we’re counting down ten
this installment we’re counting down ten crucial facts you should know about the
crucial facts you should know about the
crucial facts you should know about the Panama papers number ten what are the
Panama papers number ten what are the
Panama papers number ten what are the Panama papers the Panama papers are a
Panama papers the Panama papers are a
Panama papers the Panama papers are a set of eleven and a half million
set of eleven and a half million
set of eleven and a half million confidential documents that detail the
confidential documents that detail the
confidential documents that detail the banking activities of more than 214,000
banking activities of more than 214,000
banking activities of more than 214,000 offshore companies operating through the
offshore companies operating through the
offshore companies operating through the Panamanian law firm mossack fonseca the
Panamanian law firm mossack fonseca the
Panamanian law firm mossack fonseca the papers which date back to the 1970s were
papers which date back to the 1970s were
papers which date back to the 1970s were anonymously leaked in early 2015 and the
anonymously leaked in early 2015 and the
anonymously leaked in early 2015 and the information they contain was first made
information they contain was first made
information they contain was first made public on April 3rd 2016 we are a firm
public on April 3rd 2016 we are a firm
public on April 3rd 2016 we are a firm of nearly 40 years existence we have
of nearly 40 years existence we have
of nearly 40 years existence we have formed more than 250,000 anonymous
formed more than 250,000 anonymous
formed more than 250,000 anonymous corporations through our history and we
corporations through our history and we
corporations through our history and we take care only at the legal pile as of
take care only at the legal pile as of
take care only at the legal pile as of mid April 15 current or former world
mid April 15 current or former world
mid April 15 current or former world leaders had been referenced in the
leaders had been referenced in the
leaders had been referenced in the documents as well as hundreds of other
documents as well as hundreds of other
documents as well as hundreds of other politicians public officials sports
politicians public officials sports
politicians public officials sports people and celebrities number nine what
people and celebrities number nine what
people and celebrities number nine what are the most serious allegations
are the most serious allegations
are the most serious allegations while each case is individual and using
while each case is individual and using
while each case is individual and using offshore business entities is not
offshore business entities is not
offshore business entities is not usually against the law in itself
usually against the law in itself
usually against the law in itself offshore accounts can be set up to avoid
offshore accounts can be set up to avoid
offshore accounts can be set up to avoid taxation and are sometimes linked to
taxation and are sometimes linked to
taxation and are sometimes linked to money gotten illegally or immorally
money gotten illegally or immorally
money gotten illegally or immorally allegations of tax evasion were being
allegations of tax evasion were being
allegations of tax evasion were being leveled at a number of high-ranking
leveled at a number of high-ranking
leveled at a number of high-ranking public figures and the integrity of
public figures and the integrity of
public figures and the integrity of those listed in or linked to the papers
those listed in or linked to the papers
those listed in or linked to the papers was being brought under scrutiny it’s
was being brought under scrutiny it’s
was being brought under scrutiny it’s true the papers revealed the identity of
true the papers revealed the identity of
true the papers revealed the identity of a suspiciously rich cellist as 2.6
a suspiciously rich cellist as 2.6
a suspiciously rich cellist as 2.6 terabytes of data had been given up by
terabytes of data had been given up by
terabytes of data had been given up by the anonymous source most sac fonseca
the anonymous source most sac fonseca
the anonymous source most sac fonseca was at the center of what was being
was at the center of what was being
was at the center of what was being called the biggest data leak in history
called the biggest data leak in history
called the biggest data leak in history furthermore only a small percentage of
furthermore only a small percentage of
furthermore only a small percentage of the information had been published as of
the information had been published as of
the information had been published as of April 2016 and pressure was expected to
April 2016 and pressure was expected to
April 2016 and pressure was expected to mount on governments to reform tax
mount on governments to reform tax
mount on governments to reform tax systems to ensure that richer people are
systems to ensure that richer people are
systems to ensure that richer people are taxed correctly number eight who leaked
taxed correctly number eight who leaked
taxed correctly number eight who leaked the papers and where can you read them
the documents were given to the German
the documents were given to the German newspaper suddeutsche Zeitung by an
newspaper suddeutsche Zeitung by an
newspaper suddeutsche Zeitung by an anonymous source the source reportedly
anonymous source the source reportedly
anonymous source the source reportedly claimed that his life would be in danger
claimed that his life would be in danger
claimed that his life would be in danger if his identity were revealed due to the
if his identity were revealed due to the
if his identity were revealed due to the sensitive nature of the information held
sensitive nature of the information held
sensitive nature of the information held in the papers and the powerful people to
