Sidra KhalidMS Scholar Department of SociologyArid Agriculture University RawalpindiTutorAllama Iqbal Open University, H-8 Islamabad
Presented By
Introduction
Panama leaks2.6 tb 11.5 million documents214,000 offshore companiesMossack fonsecaJohn DoeGerman newspaper Süddeutsche ZeitungInternational Consortium of Investigative Journalists (ICIJ)illegal purposes
Background
A tax haven
To avoid taxes
Money laundering activities Not cooperate with international tax transparency initiatives
Offshore company
A Company which is established outside the country is called offshore company.
Shell Companies
A shells arecorporations that exist mainly on paper, have no physical presence, employ no one andproduce nothing. They are frequently used to shield identities and/or to hide money.
. A shell company can often be identified by a number of red flag indicators including:• No phone number• No e-mail address• No physical address• No company logo• No contact person• No federal identification number
Mossack Fonsecca
Mossack Fonseca is aPanamanian law firm knownfor helping clients set upoffshore accounts.Their clients include criminalsand members of variousMafia groups, in addition togovernment officials.
Owner of the company
Personalities which reveals through Panama Papers
Politicians:Prime Minister Nawaz Sharif’s family (9 companies) Punjab Chief Minister Shahbaz Sharif’s relatives (7 companies)Former PM Benazir Bhutto (1 company)Javed Pasha, Close friend of Asif Ali Zardari (4 companies)PPP Senator Rehman Malik (1 company)PPP Senator Osman Saifullah’s family (34 companies)
Mehmood Ahmed of Berger Paints (1 company)Hussain Dawood family (2 companies)Abdullah family of Sapphire Textiles (5 companies)Shahid Nazir, CEO of Masood Textile Mills (1 company)Clover Pakistan (1 company)Zulfiqar Paracha and family of Universal Corporation (1 company)
Personalities which reveals through Panama Papers
Judges:Serving Lahore High Court Judge Justice Farrukh IrfanRetired Judge Malik QayyumMedia:Mir Shakil-ur-Rehman of GEO and Jang Group (1 company)
Personalities which reveals through Panama Papers
Argentina President Ukraine President king of Abu Dhabi Former Empire of Qatar former Sudan President England Prime minister Russia President
Personalities which reveals through Panama Papers
Former prime ministers of
Iraq
Italy
Jordon
George
Pakistan
Effect of Panama papers internationally ?
Ice land Prime Minister Resigned
Ukraine prime Minister Resigned
Spain's Industry Minister resigned
Indian prime minister Order an inquire
England prime Minister under pressure
Panama Papers (international collaborative project) have leaked the significant documents (approximately 11.5 million documents totaling 2.6 terabytes of data) about Mossack Fonseca firm (an off shore law firm) in Panama (A country in Central America) which has helped investors around the world to evade tax, launder money, among others.
summary
No conclusion can be drawn on Panama Papers leak case yet
conclusion
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