in a revelation that is larger than the WikiLeaks Snowden files or theft of recent data, documents Panama, the largest data breach in history has exposed millions. A leak of one of 11.5million incredible Mossack Fonseca files, fourth offshore law firm in the world. Nobody knows who is behind the leak, but the records were obtained by the German newspaper, Süddeutsche Zeitung from an anonymous source. This leak exposes the rich and famous who like to hide their money in a safe place.
The documents show how these people are able to exploit and take advantage of tax havens. Among the names revealed include Vladimir Putin and a trail of $ 2 billion leading to it. Other national leaders are involved in programs ranging from politicians from Pakistan, Egypt, Iceland, Iraq and Ukraine. The data breach, from Mossack Fonseca who worked for over 300,000 companies with a strong link to the UK. More than half of the companies are either based in the UK or are affiliated to the British tax havens, including the British Virgin Islands, Guernsey, Isle of Man and Jersey.
The extent of data leakage is unprecedented over 2.6 terabytes of information was released, more than 11.5million documents, compromising millions of people. Although the use of such offshore tax evading methods are not technically illegal, there are however many who use them to make harmful activities. The details in the leak revealed that many people who have used these offshore havens to hide money, and very senior and public figures have been exposed too.
Mossack Fonseca have since declined to comment on certain aspects of the leak to maintain client confidentiality, but reinforced the point that they have done wrong. The consequences and effects of these leaks are still yet to be fully realized, but no doubt he will shake many governments around the world, with amendments to tax offshore paradise to come. But the bottom line is that with the company Mossack Fonseca, customers were able to launder money loosely, avoid penalties and of course, taxes.
0 Komentar