Monthly Archives: June 2016

Pakistan and the Panama Papers

The Panama Papers are “a blessing in disguise” … Watch Video

The paper trail from Panama to Pakistan is a long and mysterious one and it reveals much about Pakistan’s first family’s vast wealth and international property empire. The leaked documents, which are linked to dozens of venal “super rich” politicians, had even forced Iceland’s prime minister Sigmundur Davíð Gunnlaugsson to resign. Yet Ramón Fonseca argues his firm is the subject of a “witch hunt” and it has done nothing wrong; there is “more dirty money in New York and London,” he says. His claim is backed up by Bill Browder, who made his fortune in Russia but has since converted into an ardent Putin critic; owing to the former KGB head turning Russia into a kleptocracy, he says. Browder argues London is a “brothel” for dirty Russian money. He is equally adamant that Cameron’s anti-corruption drive is just “hot air”. This post captures and recalls our recent Panama Papers discussion.

Financial regulators and tax authorities worldwide have expressed huge interest in the disclosures in the papers because the International Consortium for Investigative Journalism (ICIJ) has created “a searchable database that strips away the secrecy of nearly 214,000 offshore entities created in 21 jurisdictions, from Nevada to Hong Kong and the British Virgin Islands.” Indeed, the gigantic leak of more than 11.5 million financial and legal records is clearly groundbreaking. The documents show the details of the manner in which the world’s political and economic elites have used “crime, corruption and wrongdoing, hidden by secretive offshore companies” to hoodwink tax authorities. Continue reading

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Filed under Constitution 1973, Courts, Criminal Justice, Criminal law, Discussion, Events, Mossack Fonseca, Pakistan Horizon, PIIA, Politics