In the digital landscape of today, leaks have become the norm. They are often seen, so it is not uncommon to ignore them when they hit the headlines. But Panama documents are different; Panama the document is unprecedented, size and quantity of files contains the leak is difficult even to understand. To help understand the biggest leak ever, we delve into what exactly is revealed in Panama documents, and how this compares to escape some of the most notorious leaks in recent memory.
Panama What documents?
Panama documents are a solid group of documents compiled and published by the International Consortium of Investigative Journalists in collaboration with a coalition of journalists worldwide. The files come from Mossack Fonseca database, the fourth largest offshore company in the world. After an anonymous source has acquired the records, they share with the German newspaper Süddeutsche Zeitung. Süddeutsche Zeitung then has files on ICIJ, who distributed them to their partner network of international media. Panama documents leaked officially held Sunday, April 3, 2016. The file size is a huge 2.6 TB and flight consisted of more than 11.5 million files, making it the biggest leak ever.
Panama documents revealed an extensive network of individuals funneling money into offshore accounts and tax havens. It is interesting to note that all uses of offshore accounts are illegal, but the ethics of their use has been questioned. While there are ethical and legitimate reasons to use these tax havens, the majority of people involved in the Panama documents appear to be using tax havens as a way to hide who owns the money in tax havens and where the money came from, and also as a way to avoid paying taxes on the money.
why most offshore accounts in Panama of the documents have been questioned because they seem to be shell companies accounts, which are used as a front for legitimate trade. In fact, shell companies exist for the sole purpose of managing money to hide who actually owns. Overall, more than 214,000 fictitious companies and 14.153 customers were tied to Mossack Fonseca in Panama newspapers
notable figures in Panama documents
Through these shell companies, many notable figures have been linked to Mossack Fonseca in Panama documents. Links to at least 12 current and former heads of state have been identified, and more than 60 parents or heads of state and associated politicians were also involved.
Notable figures include Russian President Vladimir Putin and Prime Minister of Iceland Sigmundur Gunnlaugsson, who has since resigned as a result of the leak. Other heads of state mentioned include President Mauricio Macri Argentina and President of Ukraine Petro Poroshenko. Notable heads of state parents understand the deceased father of British Prime Minister David Cameron, the brother of Chinese President Xi Jinping, and the children of Pakistani Prime Minister Nawaz Sharif.
The links in Panama documents extend beyond the political sphere, as FIFA, the governing body of world football, was also mentioned. This should not come as a surprise, given the scandal and corruption have plagued the organization in recent years. Panama documents link Juan Pedro Damiani, a member of the ethics committee of FIFA, a former vice president of FIFA who was arrested in May 2015 against the US Department of Justice investigation of corruption in FIFA.
Panama Papers Fallout
These names are only the tip of the iceberg. Because the leak of 2.6 TB contains more than 11.5 million files, it will take some time before we realize the true scope of Panama documents. It remains to be seen what the real impact will be. As we have already seen the resignation of Gunnlaugsson, many are predictable deny any wrongdoing. The Kremlin has dismissed links to Putin in the leaks as "Putinphobia". Putin spokesman Dmitry Peskov issued a statement identifying Panama documents as an attempt to "destabilize the situation in Russia before the elections." Mossack Fonseca has issued an official statement deal with leaks insisting that for 40 years they operated blameless in their home countries and other countries where they have operations.
Perhaps the most amazing aspect of the flight Panama Papers is 2.6 TB of data containing more than 11.5 million files are from a company. We can bet that corruption and illegal behavior suggested by the documents of Panama occurs elsewhere. Thousands of companies like Mossack Fonseca exist, ranging across. the question one may ask, if Mossack Fonseca is the fourth largest offshore company in the world, what happens in the three largest companies that Mossack Fonseca? And small businesses that could benefit from less visibility and operate in the shadow of the most prominent financial transactions? One thing is certain:. This will not be the last high-profile escape the 21st century
As this story develops we'll have coverage and additional analysis, but for more perspective on Panama documents, we will explore quelques- apart biggest leaks in recent memory.
Snowden leaks (2013)
Perhaps the most famous leak of the 21st century, Snowden leaks have revealed the global practices of NSA surveillance. The size of Snowden leaks has never been disclosed, making it difficult to compare Panama documents directly in terms of quantity. We do know that about 0,000 files were made available in the public domain through working with Snowden journalist Glenn Greenwald and the Guardian. It is estimated that Snowden took nearly 1.7 million files of the NSA, which means that somewhere in the stage of 1.5 million files are still under wraps.
