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Paradise Papers (Massive Document Leak)

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The Panama Papers are a 2016 treasure trove of 11.5 million records that opened the kimono on global money laundering. They exposed the offshore holdings of a dozen current/former world leaders and detailed the undercover finances of 128 more public officials.

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Guest Kurt

1104px-Countries_implicated_in_the_Parad

Countries with politicians, public officials, or close associates named in the leak on 5 November 2017
 

The Paradise Papers is a set of 13.4 million confidential electronic documents relating to offshore investment that were leaked to a German newspaper and on 5 November 2017 were released into the public domain. The documents originate from the offshore law firm Appleby, the corporate services providers Estera and Asiaciti Trust, and business registries in 19 tax jurisdictions. They contain the names of more than 120,000 people and companies. Among those whose financial affairs are mentioned are Queen Elizabeth II, the President of Colombia, Juan Manuel Santos, and the U.S. Secretary of Commerce, Wilbur Ross. According to the Boston Consulting Group, the amount of money involved is around $10 trillion.

Paradise Papers

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By the Numbers: Paradise Papers

Last year it was the Panama Papers. This time around? The Paradise Papers. A massive leak from a law firm (in this case, Bermuda-based Appleby) has shed light on the secretive world of shell companies and tax havens, of yachts and private jets. More than 380 journalists across 90 media outlets and 67 countries brought the private, public. Let’s break down the numbers: 

13.4 million—Leaked electronic documents. 

120—World politicians who were connected to offshore dealings. They include Queen Elizabeth II, Donald Trump, and Commerce Secretary Wilbur Ross.

$45 million—The size of Glencore’s (the world’s largest mining company) secret loan to Dan Gertler (an Israeli businessman) in exchange for securing mining rights in the Democratic Republic of the Congo.

At least 31,000—U.S. clients (corporate or individual) included in the leak. That’s more than any other country.

19—Jurisdictions included in the leak. Unsurprisingly, it’s a who’s who of tax havens: Cayman Islands, Bermuda, Malta, the Cook Islands, and others. 

0%—The corporate tax rate in the Channel Island of Jersey, a self-governing dependency of the UK. Apple moved two subsidiaries (and likely billions in profit) there in 2014 after a crackdown in Ireland.

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11 hours ago, Automobiles said:

Interesting that nothing ever seemed to happen with this 'massive' leak..... it sort of just died out there.

The powers that be do not want their allies and supporters to be harmed. Similar case we have with Prince Mohammed Bin Salman Saud.

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On 11/27/2018 at 8:36 PM, Automobiles said:

Interesting that nothing ever seemed to happen with this 'massive' leak..... it sort of just died out there.

Funny you should mention that.....

Look at what has transpired because of your comment ;-)

So why are we talking Panama Papers now?

  • Yesterday, about 170 police officers/prosecutors orchestrated a raid on Deutsche Bank's (-4.70%) Frankfurt HQ as part of an ongoing money laundering probe that stems from—you guessed it—the Panama Papers.
  • Prosecutors allege about 900 customers of a DB subsidiary in the British Virgin Islands used offshore bank accounts to weasel their way out of paying taxes. Authorities said they're now eyeing two DB employees who allegedly set up those offshore accounts.

This is just the latest hard-to-swallow headline for the German bank. It's trudged through years of losses—which came c/o costly legal settlements, rapid c-suite turnover, and a tough time recovering from the '08 crisis.

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