Panama papers exposed off-shore accounts of the wealthy

panamaPerhaps after wiki leaks, it is the Panama Papers which has created ripples across the globe with its exposing the foreign accounts and details of money stashed there.

In what could be seen as the biggest ever black-money exposure in the world, an international coalition of media published the details of an extensive investigation done on financial dealings of the prominent people of all countries that includes Vladimir Putin, Russian President and 500 Indians.

Washington-based ‘The International Consortium of Investigative Journalism’ (ICIJ), has declassified the cache of 11.5 million records- provided by an anonymous source.

Aides to Russian president Vladimir Putin, Iceland’s Prime Minister, Sigmundur David Gunnlaugsson, Zimbabwes’ patriacrch Robert Mugabe, Pakistan Prime Minister Nawaz Shariff, Argentina’s president, Mauricio Macri and several sports personalities, celebrities, even criminals are in the list. 140 political personalities are among the list. The total amount of money illegally statched in the foreign accounts run into billions, it is said.

Thought the source was mentioned as anonymous, the data was leaked from a Panama—based law firm, Mossack Fonseca. Founded by German—born Juergen Mossack, the firm has offices across the globe and is among the world’s biggest creators of shell companies, the newspaper said.

Ramon Fonseca, a co-founder of Mossack Fonseca, said the firm had no control of how its clients might use offshore vehicles created for them.

According to the media group’s website, global banks including HSBC, UBS, Credit Suisse, Deutsche Bank and others have worked with Mossack Fonseca to create offshore accounts.

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