Tax havens exposed in huge law firm leak

Osem · 03-04-2016, 18:26

Quote:

A huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth.

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 evade tax.

The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.

The documents show links to 72 current or former heads of state in the data, including dictators accused of looting their own countries.

http://www.bbc.co.uk/news/world-35918844

I dare say there's going to be more than a few red faces and sweaty palms amongst the elite.

---------- Post added at 19:26 ---------- Previous post was at 19:20 ----------

Unsurprisingly, Putin associates appear to be amongst those engaged in dubious activity:

Quote:

A suspected money laundering ring involving close associates of Vladimir Putin has been uncovered in a leak of confidential documents.

The billion-dollar operation was run by Bank Rossiya, which is subject to US and EU sanctions following Russia's annexation of Crimea.

Evidence seen by BBC Panorama reveals for the first time how the bank operates.

Documents show how money has been channelled through offshore companies.

http://www.bbc.co.uk/news/world-europe-35918845

I wonder who's really behind all this.

**Damien** · 03-04-2016, 18:27

Massive leak and it will be interesting to see who else is implicated. It seems the data is so large the German newspaper who received it has spread it out across the many media organisations around the world. Here it's The Guardian and the BBC.

The Guardian is leading with Putin: http://www.theguardian.com/news/2016...idden-offshore

I assume no senior politicians in the UK are implicated otherwise that would surely have been the lead.

Osem · 03-04-2016, 18:30

Quote:

Originally Posted by Damien

Massive leak and it will be interesting to see who else is implicated. It seems the data is so large the German newspaper who received it has spread it out across the many media organisations around the world. Here it's The Guardian and the BBC.

The Guardian is leading with Putin: http://www.theguardian.com/news/2016...idden-offshore

I assume no senior politicians in the UK are implicated otherwise that would surely have been the lead.

Maybe they're just not rich (or bent) enough to feature highly in the list...

God I'm praying there'll be loads of Eurocrats named and shamed...

**Damien** · 03-04-2016, 18:33

Quote:

Originally Posted by Osem

Maybe they're just not rich (or bent) enough to feature highly in the list...

Well true. These are the super rich so the amount of politicians on there would be low...

I wonder if any active US politicians are on there?

Osem · 03-04-2016, 18:48

Quote:

Originally Posted by Damien

Well true. These are the super rich so the amount of politicians on there would be low...

I wonder if any active US politicians are on there?

... and whether that has anything to do with the timing...

**Damien** · 03-04-2016, 18:51

Quote:

Originally Posted by Osem

... and whether that has anything to do with the timing...

Actually maybe not. Apparently not a single US name is on the list which is odd....

Lots of football players though and also FIFA! Now, if you can't trust FIFA who can you trust.

Osem · 03-04-2016, 19:08

Quote:

Originally Posted by Damien

Actually maybe not. Apparently not a single US name is on the list which is odd....
Lots of football players though and also FIFA! Now, if you can't trust FIFA who can you trust.

Very odd I'd say. As odd as a republican twit being a serious contender.

Anyway, if we can't have UK politicians, Eurocrats or potential US presidents please, please, please can we have some hypocrite musicians, actors and celebrity luvvies who lecture everyone else on morality...

**Damien** · 04-04-2016, 08:00

Footage has come out showing the moment the tax haven was confronted about the secret, illegal, accounts: https://www.youtube.com/watch?v=wpjX4q5ZWQc

Gary L · 04-04-2016, 08:50

I've always said everyone lives for money. everything they do is for money and how they can get loads of it all for themselves.
people in power are corrupt when it comes to money. they'd kill their granny for money.
they want thousands to turn into millions, and then they want billions.

I wonder how many UK and in government are corrupt. it's all going on behind the scenes. they're turning their thousands into millions, and hopefully into billions.

techguyone · 04-04-2016, 09:56

Are they illegal though?

see if I pick a UK bank that offers low tax & good rates I'm 'clever' and applauded, if I do the same with an offshore one, I'm a cheater, illegal or immoral, makes no sense. Surely my money, I do what I want with it, just like you can if you wish.

I hear so much champing about 'its illegal' and 'youre sooooo badd'

Then, when the red mist clears, it turns out , it's not actually illegal at all, then some chump goes on about 'well it's immorallll'

Putting your money in a place that best serves your purpose isn't anything but smart - provided it's not illegal, people should get over that.

Taf · 04-04-2016, 10:03

I just riles me that the less well off have to pay their share of taxes, whilst those with wealth can find ways not to.

Osem · 04-04-2016, 10:03

Well from what I've read some of what's alleged appears to be illegal.

Tax avoidance, of course, isn't illegal whilst morality is subjective so you'd expect differing opinions on that. There is also the question of hypocrisy on the part of those who, for example, don't mind telling others to pay their taxes but do their utmost to either avoid or even evade their paying their own dues.

Stop It · 04-04-2016, 12:00

Quote:

Originally Posted by techguyone

Are they illegal though?

see if I pick a UK bank that offers low tax & good rates I'm 'clever' and applauded, if I do the same with an offshore one, I'm a cheater, illegal or immoral, makes no sense. Surely my money, I do what I want with it, just like you can if you wish.

I hear so much champing about 'its illegal' and 'youre sooooo badd'

Then, when the red mist clears, it turns out , it's not actually illegal at all, then some chump goes on about 'well it's immorallll'

Putting your money in a place that best serves your purpose isn't anything but smart - provided it's not illegal, people should get over that.

Not being smart here, but does declaring false income to HMRC (Grossly less than you earn) while routing money off-shore avoiding tax on things like capital gains etc by using shell companies etc count?

That's basically what this company specialised in, going as far as to inventing these shell companies for their clients. There's tax avoidance, which is legal and frankly nearly everyone would "optimise" their tax given the chance, and there's evasion, which I'm going to guess this company veered into, lots.

Doing your best to fool the tax offices of your home country and run off with the cash isn't just immoral, but illegal and those of us on PAYE etc have a right to ask for any UK evaders to be chased and charged with any wrongdoing.

ianch99 · 04-04-2016, 12:16

Oh dear, how embarrassing:

Fund run by David Cameron’s father avoided paying UK tax

"David Cameron’s father ran an offshore fund that avoided ever having to pay tax in Britain by hiring a small army of Bahamas residents – including a part-time bishop – to sign its paperwork."

**Chris** · 04-04-2016, 12:42

Great, another opportunity for po-faced lefty hypocrisy:

http://order-order.com/2016/04/04/me...fshore-havens/

Quote:

It is worth mentioning that most of the UK’s big media organisations shelter assets and cash flows offshore. Top of the hypocrites in this respect is The Guardian. They put their assets in the Caymans, and they used a Luxembourg tax shell designed by PriceWaterhouseCoopers to funnel cash flows beyond the reach of HMRC.