Panama Leaks - A storm yet to come

What are Panama papers? Who is Mossack Fonseca??Why Panama papers matters exactly? What makes the famous celebrities and leaders around to be on their heels??
Panama papers contain information of all those ‘big fishes’ who either want to hide their money away from the wives that are going to be ex-wives or want to avoid any sanctions or evade taxes.
Mossak Fonseca is among those companies who help such ‘big fishes’ to avoid huge taxes and sanctions. Mossak also has the clients who are from black market of money laundering. The Process is very simple; all one need to do is to register an offshore shelf company that means a company that exists only in papers. Now Question why shelf companies after all??Simply, these companies come with many perks, such as banking secrecy and zero to very low taxes. Panama is among those heavens that help such owners to hide their identity and enjoy the perks.

Now karma is something that served real silent here with Panama heaven’s inside file residents ,LoL.
11 million documents got leaked from Mossack office and were made public by The International Consortium of Investigative Journalists (ICIJ) this weekend. The investigation made by the ICIJ was focused on the subject of ‘help provided by the concerned firm’ to their clients evade or avoid taxes. Noticeable was the scale of people involved in this malpractice. So the leaders and celebrities who are making the point they were doing legally or ill-will and malpractice wasn’t intended, got out cast totally.
The data involved is 2.6 terabyte and contains information of about 214,500 companies present in around 20 offshore jurisdictions. Moreover, these companies are named over 14,000 middlemen that include banks and law firms.
Although by any means all of the records aren’t criminal or shabby, but there is a naughty list which has grabbed the attention of public at large.This list includes the names of Ukraine’s president, Petro Poroshenko, Russia’s Vladimir Putin, Pakistan’s Nawaz Sharif and Iceland’s Sigmundur David Gunnlaugsson who are suspected of hiding their ownership of offshore assets by putting them in names of friends and relatives.
Mr. Nawaz Sharif from Pakistan and Mr. Putin from Russia have turned down all allegations by holding the point as the case of Anti Nawaz Propaganda and Putinphobia.
Whatever is the point by these elites, this leak has really put a question on current World economy downfall in many countries especially the developing countries.
The leaders from developing countries with huge wealth accumulation are ruling the nations that are with half of population living under poverty rate.
Humanity is facing the biggest challenge of corruption against its survival. Panama leaks are the silent call to all those people from developing World to take a step forward and speak out against such social evils that are disguised in elite suits. Actions speak louder than words indeed.

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About Zarmina Siraj Ul Haq

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