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The Panama Papers: How World’s Rich and Famous Hide Their Money Offshore

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The Panama Papers: How World’s Rich and Famous Hide Their Money Offshore

The hidden wealth of some of the world’s most prominent leaders, politicians and celebrities has been revealed by an unprecedented leak of millions of documents that show the myriad ways in which the rich can exploit secretive offshore tax regimes.

The Guardian, working with global partners, will set out details from the first tranche of what are being called “the Panama Papers”. Journalists from more than 80 countries have been reviewing 11.5m files leaked from the database of Mossack Fonseca, the world’s fourth biggest offshore law firm.

The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists with the Guardian and the BBC.

Though there is nothing unlawful about using offshore companies, the files raise fundamental questions about the ethics of such tax havens – and the revelations are likely to provoke urgent calls for reforms of a system that critics say is arcane and open to abuse.

The Panama Papers reveal:

  • Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.
  • A $2bn trail leads all the way to Vladimir Putin. The Russian president’s best friend – a cellist called Sergei Roldugin – is at the centre of a scheme in which money from Russian state banks is hidden offshore. Some of it ends up in a ski resort where in 2013 Putin’s daughter Katerina got married.
  • Among national leaders with offshore wealth are Nawaz Sharif, Pakistan’s prime minister; Ayad Allawi, ex-interim prime minister and former vice-president of Iraq; Petro Poroshenko, president of Ukraine; Alaa Mubarak, son of Egypt’s former president; and the prime minister of Iceland, Sigmundur Davíð Gunnlaugsson.
  • In the UK, six members of the House of Lords, three former Conservative MPs and dozens of donors to British political parties have had offshore assets.
  • The families of at least eight current and former members of China’s supreme ruling body, the politburo, have been found to have hidden wealth offshore.
  • Twenty-three individuals who have had sanctions imposed on them for supporting the regimes in North Korea, Zimbabwe, Russia, Iran and Syria have been clients of Mossack Fonseca. Their companies were harboured by the Seychelles, the British Virgin Islands, Panama and other jurisdictions.
  • A key member of Fifa’s powerful ethics committee, which is supposed to be spearheading reform at world football’s scandal-hit governing body, acted as a lawyer for individuals and companies recently charged with bribery and corruption.
  • One leaked memorandum from a partner of Mossack Fonseca said: “Ninety-five per cent of our work coincidentally consists in selling vehicles to avoid taxes.”

The company has flatly denied any wrongdoing. It says it has acted beyond reproach for 40 years and that it has had robust due diligence procedures.

The document leak comes from the records of the firm, which was founded in 1977. The information is near live, with the most recent records dating from December 2015.

Three hundred and 70 reporters from 100 media organisations have spent a year analysing and verifying the documents.

The British prime minister, David Cameron, has promised to “sweep away” tax secrecy – but little has been done. He is planning a summit of world leaders next month, which will focus on the conduct of tax havens.

The prime minister set out his line in 2011 when he said: “We need to shine a spotlight on who owns what and where the money is really flowing.”

Entrepreneur, contributor, writer, and editor of Sostre News. With a powerful new bi-lingual speaking generation by his side, Sostre News is becoming the preferred site for the latest in Politics, Entertainment, Sports, Culture, Tech, Breaking and World News.

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Three Disney World Employees Among 17 Arrested in Florida Child Sex Sting

Three Disney World employees were among the 17 people arrested in a child sex sting operation in Florida, law enforcement officials announced on Wednesday.

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Three Disney World Employees Among 17 Arrested in Florida Child Sex Sting

Three Disney World employees were among the 17 people arrested in a child sex sting operation in Florida, law enforcement officials announced on Wednesday.

In the operation, dubbed “Operation Child Protector,” undercover officers posed as 13- and 14-year-old children on social media and online dating apps between July 27 and Aug. 1.

The undercovers made contact with each of the suspects before proposing they meet at a location in Polk County, where they were busted.

In total, the arrests led to 49 felony and two misdemeanor charges. Those arrested were aged 26 to 47. All were from Central Florida except for one 33-year-old man from California.

“What you see on this board … are deviants. Incredible deviants,” Polk County Sheriff Grady Judd said at a press conference on Tuesday, motioning to photos of the alleged pervs. “They travel from as far away as Clewiston, Florida. One even came from Los Angeles.”

“Much to their chagrin, instead of meeting with young children, they were met by law enforcement officers who were online undercover posing as children.”

Kenneth Javier Aquino, 26, a lifeguard at Animal Kingdom Lodge at Disney World, was arrested while still wearing his Disney polo shirt and swimsuit, according to the sheriff’s office.

Aquino engaged in an online conversation on social media with an officer, posing as a 13-year-old girl, authorities said. He then asked the “girl” to send photos, and sent her an explicit video of himself, police said.

Aquino told officers he is a Navy veteran and has a pregnant girlfriend.

Jonathan McGrew, a 34-year-old custodian at Disney World, was nabbed by an undercover officer posing as a 13-year-old girl.

disney-world

McGrew allegedly told the “girl” that he wanted her to come over and have sex with him and his girlfriend, 29-year-old Savannah Lawrence, who also works as a custodian at tourist mecca.

McGrew sent her explicit videos of him and Lawrence performing sexual acts on each other, authorities said.

A rep for Disney World didn’t immediately return a message.

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China Reports First Human Death from Monkey B Virus

China has reported the first human infection and death in the country caused by a rare infectious disease found in primates known as the Monkey B virus.

