[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

How Republicans in Key Senate Races Are Flip-Flopping on Abortion

Idaho bar sparks fury for declaring June 'Heterosexual Awesomeness Month' and giving free beers and 15% discounts to straight men

Son of Buc-ee’s co-owner indicted for filming guests in the shower and having sex. He says the law makes it OK.

South Africa warns US could be liable for ICC prosecution for supporting Israel

Today I turned 50!

San Diego Police officer resigns after getting locked in the backseat with female detainee

Gazan Refugee Warns the World about Hamas

Iranian stabbed for sharing his faith, miraculously made it across the border without a passport!

Protest and Clashes outside Trump's Bronx Rally in Crotona Park

Netanyahu Issues Warning To US Leaders Over ICC Arrest Warrants: 'You're Next'

Will it ever end?

Did Pope Francis Just Call Jesus a Liar?

Climate: The Movie (The Cold Truth) Updated 4K version

There can never be peace on Earth for as long as Islamic Sharia exists

The Victims of Benny Hinn: 30 Years of Spiritual Deception.

Trump Is Planning to Send Kill Teams to Mexico to Take Out Cartel Leaders

The Great Falling Away in the Church is Here | Tim Dilena

How Ridiculous? Blade-Less Swiss Army Knife Debuts As Weapon Laws Tighten

Jewish students beaten with sticks at University of Amsterdam

Terrorists shut down Park Avenue.

Police begin arresting democrats outside Met Gala.

The minute the total solar eclipse appeared over US

Three Types Of People To Mark And Avoid In The Church Today

Are The 4 Horsemen Of The Apocalypse About To Appear?

France sends combat troops to Ukraine battlefront

Facts you may not have heard about Muslims in England.

George Washington University raises the Hamas flag. American Flag has been removed.

Alabama students chant Take A Shower to the Hamas terrorists on campus.

In Day of the Lord, 24 Church Elders with Crowns Join Jesus in His Throne

In Day of the Lord, 24 Church Elders with Crowns Join Jesus in His Throne

Deadly Saltwater and Deadly Fresh Water to Increase

Deadly Cancers to soon Become Thing of the Past?

Plague of deadly New Diseases Continues

[FULL VIDEO] Police release bodycam footage of Monroe County District Attorney Sandra Doorley traffi

Police clash with pro-Palestine protesters on Ohio State University campus

Joe Rogan Experience #2138 - Tucker Carlson

Police Dispersing Student Protesters at USC - Breaking News Coverage (College Protests)

What Passover Means For The New Testament Believer

Are We Closer Than Ever To The Next Pandemic?

War in Ukraine Turns on Russia

what happened during total solar eclipse

Israel Attacks Iran, Report Says - LIVE Breaking News Coverage

Earth is Scorched with Heat

Antiwar Activists Chant ‘Death to America’ at Event Featuring Chicago Alderman

Vibe Shift

A stream that makes the pleasant Rain sound.

Older Men - Keep One Foot In The Dark Ages

When You Really Want to Meet the Diversity Requirements

CERN to test world's most powerful particle accelerator during April's solar eclipse

Utopian Visionaries Who Won’t Leave People Alone


Status: Not Logged In; Sign In

International News
See other International News Articles

Title: Panama Papers probes opened, China limits access to news on leaks
Source: Reuters
URL Source: http://www.reuters.com/article/us-panama-tax-idUSKCN0X10C2
Published: Apr 5, 2016
Author: Ben Blanchard and Lisa Jucca
Post Date: 2016-04-05 08:23:47 by Stoner
Keywords: None
Views: 460
Comments: 10

Authorities across the globe have opened investigations into the activities of the world's rich and powerful after a cache of leaked documents from a Panamanian law firm showed possible wrongdoing using offshore company structures.

The "Panama Papers" have cast light on the financial arrangements of high profile politicians and public figures and the companies and financial institutions they use for such activities. Among those named in the documents are friends of Russian President Vladimir Putin and relatives of the leaders of China, Britain, Iceland and Pakistan, and the president of Ukraine.

Leading figures and financial institutions responded to the massive leak of more than 11.5 million documents with denials of any wrongdoing as prosecutors and regulators began a review of the reports from the investigation by the U.S.-based International Consortium of Investigative Journalists (ICIJ) and other media organizations.

Following the reports, China has moved to limit local access to coverage of the matter with state media denouncing Western reporting on the leak as biased against non-Western leaders.

France, Australia, New Zealand, Austria, Sweden and the Netherlands are among nations that have commenced investigations, and some other countries, including the United States, said they were looking into the matter.

Mossack Fonseca, the Panamanian law firm at the center of the leaks, has set up more than 240,000 offshore companies for clients around the globe and denies any wrongdoing. It calls itself the victim of a campaign against privacy and claims media reports misrepresent the nature of its business.

In a printed statement given to Reuters by a staff member at Mossack Fonseca's Hong Kong office on Tuesday, the firm said it has never been charged with or formally investigated for criminal wrongdoing in its nearly 40 years of operation.

"We do not advise clients on how to operate their businesses. We don't link ourselves in any way to companies we help incorporate," the firm said in the statement.

