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  1. #1
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    Offshore Accounts Of World Leaders Revealed

    The hidden wealth of some of the world's most prominent leaders, politicians and celebrities - including three former Tory MPs and six peers - has been revealed in a massive leak.

    Millions of documents leaked to a number of media organisations across Europe apparently show the ways the rich and famous can exploit secretive offshore tax regimes.

    It is reported that journalists from more than 80 countries have been reviewing 11.5 million files leaked from the database of Mossack Fonseca, the world's fourth biggest offshore law firm.

    According to The Guardian, one of the media organisations receiving the leaked documents - the so-called 'Panama Papers' - reveal:

    :: Six members of the House of Lords, three former Conservative MPs and dozens of donors to UK political parties have had offshore assets.

    :: A key member of FIFA's powerful ethics committee, which is supposed to be spearheading reform at world football's scandal-hit governing body, acted as a lawyer for individuals and companies recently charged with bribery and corruption.

    :: Twelve national leaders are among 143 politicians, their families and close associates from around the world known to have been using offshore tax havens.

    :: Among national leaders with offshore wealth are Nawaz Sharif, Pakistan's prime minister; Ayad Allawi, ex-interim prime minister and former vice-president of Iraq; Petro Poroshenko, president of Ukraine; Alaa Mubarak, son of Egypt's former president; and the prime minister of Iceland, Sigmundur Davíð Gunnlaugsson.

    The families of at least eight current and former members of China's supreme ruling body, the politburo, have been found to have hidden wealth offshore.

    :: Twenty-three individuals who have had sanctions imposed on them for supporting the regimes in North Korea, Zimbabwe, Russia, Iran and Syria have been clients of Panama-based Mossack Fonseca. Their companies were harboured by the Seychelles, the British Virgin Islands, Panama and other jurisdictions.

    One leaked memo from a partner of Mossack Fonseca said: "Ninety-five per cent of our work coincidentally consists in selling vehicles to avoid taxes."

    The company has denied any wrongdoing. It says it has acted beyond reproach for 40 years and that it has had robust due diligence procedures.

    The document leak comes from the records of the firm, which was founded in 1977.

    The information is near live, with the most recent records dating from December 2015.

    Around 370 reporters from 100 media organisations have spent a year analysing and verifying the documents.

    David Cameron has promised to "sweep away" tax secrecy - but his political opponents claim little has been done.

    He is planning a summit of world leaders next month, which will focus on the conduct of tax havens.

    The Prime Minister set out his line in 2011 when he said: "We need to shine a spotlight on who owns what and where the money is really flowing."

    Oxfam's head of UK policy, Richard Pyle, said: "This leak highlights the key role that UK-linked tax havens like the British Virgin Islands play in allowing a privileged elite to dodge paying their fair share of tax.

    "People in the world's poorest countries pay the highest price for the billions of lost tax money when their governments are unable to fund life-saving healthcare such as midwives and vaccinations for children.

    "The UK is in a unique position to help clean up the murky world of tax havens - starting by ensuring that the real beneficiaries of shell companies registered in the UK's Crown dependencies and overseas territories, such as the British Virgin Islands, are revealed ahead of May's Anti-Corruption Summit in London."

    Campaign group Global Witness said: "This investigation shows how secretly-owned companies, many of them based in the UK's tax havens, can act as getaway cars for terrorists, dictators, money launderers and tax evaders all over the world.

    "The time has clearly come to take away the keys, by requiring the collection and publication of information on who really owns and controls these companies.

    "This would make it much harder to launder dirty money and leave the rest of us safer as a result."


    Offshore Accounts Of World Leaders Revealed
    I would post pictures but life's too short.

  2. #2
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    I don't see what is wrong with offshore assets. It only seems that jealous people without offshore accounts seem to care.

  3. #3
    disturbance in the Turnip baldrick's Avatar
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    Quote Originally Posted by Kurgen
    the world's fourth biggest offshore law firm
    which means there are 3 that are larger

    Quote Originally Posted by VocalNeal
    I don't see what is wrong with offshore assets
    I think it will be an issue if tax has not been paid on the monies

  4. #4
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    Quote Originally Posted by VocalNeal View Post
    I don't see what is wrong with offshore assets. It only seems that jealous people without offshore accounts seem to care.
    Offshore: Nothing wrong
    Hidden offshore: Wrong
    Hidden offshore filled with money siphoned off from the government: Up against the wall wrong

  5. #5
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    Panama Papers: £2bn Of Secret Deals Lead To Vladimir Putin, Leaked Mossack Fonseca Documents Reveal

    A network of secret offshore deals and loans worth $2 billion reportedly leads to Russian president Vladimir Putin, according to an unprecedented leak of documents from a Panamanian law firm.

