Panama Papers published on line
(CNS Business): The huge database of documents, now known as the Panama Papers, relating to more than 200,000 offshore accounts has been posted online. The full database became accessible to the public for the first time at 18:00 GMT on Monday at offshoreleaks.icij.org. Anyone can now search the extensive data base, which includes many entities registered in the Cayman Islands.
The leak of information from the Panama-based law firm, Mossack Fonseca, by an unidentified source known simply as “John Doe”, has focused negative attention on the financial world and tax havens in particular.
The law firm had tried to prevent the entire database being made public but the International Consortium of Investigative Journalists (ICIJ) pressed on.
The documents have revealed the hidden assets of hundreds of politicians, officials, current and former national leaders, celebrities and sports stars, as well as convicted criminals and others under investigation. They list more than 200,000 shell companies, foundations and trusts set up in more than 20 tax havens around the world.
The ICIJ said, “The database will not include records of bank accounts and financial transactions, emails and other correspondence, passports and telephone numbers. The selected and limited information is being published in the public interest.”
On Monday, 300 economists signed a letter urging world leaders to end tax havens, saying they only benefited rich individuals and multinational corporations, while boosting inequality.
“The existence of tax havens does not add to overall global wealth or well-being; they serve no useful economic purpose,” the letter stated, which is said to be the motivation behind the leak.
What was described as a data dump comes ahead of the international anti-corruption conference in London on Thursday, hosted by the UK Prime Minister David Cameron, where the issue of open disclosure of beneficial ownership and increasing transparency in the financial world, in both onshore and offshore jurisdictions, will be at the top of the agenda.
Category: Finance, Financial Services, World Business
