Rich and influential people around the globe have found themselves under siege since a major data leak revealed their ties to secretive financial accounts and shell companies in low-tax havens used to hide wealth.
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Authorities in El Salvador on Friday raided the local offices of Panamanian law firm Mossack Fonseca, seizing documents and equipment, the country’s attorney general’s office said.
“The “Panama Papers” revelations contain an unprecedented amount of information, including more than 11 million documents covering 210,000 companies in 21 offshore jurisdictions”.
President Juan Carlos Varela said the committee’s findings will be shared with other nations so joint action can be taken to boost transparency in legal and financial centers worldwide.
It said the JITSIC is a network of tax administration officials with responsibility for responding to global compliance risks through active collaboration and fast and effective information exchange with other tax administrations.
(AP Photo/Arnulfo Franco). A marquee of the Arango Orillac Building lists the Mossack Fonseca law firm in Panama City, Thursday, April 7, 2016.
“Government officials from around the world have called on the OECD to convene a special project meeting”, the Paris-based Organisation for Economic Cooperation and Development said in a statement.
Europe is also home to countries with a record of acting like tax havens and providing banking secrecy – Luxembourg, Switzerland, Andorra, among others.
Nigeria’s Premium Times newspaper is reporting that the country’s senate president, the third highest-ranking politician in Africa’s biggest oil producer, owns at least two offshore accounts that he tried to deny.
“Regarding the massive leak of documents relating to corporations from a Panamanian law firm with operations in different jurisdictions, “…
The ICIJ said the documents it obtained indicated that Russian cellist Sergei Roldugin acted as a front man for a network of Putin loyalists, and, perhaps, the president himself.
After the names of Indians holding overseas accounts appeared, the government set up the MAG comprising officials from the RBI, IT department, Financial Intelligence Unit, Enforcement Directorate and Foreign Tax and Tax Research to investigate whether the money deposited in the tax haven is legal or illegal. It published documents showing she signed over to her husband one company registered in the British Virgin Islands and one in the Seychelles islands in January 2015.
The El Salvador office is not listed on Mossack Fonseca’s corporate website, and officials from Mossack Fonseca in Panama were not available to comment late on Friday.
The revelations come as the senator is on trial for allegedly making a false declaration of assets while governor of Kwara state from 2003 to 2011.
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Klaus Mangold, a friend of Tiriac’s and board member at Daimler from 1995 to 2003, is on Puma Foundation’s board.
