The Panama Papers in Perspective The news here are the incomes and bank accounts of politicians.
http://www.wsj.com/articles/the-panama-papers-in-perspective-1459810493
A document leak known as the “Panama Papers” on Sunday pulled back the curtain on the secret financial dealings of the world’s rich, powerful and, in some cases, allegedly corrupt.
The papers were leaked to Germany’s Süddeutsche Zeitung and combed through in cooperation with the International Consortium of Investigative Journalists (ICIJ) and other publications. They purport to document the dealings of the Mossack Fonseca law firm, which appears to have helped wealthy clients establish shell companies in Panama, a rare remaining bastion of bank secrecy.
Other media outlets, including The Wall Street Journal, have investigated over the years the sources and disposition of the wealth of some of the individuals and families mentioned in these reports. But this leak offers a rare, comprehensive view and could yield new insights into global financial flows.
The scale is eye-popping. Longtime friends and associates of Russian President Vladimir Putin channelled $2 billion through Panama over the years, ICIJ says in its report on the documents. A Kremlin spokesman described the report as “Putinphobia.” A family member of Chinese President Xi Jinping allegedly has a Panama connection, as do the Saudi king and the son of Malaysian Prime Minister Najib Razak. Mr. Xi’s brother-in-law and the Saudi government declined to comment to ICIJ, while Mr. Najib’s son told the group he had used a Panamanian company “for international business.”
Some Western leaders also are mentioned in the leaks, including Iceland’s Prime Minister Sigmundur David Gunnlaugsson, and several former British members of Parliament as well as the deceased father of Prime Minister David Cameron. ICIJ says it has found evidence that some 140 leaders and politicians, and potentially hundreds of other individuals, established companies in Panama over the nearly 40 years for which it has obtained records. CONTINUE AT SITE
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