Witicles Experts Online Articles Directory
Witicles Experts Articles Directory Witicles Experts Articles DirectoryWiticles Experts Articles DirectoryWiticles Experts Articles Directory

Welcome, Guest!     Sign Up    Sign In
Sponsored Ads

Create Free Website or Blog with Hubpile

How High Will You Climb

Author Box

Gboyega AdedejiGboyega Adedeji
I am a Nigerian and an Ambassador of Christ sent to Nigeria for the cause of His Kingdom. By divine-making, I read, teach and speak. I am a Dad to my daughter and a husband to my lovely
Joined 4 years ago
From Abuja, Nigeria
Total Articles 238

Recent Articles From Author

# The Accessories of God's Assignment: How God Provides For Your Needs
# Marriage: Discover What Becomes of Men Who Help Their Helping Wives
# How To Survive In Turbulent Uncertain Recessive Times
# The Lies We Tell Ourselves About Marriage

Namecheap.com Namecheap.com

Become A Witicles.Com Expert Contributor Today

Shop for Books online in Nigeria at kpiBooks.com.ng Order your favourite books online now, Save the stress & Pay online or with cash at Your Doorstep!

We help our esteemed clients develop web strategy that works!
Call us @ +234 803 578 3880

Authors Spotlight
Gboyega Adedeji  Gboyega Adedeji
Gboyega Adedeji is a Veteran Writer on Witicles.comVeteran Author
238 Articles
   I am a Nigerian and an Ambassador of Christ sent to Nigeria for the cause of His Kingdom. By divine-making, I read, teach and ... from Abuja, Nigeria

Free Online Articles Editor  Free Online Articles Editor
Free Online Articles Editor is a Veteran Writer on Witicles.comVeteran Author
137 Articles
   We challenge the minds of people towards mental and attitudinal shift and National transformation. We are the Editorial team of Witicles.... from Abuja, Nigeria

Abiola Benjamin Obayomi  Abiola Benjamin Obayomi
Abiola Benjamin Obayomi is a Veteran Writer on Witicles.comVeteran Author
234 Articles
   Real Estate is my Profession. The change we need in Nigeria begins with all of us doing things differently. Collectively, we can make Nigeri... from Ile-Ife, Osun State

Omolara Adedeji  Omolara Adedeji
Omolara Adedeji is a Veteran Writer on Witicles.comVeteran Author
60 Articles
   I am a kingdom expander and I believe in the testimony of a transformed life as the greatest testimony of all. I am a voice of God for m... from Abuja, Nigeria

Sell Your Books online in Nigeria, Earn 80% from book sales

Top Articles
Top 10 Reasons for Nigeria's Undeveloped Economy
CONSAT: Nigeria DTH Cable Television That Challenges DsTV, MyTV, Startimes and Others
INSIGHTS On Tithes & Offerings from Brother Gbile Akanni
The Pyramid of Friendship: Secret of Effective Relationships
The Quick Fix for Nigeria's Underdevelopment and Unemployment

Recent Articles
Ghaziabad Call Girls Hi Fi Female Company Escorts in Ghaziabad
Choose Your Desire Kolkata Escorts Girls - Kolkata Escorts Service
Leah Sharibu: The Tragedy of Kidnap And Faith Not Renounced
Simple Troubleshooting Guide For The Issues Faced During The Booking Of Swiss Airline Tickets
Mahipalpur Escorts Link For The Entertainment

Recent Comments
Trending Indian Georgette Saree, Silk Sari and Pure Chiffon Sarees
7 days ago Enjoy the latest collections of the traditional Kanchipuram Silk Sarees from the best traditional dress makers in the country. https://tulsisilks.co.in/saree/kanjivaram-silk-sarees.html

Ghaziabad Call Girls Hi Fi Female Company Escorts in Ghaziabad
2 weeks ago Call me on 8587818940

LeEco's first driverless car, 7 things to know about It
1 month ago I read this post your post so nice and very informative post thanks for sharing this post keep it up. http://www.angelss.in/

Site Clouds
Witicles, Articles, Webnigerians,Experts, Submit Articles, Become A Writer, Writing, Technology, Leadership, God, Government, Management, Nigeria, Society, Culture, Authentic Articles
Social Sharing

Sponsored Ads

Article Category >>>News and Society

The Panama Papers, One Week Later: What We Know, and What We Still Don’t

By Gboyega Adedeji       May 20, 2016

The Panama Papers, One Week Later: What We Know, and What We Still Don’t

The repercussions of the biggest-ever data leak continue to reverberate for governments, politicians, celebrities and private individuals.

