By Stella Roque / OCCRP
“Panama Papers” has caused a wave of tsunami around the world, both in social networks and in newspaper headlines. Impact is inclusive; from debates between readers, officials involved in history, governments, prosecutors, and various law enforcement authorities.
In just a few days “Panama Papers” has brought anger and street protests, conspiracy theories and denunciations, as well as indications of government investigations and criminal proceedings.
The project has started with a data flow from a Panama based Mosak Fonseka (Mosack Fonseca) offshore service provider. The documents were provided by the German newspaper Süddeutsche Zeitung and distributed by the International Consortium of Investigative Journalists (ICIJ) in collaboration with the Organized Crime and Corruption Reporting Project (OCCRP).
Here are some of the reactions and the impact that this data flow around the world.
The prosecutors, the tax authorities and the police had indications of reading the materials to do the following:
- France – Prosecutors have launched an investigation Monday to ascertain whether various French financial institutions have used Panama to evade taxes, reports Wall Street Journal.
- Germany – A spokesman for the Ministry of Finance said the authorities were carefully watching the situation. The Federal Financial Supervisory Authority (BaFin) is following the case, reports Huffington Post.
- UK – Tax authorities in Britain have sought access to “Panama Papers,” the BBC reports. Jennie Granger, Senior Officer, said: We asked ICIJ to share the information she has with us. We will look closely at them to take the right measures.
- The US Department of Justice is finding out if there is enough evidence to initiate criminal proceedings, CNBC reports. A Treasury Department official said the Treasury was watching the Panama Papers records carefully. “Where we will notice violations, we will take measures to raise a strong legal issue to undertake initiatives in line with national security and US foreign policy,” she told the Wall Street Journal.
- Australia, New Zealand, Austria, Sweden and the Netherlands have also launched investigations reports Reuters.
- In Azerbaijan, President Ilham Alieev denies the charges – “Panama Papers” pointed out that the President’s family controlled more assets than what was stated. A spokesman for Azerbaijan’s president, whose children have the names as owners of offshore companies, says that such a practice is not forbidden by any law, further adding to the mentioned persons that “they are mature Azerbaijani citizens,” reports BBC …
“No”: FIFA is involved in new scandals – “Panama Papers” revealed that an important member of the FIFA Ethics Committee, Uruguayan player Juan Pedro Damiani, was linked to Eugenio Figueredo, an official accused of corruption, and two corrupt businessmen. The Ethics Review Chamber in FIFA said it has opened an investigation to confirm doubts about Damian, CNN reports.
Russia denies … – President Putin’s spokesman Dimitri Peskov has denied that his wife owns any offshore company, although documents from Panama Papers indicate that she has established one in 2014, reports the Guardian. The Kremlin has called “Putinofobi” the documents provided by the flow of information. “Putinophobia has reached such a degree where it is impossible to speak good a priori for Russia, so it is imperative to speak badly,” Peskov says.
The Kremlin says these data did not say “anything new”. Peskov also hinted that “Panama Papers” are a plot “to destabilize the situation in Russia right before the elections.”
He goes on to say he believed that after the consortium of journalists who discovered “Panama Papers” are involved many former members of the DASH and the CIA, as well as other intelligent services, reports Guardian.
But Lithuania confirms Sergei Roldugin’s Financial Network According to the Washington Post, the Kremlin reportedly denied any possible involvement in the $ 2 billion affair of Putin’s offshore dealings, Sergey Roldugin’s violinist. But today, the Lithuanian law enforcement authorities come up with reports that data from four offshore companies in Lithuania on the Roldugin network are being verified, reports OCCRP.
Meanwhile, in Ukraine … – The BBC reports that Ukrainian President Petro Poroshenko has denied all allegations stating that there is no fiscal evasion in his activity. Yet a Ukrainian politician has demanded no-confidence motion against Poroshenko, but was rejected with the justification that there is not enough evidence for the crime. Poroshenko also posted on Facebook that; at the time he became president, he had delegated his entire asset management to various legal firms and specialized legal counseling firms.
Even the UK Prime Minister, David Cameron, faces investigations – “Panama Papers” highlighted an offshore company of the father of British Prime Minister Ian, who had long ago established it. On Tuesday, the BBC reports, laborers have called for an investigation not only of the Cameron family, but also of those British citizens who are linked to charges of tax evasion.
Iceland’s prime ministerin firefight – On Monday, 24,000 Icelandic citizens signed a petition calling for the resignation of Iceland’s prime minister, Sigmundur David Gunnlaugsson. Thousands took to the streets after his refusal to resign, striking with the yogurt and eggs at the Parliament building. This led to Gunnlaugsson resigning on the day after the people’s and political pressure exerted on him as a result of mentioning his name at “Panama Papers,” reports The Guardian.
Do not cry for me Argentina – The Huffington Post reports that opposition parties in Argentina have asked for clarifications from the center-left president Mauricio Makri for the time he was director of an offshore company in the Bahamas, which is related to father’s property and businesses his. Makri in a short television interview denied doing anything wrong, and that the company that his father had founded was legitimate.
Let’s go around China-As soon as the first data came out, China restricted access to the Internet and search for “Panama Papers”. From the media in China, this leak of information was called a blow that the West is making to non-Western leaders, reports Reuters. The censorship of the material is the result of mentioning a Chinese leader’s family at Panama Papers.
Reuters also reports that Hong Kong authorities are willing to take the appropriate measures for each case without commenting on any specific case or potential action. These measures were taken in pursuance of the Hong Kong tax law, which provides for the secrecy of the stock of such shares.
Guilty Plea: Mosak Fonseka & Banks – Panama-based legal firm, located in the center of the storm, Mosak Fonseka, issued an inquiry into the investigation into the Guardian newspaper claiming that it did nothing illegal, despite its major failure to provide proper care to its customers.
The firm says 90 percent of its clients are interim financial institutions, legal firms and banks that are regulated under their business-to-business jurisdiction.
The firm also talked about taking legal measures against journalists and media that have published the documents, saying “obtaining the documentation is unauthorized”.
“We believe that you are fully aware that the use of illegally obtained documentation / data constitutes a crime, and that we will not hesitate to take any legal, criminal or civil action,” says Mosak Foneska.
Meanwhile, HBC and Credit Suisse, mentioned in “Panama Papers” as involved in providing assistance for building complex financial structures, have denied the allegations by saying they have not provided such assistance, reports Reuters.
The Wall Street Journal writes that an officer of the French bank Societé Générale has admitted that it has provided assistance to set up companies in Panama. “But this does not violate any law,” the official said.
German newspaper editor Süddeutsche Zeitung, Wolfgang Krach, says over 1,000 Germans are involved in “Panama Papers” and have used large banks such as Deutsche Bank, Commerzbank, HypoVereinsbank and Bayerische Landesbank.
The last word belongs to Panama – “We have zero tolerance against illegal financial activities,” Panamanian President Juan Carlos Varela told the BBC. He promised to cooperate strongly with each country for the investigation.
Received from: Investigim.al