in the papers and the powerful people to
in the papers and the powerful people to which it related um it was over a year
which it related um it was over a year
which it related um it was over a year ago that this anonymous source contacted
ago that this anonymous source contacted
ago that this anonymous source contacted süddeutsche Zeitung I’m saying hello my
süddeutsche Zeitung I’m saying hello my
süddeutsche Zeitung I’m saying hello my name is John Doe and asked us if we are
name is John Doe and asked us if we are
name is John Doe and asked us if we are interested in data süddeutsche Zeitung
interested in data süddeutsche Zeitung
interested in data süddeutsche Zeitung shared the documents with the
shared the documents with the
shared the documents with the international consortium of
international consortium of
international consortium of investigative journalists which then
investigative journalists which then
investigative journalists which then distributed them to around 400
distributed them to around 400
distributed them to around 400 journalists at 107 media organizations
journalists at 107 media organizations
journalists at 107 media organizations around the world the data was held for
around the world the data was held for
around the world the data was held for more than a year before initial reports
more than a year before initial reports
more than a year before initial reports were published the IC IJ promised to
were published the IC IJ promised to
were published the IC IJ promised to publish a full list of companies
publish a full list of companies
publish a full list of companies involved with most sac fonseca by May
involved with most sac fonseca by May
involved with most sac fonseca by May 2016 number 7 who has been implicated
2016 number 7 who has been implicated
2016 number 7 who has been implicated senior politicians from all over the
senior politicians from all over the
senior politicians from all over the world were linked some directly and some
world were linked some directly and some
world were linked some directly and some indirectly to the Panama papers Mauricio
indirectly to the Panama papers Mauricio
indirectly to the Panama papers Mauricio Macri the President of Argentina Khalifa
Macri the President of Argentina Khalifa
Macri the President of Argentina Khalifa bin Zayed Al Nahyan the President of the
bin Zayed Al Nahyan the President of the
bin Zayed Al Nahyan the President of the United Arab Emirates Petro poroshenko
United Arab Emirates Petro poroshenko
United Arab Emirates Petro poroshenko the president of Ukraine King Salman of
the president of Ukraine King Salman of
the president of Ukraine King Salman of Saudi Arabia and sigmundur David
Saudi Arabia and sigmundur David
Saudi Arabia and sigmundur David Gunnlaugsson
Gunnlaugsson
Gunnlaugsson the prime minister of Iceland had all
the prime minister of Iceland had all
the prime minister of Iceland had all been directly named as of mid April 2016
been directly named as of mid April 2016
been directly named as of mid April 2016 as had the family members of Nawaz
as had the family members of Nawaz
as had the family members of Nawaz Sharif the Prime Minister of Pakistan
Sharif the Prime Minister of Pakistan
Sharif the Prime Minister of Pakistan various friends of Vladimir Putin were
various friends of Vladimir Putin were
various friends of Vladimir Putin were also listed as well as the late father
also listed as well as the late father
also listed as well as the late father of British Prime Minister David Cameron
of British Prime Minister David Cameron
of British Prime Minister David Cameron leading to speculation that both had
leading to speculation that both had
leading to speculation that both had been avoiding tax through association he
been avoiding tax through association he
been avoiding tax through association he had owned shares he just sold them so
had owned shares he just sold them so
had owned shares he just sold them so saying I own no shares he’s not really
saying I own no shares he’s not really
saying I own no shares he’s not really the whole story away from politics
the whole story away from politics
the whole story away from politics several famous faces had also been
several famous faces had also been
several famous faces had also been linked including Argentine footballer
linked including Argentine footballer
linked including Argentine footballer Leonel Messi former UEFA president
Leonel Messi former UEFA president
Leonel Messi former UEFA president Michel Platini film director Pedro
Michel Platini film director Pedro
Michel Platini film director Pedro almodóvar actor Jackie Chan and
almodóvar actor Jackie Chan and
almodóvar actor Jackie Chan and American business magnate David Geffen
American business magnate David Geffen
American business magnate David Geffen number six
number six
number six have there been immediate consequences
have there been immediate consequences
have there been immediate consequences the Panama papers inspired a series of
the Panama papers inspired a series of
the Panama papers inspired a series of resignations including that of Icelandic
resignations including that of Icelandic
resignations including that of Icelandic PM collection within days of the papers
PM collection within days of the papers
PM collection within days of the papers going public
going public
going public good luck Shen stepped down from his
good luck Shen stepped down from his
good luck Shen stepped down from his role amid mounting pressure the
role amid mounting pressure the
role amid mounting pressure the documents revealed that he and his wife
documents revealed that he and his wife
documents revealed that he and his wife Anna singer Luke Paul’s daughter had
Anna singer Luke Paul’s daughter had
Anna singer Luke Paul’s daughter had invested money offshore in 2007 after
invested money offshore in 2007 after