    Eleven million documents from Mossack Fonseca - the world’s fourth biggest offshore law firm - are said to reveal how the firm helped clients launder money, avoid sanctions and dodge tax. They also reportedly show links to 72 current or former heads of state, including dictators accused of looting their own countries including Libya’s former leader Muammar Gaddafi and Syria’s president Bashar al-Assad.

    The documents were obtained by the German newspaper Suddeutsche Zeitung and were shared with the International Consortium of Investigative Journalists (ICIJ). BBC Panorama and the Guardian are among 107 media organisations in 78 countries that have had access the documents.

    The Guardian on Sunday revealed how the documents lay a trail to Putin and shine a light on the fortunes of his inner circle.

    The BBC reported that the documents reveal a suspected billion-dollar money laundering ring that was run by Russian bank, Bank Rossiva, and involve close associates of Putin.

    The papers are said to show for the first time how the bank - currently subject to US and EU sanctions following Russia’s annexation of Crimea - operated.

    Gerard Ryle, director of the ICIJ, has said the leaked documents cover the day-to-day business at Mossack Fonseca over the past 40 years.

    “I think the leak will prove to be probably the biggest blow the offshore world has ever taken because of the extent of the documents.”

    According to reports, Mossack Fonseca has stated that it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.

    The Guardian said that although Putin’s name does not appear in the leaked records, the documents reveal his friends have earned millions from deals that it further suggests could not have gone through without his involvement.

    It further claimed that the documents suggest the president’s family has benefited from this money – as his friends’ fortunes appeared his to spend.

    The newspaper said the offshore trail started in Panama then passed through Russia, Switzerland and Cyprus. A private ski resort where Putin’s youngest daughter, Karerina, got married in 2013, was also named, it said.

    The leaked documents - labelled the Panama Papers - are said to put Sergei Roldugin, squarely in the spotlight. The concert cellist has known Putin since they were teenagers, and Roldugin is godfather to the president’s daughter Maria.

    On paper, the BBC reported, Roldugin has made hundreds of millions of dollars in profits from suspicious deals.

    His company, documents reveal, state that: “The company is a corporate screen established principally to protect the identity and confidentiality of the ultimate beneficial owner of the company.”

    The Mossack Fonseca data is also said to show how Icelandic Prime Minister Sigmundur Gunnlaugsson had an undeclared interest in his country’s bailed-out banks.

    Gunnlaugsson and his wife, the BBC reported, bought offshore company Wintris in 2007. However, Gunnlaugsson did not declare an interest in the company when he entered parliament two years later in 2009. Eight months later, the broadcaster said, he sold his 50% stake of Wintris to his wife for $1 (70p).

    Gunnlaugsson is now facing calls for his resignation, but claims he has not broken any rules.

    The offshore company was used to invest millions of dollars of inherited money, according to a document signed by Gunnlaugsson’s wife Anna Sigurlaug Pálsdóttir in 2015, the broadcaster reported.

    Mossack Fonseca has reportedly said it has always complied with international protocols to ensure the companies they incorporate are not used for tax evasion, money-laundering, terrorist finance or other illicit purposes.

    The company says it conducts thorough due diligence and regrets any misuse of its services.

    The BBC quotes the law firm as saying: “For 40 years Mossack Fonseca has operated beyond reproach in our home country and in other jurisdictions where we have operations. Our firm has never been accused or charged in connection with criminal wrongdoing.

    “If we detect suspicious activity or misconduct, we are quick to report it to the authorities. Similarly, when authorities approach us with evidence of possible misconduct, we always cooperate fully with them.”

    Panama Papers: £2bn Of Secret Deals Lead To Vladimir Putin, Leaked Mossack Fonseca Documents Reveal

  6. #6
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    Quote Originally Posted by VocalNeal View Post
    I don't see what is wrong with offshore assets. It only seems that jealous people without offshore accounts seem to care.
    Are you a lawyer, a banker or a politician?

    These politicians, who have millions upon millions hidden in offshore accounts, ill-gotten, tax avoiding, backhanders and crony money, are the ones who are taking taxpayers money to pay bankers bonuses, are privitizing national assets and going about starting wars to help corporate interests - not hard to work out why...

    Simple questions such as, what monies do they have hidden away and where did that money come from would see these bastards in prison!

    It's not jealousy, it's honesty, integrity, social justice...
    How do I post these pictures???

  7. #7
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    Quote Originally Posted by VocalNeal View Post
    I don't see what is wrong with offshore assets. It only seems that jealous people without offshore accounts seem to care.
    Duh.