The Chinese Center for Disease Control and Prevention said a 53-year-old veterinary surgeon who worked in a research institute specializing in nonhuman primate breeding in Beijing dissected two monkeys in March and became ill about a month later.

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China Reports First Human Death from Monkey B Virus

China has reported the first human infection and death in the country caused by a rare infectious disease found in primates known as the Monkey B virus.

The Chinese Center for Disease Control and Prevention said a 53-year-old veterinary surgeon who worked in a research institute specializing in nonhuman primate breeding in Beijing dissected two monkeys in March and became ill about a month later.

He began experiencing nausea, vomiting, fever and neurological issues, and died in May.

Blood and saliva samples were tested and researchers in April found evidence of the Monkey B virus, also known as the herpes B virus.

Researchers said a male doctor and female nurse who were in close contact with the victim tested negative for the virus.

The Monkey B virus is prevalent among macaque monkeys but infection among humans is extremely rare. Since the virus was identified in 1932, just 50 cases have been reported, with the majority of those in North America. Untreated B virus infections in humans are serious, however, with a fatality rate of about 80 percent.

Symptoms include fever, shortness of breath, and progress to more serious complications such as swelling of the brain and spinal cord.

Laboratory workers and veterinarians in close contact with the animals are most at risk as people typically get infected with the virus if they are bitten or scratched by an infected macaque, or have contact with the monkey’s eyes, nose or mouth.

But the virus is unlikely to mutate in a way that poses a problem to the general population. Just one case of human-to-human transmission of the virus has ever been documented.

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U.S. Remembers 9/11 Terrorist Attacks as The Pandemic Changes Tribute Traditions

Americans are commemorating 9/11 with tributes that have been altered by coronavirus precautions and woven into the presidential campaign, drawing both President Donald Trump and Democratic challenger Joe Biden to pay respects at the same memorial without crossing paths.

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U.S. Remembers 9/11 Terrorist Attacks as The Pandemic Changes Tribute Traditions

Americans are commemorating 9/11 with tributes that have been altered by coronavirus precautions and woven into the presidential campaign, drawing both President Donald Trump and Democratic challenger Joe Biden to pay respects at the same memorial without crossing paths.

In New York, a dispute over coronavirus-safety precautions is leading to split-screen remembrances Friday, one at the Sept. 11 memorial plaza at the World Trade Center and another on a nearby corner. The Pentagon’s observance will be so restricted that not even victims’ families can attend, though small groups can visit the memorial there later in the day.

Trump and Biden are both headed — at different times — to the Flight 93 National Memorial near Shanksville, Pennsylvania.

Trump is speaking at the morning ceremony, the White House said. Biden plans to pay respects there in the afternoon after attending the observance at the 9/11 memorial in New York.

Meanwhile, Vice President Mike Pence is also due at ground zero — and then at the alternate ceremony a few blocks away.

In short, the anniversary of 9/11 is a complicated occasion in a maelstrom of a year, as the U.S. grapples with a health crisis, searches its soul over racial injustice and prepares to choose a leader to chart a path forward.

Still, 9/11 families say it’s important for the nation to pause and remember the hijacked-plane attacks that killed nearly 3,000 people at the trade center, at the Pentagon and near Shanksville on Sept. 11, 2001, shaping American policy, perceptions of safety and daily life in places from airports to office buildings.

“I know that the heart of America beats on 9/11 and, of course, thinks about that tragic day. I don’t think that people forget,” says Anthoula Katsimatides, who lost her brother John and is now on the board of the National Sept. 11 Memorial & Museum.

Friday will mark Trump’s second time observing the 9/11 anniversary at the Flight 93 memorial, where he made remarks in 2018. Biden spoke at the memorial’s dedication in 2011, when he was vice president.

The ground zero ceremony in New York has a longstanding custom of not allowing politicians to speak, though they can attend. Biden did so as vice president in 2010, and Trump as a candidate in 2016.

Though the candidates will be focused on the commemorations, the political significance of their focus on Shanksville is hard to ignore: Pennsylvania is a must-win state for both. Trump won it by less than a percentage point in 2016.

Around the country, some communities have canceled 9/11 commemorations because of the pandemic, while others are going ahead, sometimes with modifications.

The New York memorial is changing one of its ceremony’s central traditions: having relatives read the names of the dead, often adding poignant tributes.

Thousands of family members are still invited. But they’ll hear a recording of the names from speakers spread around the vast plaza, a plan that memorial leaders felt would avoid close contact at a stage but still allow families to remember their loved ones at the place where they died.

But some victims’ relatives felt the change robbed the observance of its emotional impact. A different 9/11-related group, the Stephen Siller Tunnel to Towers Foundation, set up its own, simultaneous ceremony a few blocks away, saying there’s no reason that people can’t recite names while keeping a safe distance.

The two organizations also tussled over the Tribute in Light, a pair of powerful beams that shine into the night sky near the trade center and evoke its fallen twin towers. The 9/11 memorial initially canceled the display, citing virus-safety concerns for the installation crew. After the Tunnel to Towers Foundation vowed to put up the lights instead, the memorial changed course with help from its chairman, former Mayor Mike Bloomberg, and Gov. Andrew Cuomo.

Tunnel to Towers, meanwhile, arranged to display single beams for the first time at the Shanksville memorial and the Pentagon.

Over the years, the anniversary also has become a day for volunteering. Because of the pandemic, the 9/11 National Day of Service and Remembrance organization is encouraging people this year to make donations or take other actions that can be accomplished at home.

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