“It hardly matters”, says the Cayman Compass, “as for readers in the US, UK, Europe and most places across the globe, the Caymans is synonymous with BVI, Panama, Switzerland and, in general, tax haven”. This is not a leak.
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The leaked data also show that more than 500 banks and their subsidiaries used Mossack Fonseca’s services to register offshore companies, which has been a huge blow to the reputations of some major banks, including HSBC and Credit Suisse.
The law firm added that “excluding the professional fees we earn, we do not take possession or custody of clients’ money, or have anything to do with any of the direct financial aspects” of their business operations.
The Guardian newspaper, which was handed the documents held by firm Mossack Fonseca, said Mr Cameron’s father avoided paying tax in Britain by hiring a small army of Bahamas residents – including a part-time bishop – to sign its paperwork. “That is the story”.
Responding to readers’ queries about the absence of prominent German or American politicians in the reports, Sueddeutsche Zeitung said such names haven’t yet been found in the documents. “No one is talking about that”.
Icelandic Prime Minister Sigmundur Gunnlaugsson is the first political casualty.
Many people in Hong Kong would associate Panama with the 1989 blockbuster movie God of Gamblers (賭神).
In Algeria, a company that manages the finances of the industry minister says he’s linked to an offshore firm created in Panama, but says its activities are frozen while he’s serving in the government. But Gunnlaugsson’s office said Sunday the prime minister’s portion of shares was incorrect, as “it had always been clear to both of them that the prime minister’s wife owned the assets”.
The European Commission, the EU’s executive arm, announced in January plans to set up a common list of tax havens and joint EU measures to sanction non-cooperative countries.
A number of countries vowed to open tax-evasion investigations following the leak of 11.5 million confidential documents.
President Xi has made fighting corruption a central theme in his domestic policy.
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Thanks to one anonymous leaker, several hundred journalists and 2.6 terabytes of data, we’re learning a lot about how the world’s most powerful people and institutions exploit offshore tax havens to enrich themselves and those close to them. His family had said Monday that “all of the corporations owned by the Sharif family are legal and financially sound”.