    Three words: Ill gotten gains.

  8. #8
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    I wonder which of this long list of names are bagmen for the Putins, Cheneys, Romneys and Bushes of this world.

  9. #9
    Thailand Expat cyrille's Avatar
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    Quote Originally Posted by baldrick View Post
    Quote Originally Posted by Kurgen
    the world's fourth biggest offshore law firm
    which means there are 3 that are larger
    I see it remains as difficult as ever to pull the wool over your eyes on the 'counting from one to four' game.


  10. #10
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    Quote Originally Posted by harrybarracuda View Post
    Quote Originally Posted by VocalNeal View Post
    I don't see what is wrong with offshore assets. It only seems that jealous people without offshore accounts seem to care.
    Duh.

    Three words: Ill gotten gains.
    Not all people who have offshore account have ill gotten gains. They simple wish to retain some semblance of privacy. Especially financial privacy.

    Not really any different to a developer in Thailand selling property and having the money deposited say in Hong Kong. Or a Thai based company manufacturing parts that they sell from an on-line shop in Germany where all the prices are in Euros and the money is transferred to...
    Better to think inside the pub, than outside the box?
    I apologize if any offence was caused. unless it was intended.
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    Those who cannot change their mind, cannot change anything.

  11. #11
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    Quote Originally Posted by VocalNeal
    Not all people who have offshore account have ill gotten gains. They simple wish to retain some semblance of privacy. Especially financial privacy.
    Alas, 'privacy' isn't allowed nowadays hence why we have annual returns, conflict of interest laws, etc - let's have 100% visibility. I'm sure ISIS would like 'privacy' on their international money transfers, as would I on my earnings in Korea, but laws are in place that determine I must be accountable and visible detail everything - that should apply to folks in high office too; the point of this thread being that these people are avoiding laws and legal obligations; these are criminal offences...

    Quote Originally Posted by VocalNeal
    Not really any different to a developer in Thailand selling property and having the money deposited say in Hong Kong.
    Is that legal? Have the correct taxes been paid? Have all the laws been paid and the correct legal procedures been followed? If so, that's no problem at all - but, we're not talking about that on this thread; we're talking about corruption, conflict of interest, not paying taxes - illegal activities...

  12. #12
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    Quote Originally Posted by Bettyboo View Post
    the point of this thread being that these people are avoiding laws and legal obligations; these are criminal offences...
    Tax avoidance isn't a crime; Tax evasion is.

    But the fact that these cunts are hiding it through places like Panama suggests that there is more evasion going on than avoidance.

  13. #13
    Thailand Expat cyrille's Avatar
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    What would you say are the reasons why people seek financial 'privacy', Neal, apart from evading tax and concealing dubious sources of income?

  14. #14
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    Quote Originally Posted by cyrille View Post
    What would you say are the reasons why people seek financial 'privacy', Neal, apart from evading tax and concealing dubious sources of income?
    To avoid embarrassment (cf. Jimmy Carr).

  15. #15
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    Quote Originally Posted by harrybarracuda View Post

    Tax avoidance isn't a crime; Tax evasion is.

    But the fact that these cunts are hiding it through places like Panama suggests that there is more evasion going on than avoidance.
    Beware of sweeping statements Harry. I think you are coming from a UK perspective.
    It IS illegal in Australia to enter into a tax avoidance scheme.

  16. #16
    disturbance in the Turnip baldrick's Avatar
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    Quote Originally Posted by cyrille
    I see it remains as difficult as ever to pull the wool over your eyes on the 'counting from one to four' game
    I see you do not grasp the imputation of my statement beyond the purely obvious

  17. #17
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    Quote Originally Posted by VocalNeal View Post
    I don't see what is wrong with offshore assets. It only seems that jealous people without offshore accounts seem to care.
    its a bit like those people who live on benefits with no intention of ever looking for a job.... but in this case its rich people freeloading by not paying tax in the country they reside.

    Quote Originally Posted by niddhog
    Offshore: Nothing wrong
    Hidden offshore: Wrong
    Hidden offshore filled with money siphoned off from the government: Up against the wall wrong
    one of the really big issue of offshore is profit laundering. international companies avoiding paying tax in the countries where they trade buying, manufacturing and processing then selling to their offshore company and zero profit.... when then sells to their own business that trade in the countries they sell their product with a massive markup to ensure these operations make little profit. and lets not forget the high interest loans their off shore companies make to their onshore businesses.

    This artificial efficiency created by shifting profit tax free offshore, freeloading. allows them to operate at a lower cost then their local competition... the result is these local businesses get bought or put out of business.
    Its one of the factors helping monsanto take over much of the global agricultural seed market, try buying non bt cotton in india.