invested money offshore in 2007 after the sale of Anna’s father’s business
the sale of Anna’s father’s business
the sale of Anna’s father’s business Juan Pedro damiani a prominent member of
Juan Pedro damiani a prominent member of
Juan Pedro damiani a prominent member of the FIFA Ethics Committee also resigned
the FIFA Ethics Committee also resigned
the FIFA Ethics Committee also resigned after being named in the leaked the
after being named in the leaked the
after being named in the leaked the documents connected Damiani to AO Kenyan
documents connected Damiani to AO Kenyan
documents connected Damiani to AO Kenyan Figueiredo the ex FIFA vice-president
Figueiredo the ex FIFA vice-president
Figueiredo the ex FIFA vice-president currently being investigated for
currently being investigated for
currently being investigated for corruption number five what has the
corruption number five what has the
corruption number five what has the International response been there were
International response been there were
International response been there were calls for further resignations in the
calls for further resignations in the
calls for further resignations in the wake of the scandal and pressure had
wake of the scandal and pressure had
wake of the scandal and pressure had increased on governments to reform
increased on governments to reform
increased on governments to reform taxation systems to allow for greater
taxation systems to allow for greater
taxation systems to allow for greater transparency Britain France Australia
transparency Britain France Australia
transparency Britain France Australia and Mexico were among the nations in
and Mexico were among the nations in
and Mexico were among the nations in which official investigations into
which official investigations into
which official investigations into potential tax evasion were being planned
potential tax evasion were being planned
potential tax evasion were being planned FIFA had also launched a preliminary
FIFA had also launched a preliminary
FIFA had also launched a preliminary investigation into damiani though the JP
investigation into damiani though the JP
investigation into damiani though the JP Damiani legal firm was quick to deny any
Damiani legal firm was quick to deny any
Damiani legal firm was quick to deny any wrongdoing or connection with Figueiredo
wrongdoing or connection with Figueiredo
wrongdoing or connection with Figueiredo there were a series of denials issued
there were a series of denials issued
there were a series of denials issued out of Russia as well with the Kremlin
out of Russia as well with the Kremlin
out of Russia as well with the Kremlin accusing the u.s. of staging the leak in
accusing the u.s. of staging the leak in
accusing the u.s. of staging the leak in an attempt to discredit Vladimir Putin
an attempt to discredit Vladimir Putin
an attempt to discredit Vladimir Putin ahead of national elections number four
ahead of national elections number four
ahead of national elections number four how has this affected Panama the story
how has this affected Panama the story
how has this affected Panama the story angered many Panamanians
angered many Panamanians
angered many Panamanians as they believed that most of the blame
as they believed that most of the blame
as they believed that most of the blame for the scandal was being put on their
for the scandal was being put on their
for the scandal was being put on their nation when it affected many
the local newspaper lysed Raya carried
the local newspaper lysed Raya carried the headline the Panama papers are a
the headline the Panama papers are a
the headline the Panama papers are a global attack against the financial
global attack against the financial
global attack against the financial system while an advisor to the foreign
system while an advisor to the foreign
system while an advisor to the foreign ministry described the criticism being
ministry described the criticism being
ministry described the criticism being aimed at Panama as quote unfair and
aimed at Panama as quote unfair and
aimed at Panama as quote unfair and quote media sensationalism most sac
quote media sensationalism most sac
quote media sensationalism most sac Fonseca released its own statement
Fonseca released its own statement
Fonseca released its own statement addressing the data breach it said quote
addressing the data breach it said quote
addressing the data breach it said quote our industry is not particularly well
our industry is not particularly well
our industry is not particularly well understood by the public and
understood by the public and
understood by the public and unfortunately this series of articles
unfortunately this series of articles
unfortunately this series of articles will only serve to deepen that confusion
will only serve to deepen that confusion
will only serve to deepen that confusion number three why are so few Americans
number three why are so few Americans
number three why are so few Americans implicated so far there was a notable
implicated so far there was a notable
implicated so far there was a notable absence of American clients on the most
absence of American clients on the most
absence of American clients on the most active on SiC a list according to marina
active on SiC a list according to marina
active on SiC a list according to marina Walker Guevara the deputy director of
Walker Guevara the deputy director of
Walker Guevara the deputy director of the IC IJ however this quote doesn’t
the IC IJ however this quote doesn’t
the IC IJ however this quote doesn’t show that the US is outside of the
show that the US is outside of the
show that the US is outside of the offshore system the u.s. is actually a
offshore system the u.s. is actually a
offshore system the u.s. is actually a big player one reason why America
big player one reason why America
big player one reason why America features less prominently is that
features less prominently is that