"Excluding the professional fees we earn, we don't take possession of clients' money, or otherwise have anything to do with any of the direct financial aspects related to operating these businesses."

Mossack Fonseca also said it supports international initiatives requiring greater transparency of newly incorporated companies and trusts and has implemented such measures as part of its own due diligence. Related Coverage

› German minister announces new rules against offshore companies › Small Australian software firm helps join the dots on Panama Papers › Nordea says to end association with law firm Mossack Fonseca

The staff at the office declined to answer questions.

The Hong Kong government said in a statement that its Inland Revenue Department has taken note of the recent release of the documents and will take "necessary actions" based on any information it gets. It will not comment on individual cases or disclose the course of action because of secrecy provisions in Hong Kong tax law, the government said.

DENIALS AND BACKLASH

Credit Suisse and HSBC, two of the world's largest wealth managers, on Tuesday dismissed suggestions they were actively using offshore structures to help clients cheat on their taxes. Related Video Video World’s wealthy deny links in 'Panama Papers' leak Video Thousands of Icelanders call on PM to resign Video Not responsible for "illegitimate activities": Mossack Fonseca boss

Both were named among the banks that helped set up complex structures that make it hard for tax collectors and investigators to track the flow of money from one place to another, according to ICIJ.

Credit Suisse CEO Tidjane Thiam, who is aggressively targeting Asia's wealthiest for growth, said his bank was only after lawful assets.

Speaking at a media briefing in Hong Kong, he acknowledged the bank uses offshore financial structures, but only for very wealthy customers with assets in multiple jurisdictions and did not support their use for tax avoidance or allow them without knowing the identities of all those concerned.

"We do not condone structures for tax avoidance," he said. "Whenever there is a structure with a third party beneficiary we insist to know the identity of that beneficiary."

Separately, HSBC said the documents pre-dated a thorough reform of its business model. Related Coverage

› China limits coverage and denounces Panama Papers' tax haven revelations › Opposition calls on Cameron to tackle British tax havens › Ukraine's fiscal service will look into President's offshore assets › Austria urges EU action on money laundering after 'Panama Papers'

Both banks have in recent years paid large fines to U.S. authorities over their wealth management or banking operations.

Credit Suisse agreed in 2014 to pay a $2.5 billion fine for helping rich Americans evade taxes. HSBC agreed in 2012 to pay $1.92 billion in fines, mainly for allowing itself to be used to launder Mexican drug money.

The reports on leaks also pointed to the offshore companies linked to the families of Chinese President Xi Jinping and other powerful current and former Chinese leaders.

Chinese Foreign Ministry spokesman Hong Lei, when asked if the government would investigate tax affairs of those mentioned in the Panama Papers, told reporters at a daily news briefing the ministry would not comment on "these groundless accusations".

Searches for the word "Panama" on Chinese search engines bring up stories in Chinese media on the topic, but many of the links have been disabled or only open onto stories about allegations directed at sports stars.

China's Internet regulator did not immediately respond to a request for comment.

The Global Times, an influential tabloid published by the ruling Communist Party's official People's Daily, suggested in an editorial on Tuesday that Western media backed by Washington used such leaks to attack political targets in non-Western countries while minimizing coverage of Western leaders.

(Additional reporting by Denny Thomas, Saeed Azhar and Clare Baldwin; Writing by Sam Holmes; Editing by Martin Howell) The company logo of Mossack Fonseca is seen inside the office of Mossack Fonseca & Co. (Asia) Limited in Hong Kong, China April 5, 2016. Reuters/Bobby Yip

More From Reuters Usually calm, Clinton loses cool over Greenpeace question |1 Apr Islamic State executes 15 of its own near Raqqa, Syria: monitor |3 Apr Poorly educated? Unsuccessful? Trump is your man |30 Mar Giant arch to block Chernobyl radiation for next 100 years |23 Mar Amazon sues former employee over new job at Target |22 Mar Trump's prediction of 'massive recession' puzzles economists |3 Apr Panama lawyer at center of data leak denounces attack on privacy |4 Apr Empty American promises and the lives they can cost |25 Mar U.S. says it killed ISIS militant who killed Marine in Iraq |3 Apr The three powerful scholars fueling Islamic State’s hate |29 Mar

Trending On Reuters

Panama Papers probes opened, China limits access to news on leaks | Video 1 New U.S. inversion rules threaten Pfizer-Allergan deal 2 Dollar slides to 17-month low vs yen as stocks, oil fall 3 Oil glut up close: How Cushing copes with full crude tanks 4 Saudi Arabia's bitter Lebanese divorce 5


Will be interesting to see what American names come out of this, and details of what their involvement is.

Post Comment   Private Reply   Ignore Thread  


TopPage UpFull ThreadPage DownBottom/Latest

#1. To: Deckard (#0)

Ping. You might find this interesting.

Si vis pacem, para bellum

Those who beat their swords into plowshares will plow for those who don't

Rebellion to tyrants is obedience to God.

There are no Carthaginian terrorists.