    This is legal, done in plain sight and would argue kills the argument
    Offshore: Nothing wrong
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  18. #18
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    Quote Originally Posted by harrybarracuda View Post
    Quote Originally Posted by VocalNeal View Post
    I don't see what is wrong with offshore assets. It only seems that jealous people without offshore accounts seem to care.
    Duh.

    Three words: Ill gotten gains.
    ....and the cycles of scallywaggery, control, and suppression continue as it always has -

  19. #19
    Molecular Mixup
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    Movie star Jackie Chan, who had at least six companies managed through the law firm
    I never liked that guy, they gave him a USA passport and it looks the immigrant repays their kindness by avoiding tax ...

    http://www.xxx.xxx.xx/news/2016-04-0...ecrets/7293524

  20. #20
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    Quote Originally Posted by hazz View Post
    Quote Originally Posted by VocalNeal View Post
    I don't see what is wrong with offshore assets. It only seems that jealous people without offshore accounts seem to care.
    its a bit like those people who live on benefits with no intention of ever looking for a job.... but in this case its rich people freeloading by not paying tax in the country they reside.

    Quote Originally Posted by niddhog
    Offshore: Nothing wrong
    Hidden offshore: Wrong
    Hidden offshore filled with money siphoned off from the government: Up against the wall wrong
    one of the really big issue of offshore is profit laundering. international companies avoiding paying tax in the countries where they trade buying, manufacturing and processing then selling to their offshore company and zero profit.... when then sells to their own business that trade in the countries they sell their product with a massive markup to ensure these operations make little profit. and lets not forget the high interest loans their off shore companies make to their onshore businesses.

    This artificial efficiency created by shifting profit tax free offshore, freeloading. allows them to operate at a lower cost then their local competition... the result is these local businesses get bought or put out of business.
    Its one of the factors helping monsanto take over much of the global agricultural seed market, try buying non bt cotton in india.

    This is legal, done in plain sight and would argue kills the argument
    Offshore: Nothing wrong
    Nothing legally wrong. I will pass on moral wrongs, and self serving law makers.

  21. #21
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    Quote Originally Posted by thaimeme View Post
    Quote Originally Posted by harrybarracuda View Post
    Quote Originally Posted by VocalNeal View Post
    I don't see what is wrong with offshore assets. It only seems that jealous people without offshore accounts seem to care.
    Duh.

    Three words: Ill gotten gains.
    ....and the cycles of scallywaggery, control, and suppression continue as it always has -
    You forgot skullduggery.

  22. #22
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    international companies avoiding paying tax in the countries where they trade buying, manufacturing and processing then selling to their offshore company and zero profit.... when then sells to their own business that trade in the countries they sell their product with a massive markup to ensure these operations make little profit. and lets not forget the high interest loans their off shore companies make to their onshore businesses.
    Like I said. Companies like here in Thailand who source/manufacture components in Thailand yet sell on-line in Europe.

    They are not huge enterprises but don't pay much tax here and probably no in Europe.

    This is not the fault of a lottery winner who decides to put their money offshore.

  23. #23
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    Censors Delete Internet Posts on Report of Cash Stash by Prominent Chinese

    Chinese censors moved quickly on Monday to delete social media posts linked to a massive investigation that revealed the use of offshore tax havens that some high-ranking Chinese leaders and their families may have used to conceal their fortunes.

    At least eight current or former members of the all-powerful Politburo standing committee are among the more than 140 political figures worldwide who are linked to the offshore tax havens, according to a global investigation into the Panamanian law firm Mossack Fonseca by the International Consortium of Investigative Journalists, the German newspaper Süddeutsche Zeitung and more than 100 other news organizations.

    Included in the names uncovered by the investigation are the brother-in-law of Chinese President Xi Jinping, Deng Jiagui, and the daughter of late former premier Li Peng, Li Xiaolin, the ICIJ reports.

    more Censors Delete Internet Posts on Report of Cash Stash by Prominent Chinese

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    God yes....they would have been scrambling to delete it.

    Quote Originally Posted by hazz View Post

    This artificial efficiency created by shifting profit tax free offshore, freeloading, allows them to operate at a lower cost than their local competition. The result is these local businesses get bought or put out of business.
    Its one of the factors helping Monsanto take over much of the global agricultural seed market, try buying non BT cotton in India.
    This is the essential point of it.

  25. #25
    Thailand Expat cyrille's Avatar
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    Quote Originally Posted by VocalNeal View Post
    a lottery winner who decides to put their money offshore.
    Lottery winners, yeah that's who this is all really about.


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