Last Sunday, the world witnessed the biggest data leak in history. The Panama Papers, as the 11.5 million documents from Panamanian law firm Mossack Fonseca have now been dubbed, were released by a massive global reporting partnership of over 100 publications led by the International Consortium of Investigative Journalists (ICIJ).

The 2.6 terabytes of data detailing the firm’s financial dealings — leaked a year ago to German newspaperSüddeutsche Zeitung, which then shared them with the ICIJ — cover a myriad offshore accounts and shell companies in tax havens like the British Virgin Islands, the Seychelles and, of course, Panama.
Among those caught up in the leak are dozens of current and former world leaders like Russian President Vladimir Putin, Pakistani Prime Minister Nawaz Sharif and British Prime Minister David Cameron, mostly through their family members or close associates. Several celebrities, including movie stars like Jackie Chan and Amitabh Bachchan and soccer icon Lionel Messi, have also been named. Being named in the papers, or connected to the offshore entities listed, does not constitute a suggestion of wrongdoing and Mossack Fonseca has vigorously denied any impropriety.

With revelations from the leak and their subsequent repercussions still unfolding, here’s what has happened in the past week.

1. Political fallout
An early scalp was claimed in Iceland, where Prime Minister Sigmundur Gunnlaugsson stepped down on Tuesday after the documents revealed the existence of an offshore company owned by his wife. Gunnlaugsson himself reportedly had close to $4 million in Icelandic bank bonds through a shell company in the British Virgin Islands, which he sold to his wife for $1 before becoming Prime Minister in 2009, when his country was in the middle of a financial crisis.

Gunnlaugsson later insisted that his resignation was only temporary, releasing a statement that said Agriculture and Fisheries Minister Sigurdur Ingi Johannsson — who replaced him on Wednesday — is only an “interim” leader.

U.K. leader David Cameron is also under fire, after admitting he benefited from an offshore trust fund based in the Bahamas that was set up by his late father. According to the Guardian, he said he sold his shares in the company shortly before becoming Prime Minister in 2010.

Meanwhile, at soccer’s global governing body FIFA, ethics committee member Juan Pedro Damiani relinquished his position on Wednesday. The leak, according to the ICIJ, linked Damiani to three men convicted in a massive corruption investigation into FIFA. Swiss police also raided European football association UEFA, where the Panama Papers reveal current FIFA president Gianni Infantino had co-signed a 2006 broadcast deal with two men accused of offering bribes.

Another casualty of the leak came from global corruption watchdog Transparency International, with the president of the foundation’s Chile branch, Gonzalo Delaveau, resigning after being linked to at least five offshore accounts.
Two places where the revelations are unlikely to engender wide-ranging fallout, however, are Russia and China.

Russian President Vladimir Putin denied any involvement in offshore financial activities after the leak linked one of his closest friends, musicianSergei Roldugin, to a company behind $2 billion in tax-free funds. Putin slammed the Panama Papers as a conspiracy by the West aimed at weakening Russia’s global standing.

In China, where eight members of the Politburo Standing Committee — the top tier of the country’s communist government — have been implicated in the Panama Papers, all mentions of the leak have been censored from the Internet and social-media sites. Other prominent names in the list of offshore beneficiaries include the brother-in-law of Chinese President Xi Jinping, who has made anticorruption efforts one of the cornerstones of his tenure, and Gu Kailai, the ex-wife of one of the Politburo’s former rising stars, now in jail with her husband for a murder conviction.

2. Mossack Fonseca’s response
Mossack Fonseca, the law firm at the center of the scandal, has denied any complicity in illegal activities and said in a statement to the ICIJ and other publications that it has “not once in nearly 40 years of operation been charged with criminal wrongdoing.”

The Panamanian firm has also provided a detailed response to the leak, saying among other things that “the parties in many of the circumstances [cited] are not and have never been clients of Mossack Fonseca.” It also defended its compliance protocols and adherence to international laws, but added that its ability to actually regulate the companies registered by its clients is “legally and practically limited.”

Mossack Fonseca has also created a separate website to address emerging allegations against it from the Panama Papers and issue real-time responses, which can be accessed here.

3. Question marks remain
There are several other prominent leaders under the scanner, including Pakistan’s Nawaz Sharif and Argentinian President Mauricio Macri. Both have denied the resulting allegations of malfeasance. Sharif — whose family reportedly owns several flats in London through offshore accounts — released a statement saying all the properties were “legal and financially sound.” Macri, named as the director of a firm in the Bahamas, said in a TV address cited by the BBC, that he would defend his financial affairs during an upcoming investigation.