President Obama is the greatest hoax ever perpetrated on the American people. --Clint Eastwood

"I am concerned for the security of our great nation; not so much because of any threat from without, but because of the insidious forces working from within." -- General Douglas MacArthur

Stoner  posted on  2016-04-05   8:25:01 ET  Reply   Trace   Private Reply  


#2. To: Stoner (#0)

Money laundering thieves, swindlers & conartists.

Willie Green  posted on  2016-04-05   9:21:24 ET  Reply   Trace   Private Reply  


#3. To: Willie Green (#2)

" Money laundering thieves, swindlers & conartists. "

Ya think? Surely you jest, LOL !

Si vis pacem, para bellum

Those who beat their swords into plowshares will plow for those who don't

Rebellion to tyrants is obedience to God.

There are no Carthaginian terrorists.

President Obama is the greatest hoax ever perpetrated on the American people. --Clint Eastwood

"I am concerned for the security of our great nation; not so much because of any threat from without, but because of the insidious forces working from within." -- General Douglas MacArthur

Stoner  posted on  2016-04-05   9:25:51 ET  Reply   Trace   Private Reply  


#4. To: Stoner (#1)

Authorities across the globe have opened investigations into the activities of the world's rich and powerful after a cache of leaked documents from a Panamanian law firm showed possible wrongdoing using offshore company structures.

No Clintons or Bushes on the list?

“Truth is treason in the empire of lies.” - Ron Paul

In a Cop Culture, the Bill of Rights Doesn’t Amount to Much

Americans who have no experience with, or knowledge of, tyranny believe that only terrorists will experience the unchecked power of the state. They will believe this until it happens to them, or their children, or their friends.
Paul Craig Roberts

Deckard  posted on  2016-04-05   10:04:58 ET  Reply   Trace   Private Reply  


#5. To: Deckard (#4)

" No Clintons or Bushes on the list? "

I don't think the names of Americans has been released. Once it is, I would bet dollars to doughnuts they will be at the top.

Si vis pacem, para bellum

Those who beat their swords into plowshares will plow for those who don't

Rebellion to tyrants is obedience to God.

There are no Carthaginian terrorists.

President Obama is the greatest hoax ever perpetrated on the American people. --Clint Eastwood

"I am concerned for the security of our great nation; not so much because of any threat from without, but because of the insidious forces working from within." -- General Douglas MacArthur

Stoner  posted on  2016-04-05   10:11:08 ET  Reply   Trace   Private Reply  


#6. To: Stoner (#5)

Rush today mentioned that this story is the reason why 0 came out with a shot against corporate and the rich using loopholes to hide money, to get out in front of this story. The Panama paper trail deserves further study.

jeremiad  posted on  2016-04-05   17:04:20 ET  Reply   Trace   Private Reply  


#7. To: jeremiad (#6)

" The Panama paper trail deserves further study. "

Yes, it certainly does. I did not get to hear Rush today, busy plowing my garden, etc. I would sure like to have heard him on this topic.

Si vis pacem, para bellum

Those who beat their swords into plowshares will plow for those who don't

Rebellion to tyrants is obedience to God.

There are no Carthaginian terrorists.

President Obama is the greatest hoax ever perpetrated on the American people. --Clint Eastwood

"I am concerned for the security of our great nation; not so much because of any threat from without, but because of the insidious forces working from within." -- General Douglas MacArthur

Stoner  posted on  2016-04-05   17:52:47 ET  Reply   Trace   Private Reply  


#8. To: Stoner (#0) (Edited)

while interesting none of this is surprising. Who, among us, doesn't think that we are been led by liars, thieves and conartists? You have one of the greatest conartists of all time running for nomination for President of the United States. I wonder if his name is on the list along with other candidates and present and former presidents and their associates.

Tax minimisation is an industry that has needed an overhaul for a long time. the reason action hasn't been taken is that it doesn't suit the rich and as they are political donors it doesn't suit the politicians. the idea that the rich are pillars of the economy, job creators rather than wealth horders is being shown to be absolute bunk. All over the world schemes are marketted, obscure actors even get involved and the sums involved are staggering

paraclete  posted on  2016-04-05   20:56:47 ET  Reply   Trace   Private Reply  


#9. To: paraclete (#8)

The taxation on citizens could be done away with, as would the tax on the rich by one simple method. Taxing at a very low rate, trades on the stock exchange and the financial market. Traders are making billions per year trading derivatives, which are most similar to casino's with the US government covering losses if any. Why not hit them, and quit taxing producers, and workers?

jeremiad  posted on  2016-04-05   22:13:17 ET  Reply   Trace   Private Reply  


#10. To: jeremiad (#9)

The taxation on citizens could be done away with,

I agree a rethink is needed, we have a different economy today and shifting the collection method to financial transactions makes a lot of sense, however not everyone deals in securities so a bank debits tax attaching to all transactions would spread the load and ensure everyone paid something. i know this was tried with sales tax but there are ways out, whereas taxing every transaction at a low rate simplifies the process and does away with loads of compliance cost

paraclete  posted on  2016-04-06   1:54:54 ET  Reply   Trace   Private Reply  


TopPage UpFull ThreadPage DownBottom/Latest

[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Please report web page problems, questions and comments to webmaster@libertysflame.com