Thread: Offshore Accounts Of World Leaders Revealed

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

Originally Posted by Kurgen

the world's fourth biggest offshore law firm

which means there are 3 that are larger

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

Originally Posted by VocalNeal

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

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

Originally Posted by VocalNeal

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.

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

Originally Posted by baldrick

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.

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...

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...

Originally Posted by Bettyboo

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.

What would you say are the reasons why people seek financial 'privacy', Neal, apart from evading tax and concealing dubious sources of income?

Originally Posted by cyrille

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).

Originally Posted by harrybarracuda

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.

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

Originally Posted by harrybarracuda

Originally Posted by VocalNeal

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 -

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

Originally Posted by hazz

Originally Posted by VocalNeal

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.

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.

Originally Posted by thaimeme

Originally Posted by harrybarracuda

Originally Posted by VocalNeal

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.

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.

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

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

Originally Posted by hazz

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.

Originally Posted by VocalNeal

a lottery winner who decides to put their money offshore.

Lottery winners, yeah that's who this is all really about.