Presented By Sidra Khalid MS Scholar Department of Sociology Arid Agriculture University Rawalpindi Tutor Allama Iqbal Open University, H-8 Islamabad
Introduction Panama leaks 2.6 tb 11.5 million documents 214,000 offshore companies Mossack fonseca John Doe German newspaper Süddeutsche Zeitung International 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 are corporations that exist mainly on paper, have no physical presence, employ no one and produce 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 a Panamanian law firm known for helping clients set up offshore accounts. Their clients include criminals and members of various Mafia groups, in addition to government 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)
Personalities which reveals through Panama Papers 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 Irfan Retired Judge Malik Qayyum Media: 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
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
summary 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.
conclusion No conclusion can be drawn on Panama Papers leak case yet