Panama Papers Leak is making both national and international headlines. If you have a rough idea about Panama Papers Leak, you will know that it is something that is related to corruption. Now, it’s time for you to know all about the truth of Panama Papers Leak to keep yourself updated.
A Video That Will Explain ‘Panama Papers Leak’
You can watch the video given below created by Vox to understand about ‘Panama Papers Leak’ in a simple manner.
Now that you have gained the idea about the topic, let us move towards the details.
What Are The Panama Papers?
A Panamanian law firm and corporate service provider, Mossaick Fonseca shares a relation with Panama Papers Leak because the documents present in the cache of this law was provided to a German newspaper. This set of leaked documents had 11.5 millions of confidential files that showed how the rich and powerful people from all across the globe laundered money and evaded tax/ 2.36 terabytes of information gave a face to the ‘biggest leak in the history’.
How Did Panama Papers Leak Come Into the Picture?
An anonymous source contacted the German newspaper, Suddeutsche Zeitung to provide the large caches of documents. The anonymous source picked the nickname ‘John Doe’ to hide the identity. Communication took place between the two via encrypted channels in order to maintain the anonymity. Once, the communication built up, the German newspaper kept on receiving materials related to Mossack Fonseca. The amount of data provided was 2.6 terabytes. After receiving the complete data, the International Consortium of Investigative Journalist aimed to give the world the biggest leak in the history. A team of about 400 journalists from more than 80 countries joined hands to do the research. After a year of hard work, they published the first report related to ‘Panama Papers Leak’ on April 3, 2016. The complete list of the companies involved in ‘Panama Papers Leak’ will be revealed in May 2016.
Why Has Panama Papers Leak Been Given So Much Of Importance?
We can understand the importance of Panama Papers Leak by the report made by ICIJ that says, “Panama Papers Leak show how dark money flows through the global financial system, breeding crime and stripping national treasuries of tax revenues.” The report further said, “Most of the services the offshore industry provides are legal. But the documents show that banks, law firms, and other offshore players have often failed to follow legal requirements that they make sure their clients are not involved in any criminal enterprises, tax dodging or political corruption.“
What Will Be The Consequences of Panama Papers Leak?
The Panama Papers Leak has triggered all the countries across the world to carry out investigations by police and tax authorities. All the banks have agreed to provide full co-operation for the investigations.
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