Panama Papers: full database of offshore companies published online

Posted on by no1businessman

a collection of investigative reporters has posted the names of lots of offshore companies on the coronary heart of the Panama Papers – a huge trove of information at the budget of the rich and effective.

The worldwide Consortium of Investigative journalists made statistics on 200,000 entities available on its website on Monday.
The documents include simple corporate information approximately corporations, trusts and foundations installation in 21 jurisdictions including Hong Kong and america state of Nevada. The information changed into acquired from Panamanian regulation company Mossack Fonseca, which said it becomes hacked.

users can seek the statistics and see the networks related to the offshore businesses, including, where to be had, Mossack Fonseca’s internal information of the genuine proprietors E-Live Net.

information and files on financial institution money owed, cellphone numbers and emails were removed from the database.

Mossack Fonseca said final week it had despatched a quit and desist letter to the ICIJ urging the organisation not to publish the database, “taking into consideration that it’s miles primarily based at the robbery of exclusive factsâ€.

The ICIJ said it became putting the information on line “in the public interest†as “a cautious release of fundamental company informationâ€, now not a “records unloadâ€, as it builds on an earlier database of offshore entities.

setting up an offshore enterprise isn’t always by using itself illegal or evidence of illegal conduct, and Mossack Fonseca said it determined regulations requiring it to discover its customers.

The ICIJ prefaced the database release through noting that the appearance of unique persons and organizations at the list did no longer mean wrongdoing.
however, anti-poverty campaigners say shell corporations may be used by the rich and powerful to shield cash from taxation, or to launder the profits from bribery, embezzlement and other types of corruption. The institution of 20 maximum powerful economies has agreed that individual governments need to make sure authorities can inform who definitely owns legally registered groups, but implementation in countrywide regulation has lagged.

The facts cache showed offshore holdings of 12 contemporary and former global leaders.

reviews based at the files quickly led to the resignation of Sigmundur Davíð Gunnlaugsson as Iceland’s top minister after it turned into revealed he and his spouse had set up a company in the British Virgin Islands that had holdings in Iceland’s failed banks. The British prime minister, David Cameron, who had campaigned for monetary transparency, confronted questions about stocks he once held in an offshore consider set up via his father. The ICIJ said that buddies of the Russian president, Vladimir Putin, moved a few $2bn thru such businesses. Putin’s spokesman disregarded the document.
The ICIJ stated on Monday that Mossack Fonseca had files on dozens of american citizens who’ve faced accusations of civil or crook economic misconduct. That become based on reporting credited to consortium companions McClatchy Newspapers, the Portland business magazine and Fusion Investigates.
Its website pronounced that folks who had set up offshore organizations protected humans with publicly available information of their prison troubles. One was a financier sentenced in 2002 to prison for fraud. The company additionally set up an employer for six people later sued for walking a Ponzi scheme, a form of economic fraud wherein new cash is used to repay in advance investors until the scheme collapses.

The record said the leaked records “propose that Mossack Fonseca’s excessive-extent commercial enterprise model made it difficult for it to preserve music of its clients’ backgrounds and activitiesâ€. The firm set up greater than one hundred,000 offshore entities, such as trusts and shell companies, between 2005 and 2015, the file said.

“Mossack Fonseca’s operating relationships with dozens of americans tied to economic misconduct raises questions on how well the company maintains its commitment to following international requirements for stopping money laundering and keeping offshore corporations out of the hands of crook elements,†the ICIJ report stated.

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