features less prominently is that secretive banking is possible within
secretive banking is possible within
secretive banking is possible within America itself with Business Insider
America itself with Business Insider
America itself with Business Insider listing Delaware and Wyoming as examples
listing Delaware and Wyoming as examples
listing Delaware and Wyoming as examples of states in which anonymous companies
of states in which anonymous companies
of states in which anonymous companies can be created to shield wealth another
can be created to shield wealth another
can be created to shield wealth another reason is that the US has strengthened
reason is that the US has strengthened
reason is that the US has strengthened its laws and increased the severity of
its laws and increased the severity of
its laws and increased the severity of punishments in recent years so that many
punishments in recent years so that many
punishments in recent years so that many tax havens are now wary of American
tax havens are now wary of American
tax havens are now wary of American customs because it carries greater risk
customs because it carries greater risk
customs because it carries greater risk number two what is a tax haven I’m
number two what is a tax haven I’m
number two what is a tax haven I’m curious about your bank secrecy laws
curious about your bank secrecy laws
curious about your bank secrecy laws here tax havens are places where
here tax havens are places where
here tax havens are places where significant amounts of money can be
significant amounts of money can be
significant amounts of money can be stored without being subjected to the
stored without being subjected to the
stored without being subjected to the usual levels of tax often located on
usual levels of tax often located on
usual levels of tax often located on small island nations such as the British
small island nations such as the British
small island nations such as the British Virgin Islands or the Bahamas some
Virgin Islands or the Bahamas some
Virgin Islands or the Bahamas some people choose to live in a tax haven
people choose to live in a tax haven
people choose to live in a tax haven because of the money that can be saved
because of the money that can be saved
because of the money that can be saved while others set up shell companies
while others set up shell companies
while others set up shell companies based in tax havens as a front for the
based in tax havens as a front for the
based in tax havens as a front for the money they have a shell company appears
money they have a shell company appears
money they have a shell company appears to be a legitimate business but it only
to be a legitimate business but it only
to be a legitimate business but it only really exists as a means of passing
really exists as a means of passing
really exists as a means of passing money around
money around
money around it doesn’t actually provide a service or
it doesn’t actually provide a service or
it doesn’t actually provide a service or it provides a very small service at odds
it provides a very small service at odds
it provides a very small service at odds with the amount of money being put
with the amount of money being put
with the amount of money being put through it from a financial standpoint
through it from a financial standpoint
through it from a financial standpoint you are now in heaven for shell company
you are now in heaven for shell company
you are now in heaven for shell company owners though their fortunes are hidden
owners though their fortunes are hidden
owners though their fortunes are hidden from the taxman number one will this
from the taxman number one will this
from the taxman number one will this lead to financial reform the publication
lead to financial reform the publication
lead to financial reform the publication of the Panama
of the Panama
of the Panama papers exposed an ugly world truth and
papers exposed an ugly world truth and
papers exposed an ugly world truth and confirmed what many already suspected
confirmed what many already suspected
confirmed what many already suspected while the majority of people pay their
while the majority of people pay their
while the majority of people pay their taxes fairly some of the richest have
taxes fairly some of the richest have
taxes fairly some of the richest have said about dodging their share perhaps
said about dodging their share perhaps
said about dodging their share perhaps the most shocking aspect of the most
the most shocking aspect of the most
the most shocking aspect of the most active on SiC a leak is that it likely
active on SiC a leak is that it likely
active on SiC a leak is that it likely represents just the beginning with more
represents just the beginning with more
represents just the beginning with more names expected from this breach and
names expected from this breach and
names expected from this breach and thousands more supposedly partaking in
thousands more supposedly partaking in
thousands more supposedly partaking in similar practices but with different
similar practices but with different
similar practices but with different firms the calls for global financial
firms the calls for global financial
firms the calls for global financial reform can scarcely have been louder
reform can scarcely have been louder
reform can scarcely have been louder what change could be a long time coming
what change could be a long time coming
what change could be a long time coming as the scale of the problem is only just
as the scale of the problem is only just
as the scale of the problem is only just becoming clear did these facts get you
becoming clear did these facts get you
becoming clear did these facts get you thinking to vote for which new story is
thinking to vote for which new story is
thinking to vote for which new story is covered next
covered next
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