At least 33 companies that were blacklisted by the U.S. treasury — for being linked to states facing international sanctions such as North Korea, Syria and Iran — have been revealed by the leak to be Mossack Fonseca clients. Among them are multiple entities linked to Rami Makhlouf, the cousin of embattled Syrian President Bashar Assad. The leak shows that not only did the Panamanian law firm continue to represent Makhlouf till 2011, three years after he was hit with U.S. sanctions, but also that the Swiss branch of global banking giant HSBC endorsed his companies and said they were of “good standing.”

Mossack Fonseca has denied knowledge of Makhlouf’s identity and says that if it represented him it did so unwittingly.

“We did not know this individual until his name and association were reported in the media,” a statement on the case said. “Due to the banking secrecy laws in Switzerland, we did not have access to information regarding the final beneficiary of the company in question. Immediately upon learning that he was related to nefarious persons and activities we resigned as a registered agent.”
There have also been several questions about the American presence in the leaks. While it was revealed that 200 U.S. passports were among the documents obtained by the investigative teams, investigative partner McClatchy reported that many of them were simply retirees purchasing property abroad. Besides, as the New York Times and other publications have pointed out, establishing shell companies in the U.S. is also a straightforward procedure.

Owning offshore companies is also not illegal, and many reasons for doing so exist, but the exact implications for those named in the Panama Papers will only be ascertained as more details from the documents are uncovered.

As ICIJ senior editor Michael Hudson told TIME on Tuesday: “This is the start, not the end.”

4. Who leaked the documents?
Very little is known about the individual who provided the treasure trove of financial records to Süddeutsche Zeitung. The newspaper, in an articledetailing how the leak came about, said an anonymous source reached out to its investigative reporter Bastian Obermayer.

“Hello. This is John Doe,” the initial message began. “Interested in data?”

When Obermayer replied that he was, the source reportedly laid down some ground rules — he said his life was in danger, the German journalisttold Wired, and that they would only chat over encrypted channels without ever meeting.

When asked about his motivations, the whistle-blower said he wanted to “make these crimes public.”

Obermayer and his colleague Frederik Obermaier, who initially received all the data in batches before seeking assistance in processing it from the ICIJ, still do not know who their source is.

“We can’t disclose any numbers or times … or if we are still in contact,” Obermayer told the Washington Postvia email on Wednesday, adding that there was “a lot” of back and forth through various encrypted mediums. “On some days, I chatted more with the source than with my wife,” he said.

Obermayer also said he destroyed the phone and laptop he had used to communicate with the leaker before reaching out to any of the names mentioned in the documents for comment, including Mossack Fonseca.

“I don’t know the name of the person or the identity of the person,” he added.

From Witicles.Com: Thank you for the gift of your time. We appreciate you for reading this article published by Gboyega Adedeji. Witicles.Com is indeed your partner for your growth, effectiveness and maturity.


If you need to re-publish this ARTICLE, please cite this article - (http://witicles.com/the-panama-papers-one-week-later-what-we-know-and-still-dont-24277.html) and the Writer (Gboyega Adedeji)

Do You Find This Article Helpful?

Article Tags: Panama paper leaks, what we do not know about panama paper, what we know about panama papers
Save the Stress, Shop for Books Online in Nigeria - kpiBooks.com.ng
Article Source
Gboyega AdedejiAbout Gboyega Adedeji
Gboyega Adedeji Gboyega AdedejiGboyega AdedejiGboyega AdedejiGboyega Adedeji


Internet sources: http://fridayposts.com/the-panama-papers-one-week-later-what-we-know-and-what-we-still-dont/

Social Sharing

If You Enjoyed This Article; Then, Share It On Your Social Network

     Copy This Short Link To The Article: http://i.witicles.com/1URBt The Panama Papers, One Week Later: What We Know, and What We Still Don’tThe Panama Papers, One Week Later: What We Know, and What We Still Don’tThe Panama Papers, One Week Later: What We Know, and What We Still Don’tThe Panama Papers, One Week Later: What We Know, and What We Still Don’t

Post Comment

Article Comments

No comment found! Be the first to share your thoughts on this article!

Related Articles

Author's Articles

" " " "

Related Books

Championship Fathering: How to win at Being a Dad

Coach Mom: 7 Strategies for Organizing Your Family Into An All-Star Team

Living Rich for Less: Create the Lifestyle You Want by Giving, Saving, and Spending Smart

Raising Agents of Transformation: Discipleship, Disciples & Disciples-Making

Home | Advertise With Us | About Us | Contact Us | How To Submit Articles | Article Writing Tips | Webnigerians.com | kpiBooks.Com | Our Sitemap: XML HTML

Copyright © 2013-2018 Witicles. All rights reserved.