The Snowden leaks were monumental because they have found that monitoring the NSA is far more extensive than even the most cynical thought. Snowden has revealed the use of secret court orders to obtain phone records of Americans of all major service providers. He also revealed that through its PRISM program, the NSA may request user data from tech giants like Google and Facebook, which are legally required to provide such data. Xkeyscore was identified as the tool that the NSA uses to look "almost everything a user does on the Internet." The details of the leak were long and scary, but there were two big takeaways in regarding the private lives of citizens. the first is the fact that the NSA engaged in mass data collection for information on virtually all citizens in the United States, not just those considered suspects. the second is the fact that the NSA can not directly affect encryption, so they try to get around by forcing companies to install encryption backdoors.
Offshore Leaks (2013)
Panama documents are not the first leaks on offshore tax havens ICIJ. in 2013, offshore leaks were in many ways a smaller scale version of the Panama documents. offshore leaks were actually quite large compared to most other leak; they contained more than 2.5 million documents, but 260 GB, seemingly fractional compared to 2.6 TB of Papers Panama.
Offshore leaks revealed that politicians and their families and associates in countries such as China, Russia, Canada and the use of secret societies and bank accounts. He also confirmed that the use of super-rich offshore accounts to protect assets such as luxury homes, yachts and art pieces. In addition, UBS, Credit Suisse and Deutsche Bank, among other banks worldwide, were found to have provided customers access to shell companies. Many accountants, intermediaries and other financial actors have helped clients hide their identities and business relationships through money laundering and other offshore avenues. Finally, those who manage Ponzi schemes and other fraud have been discovered using the havens to hide their fraud.
WikiLeaks Cablegate (2010)
In 2010, WikiLeaks began to release hundreds of thousands of diplomatic cables. At the time of release, WikiLeaks Cablegate has been recognized as the biggest such leak in history. the size of the file Cablegate totaled 1.7 GB, which is incredible. Compared to Panama documents, the old "the greatest escape ever" is more than a thousand times smaller.
WikiLeaks Cablegate was highly political. The cables revealed unfiltered attitudes of world leaders and politicians. The subject will leak from Iran to Yemen, North Korea, Israel, and the UN. In addition to revealing information top secret diplomatic, Cablegate provided a detailed overview of the events that were already public knowledge. Although larger leaks will follow, WikiLeaks Cablegate set the tone for the new era of digital leaks in the second decade of the 21st century.
LuxLeaks (2014)
Because paper and Panama Offshore leaks were LuxLeaks ICIJ project. A 4.4 GB, the LuxLeaks are about 0 times smaller than Panama documents. This does not qualify as small LuxLeaks, however, as they have been a major revelation when they were released in 2014.
The main conclusions of LuxLeaks were related to tax relief. The ICIJ found that nearly 340 companies, including power players such as Pepsi, IKEA, and the coach, reached secret agreements with Luxembourg which allowed them to reduce their global tax bills. In addition the companies funneled billions through Luxembourg and stored massive amounts of taxes, in some cases, paying effective tax rates of less than 1 percent of the profits they pushed in Luxembourg. Tax rates have been exploited to allow companies to avoid paying taxes in both Luxembourg and elsewhere. One of the most curious findings LuxLeaks was tied to a single address - 5, rue Guillaume Kroll -. Which housed more than 1,0 companies
Swiss Leaks (2015)
Occurring in 2015, the swiss leaks are another project ICIJ. Although Panama documents are about 800 times larger than the swiss leaks, the swiss leaks are another huge finding in the world of suspicious financial transactions.
The swiss leaks have also been nicknamed the HBSC leaks, due to the Swiss bank HSBC Private Bank is the only subject of the proposed ICIJ. The swiss leaks revealed that HSBC served wrapped entities corruption. The bank failed to interrupt service to customers who have been connected to various high-profile crimes, such as arms trafficking, conflict diamonds, and corruption. HBSC also served associates corrupt regimes of the government, including former Egyptian President Hosni Mubarak and Syrian leader Bashar al-Assad, as well as former and current politicians in countries such as the United Kingdom, Russia and Mexico, among others. In addition, and perhaps the most corrupt result of Swiss leaks, leaks discovered that HBSC actively engaged in tax fraud. The bank said it would keep its customers the details secret accounts, even if there was evidence suggesting that these accounts were undeclared in the country of origin of the account holder. In addition, they actively shared with customers means by which they could avoid paying taxes in their country of origin.
These particular leaks are shrouded in corruption. But most of the time when data is compromised and leakage, it puts people at risk who have done nothing wrong. Privacy is a tool that benefits the volunteer actors who have much to lose, even if they think they have nothing to hide. Unfortunately, privacy is increasingly a privilege, not a right.
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