panama data leak sparks backlash
Last Updated : GMT 00:27:23
Arab Today, arab today
Arab Today, arab today

Against tax dodges

Panama data leak sparks backlash

Arab Today, arab today

Arab Today, arab today Panama data leak sparks backlash

A private security guard stands outside the Panama City headquarters
Panama City - Arab Today

Western leaders pledged to crack down on tax dodges by the rich and powerful Wednesday amid a mushrooming scandal provoked by revelations of a web of Panama-based offshore financial dealings.

A day after Iceland's prime minister stepped down after being named in a massive leak of 11.5 million confidential documents -- the so-called Panama Papers -- international attention turned to tax cheats, with Panama's role in particular focus.

France led global pressure on the Latin American nation, saying it would put Panama back on its own list of tax havens, four years after it had been removed.

Finance Minister Michel Sapin called on the 34-nation Organisation for Economic Cooperation and Development to do the same.
"Unfortunately Panama has a bit of a tendency to make U-turns, to play the good guy and then the bad guy. This cannot go on," Sapin told parliament Wednesday.

Panama hit back, however, after days of being hammered in the world media.

"In Panama, there is a law that sets out retaliation measures against countries that include Panama in 'grey lists'," Alvaro Aleman, the minister for the presidency, warned France in a news conference.

The retaliatory measures can include blocking foreign investment or withholding public tenders.

- Panama hits back -

Panama had earlier lashed out OECD head Angel Gurria, saying his description of the country as the last major tax haven impenetrable to law enforcement was "unfair and discriminatory".

Panamanian law firm Mossack Fonseca is at the centre of the scandal after its papers were obtained from an anonymous source by German daily Sueddeutsche Zeitung and shared with more than 100 media groups by the International Consortium of Investigative Journalists (ICIJ).
After a year-long investigation, the ICIJ and other international media on Sunday published the first wave of revelations, detailing the offshore financial activities of 140 political figures.

Many of those identified insist they have done no wrong.

Offshore financial dealings are not illegal in themselves, though they may be used to hide assets from tax authorities, launder the proceeds of criminal activities or conceal misappropriated or politically inconvenient wealth.

The Group of 20 advanced economies has backed a series of tax crackdowns since 2009.

That has led to a weakening of international banking secrecy, with 19 countries committing to automatically exchange clients' financial information by 2018.

- 'Insidious' -

One of the founders of the firm, Ramon Fonseca, told AFP it had lodged a criminal complaint with Panamanian prosecutors over the breach which he blamed on a computer hack launched from abroad.

"Nobody is talking of the hack, and that is the only crime that has been committed," he said.
US President Barack Obama said wealthy individuals and corporations were "gaming the system" by making use of tax code loopholes to which average taxpayers had no access.

He also labelled "insidious" the growing practice of US companies merging with foreign firms just to cut their tax liabilities.

"A lot of it is legal, but that's exactly the problem," the US leader said.

Iceland's Prime Minister Sigmundur David Gunnlaugsson was the biggest casualty so far, quitting his post Tuesday after it emerged he and his wife invested millions of dollars in an offshore company that had stakes in three Icelandic banks that collapsed in 2008, tipping the country into a deep recession.

He denies any wrongdoing, but bowed out on after thousands took to the streets.

- Powerful figures -

Other more powerful figures are implicated in the Panama Papers, which come from around 214,000 offshore entities and cover almost 40 years.
They purportedly reveal a web of financial transactions by associates of Russian President Vladimir Putin's associates and relatives of Chinese President Xi Jinping.

The Kremlin suggested a US plot after the leaks put a close friend of Putin's at the top of an offshore empire worth more than $2 billion.

Beijing refused to respond to "groundless accusations" that eight current or former members of the ruling party's most powerful body concealed their fortunes through offshore havens, as well as relatives of Xi, who has overseen a much-publicised anti-corruption drive.

Pakistani Prime Minister Nawaz Sharif pledged to create a commission to investigate after three of his children were named in the papers.

- Key revelations -

Also among other revelations from the Panama Papers:

-- New FIFA president Gianni Infantino signed TV rights contracts for football tournaments in 2006 and 2007 using a company headed by two defendants in the body's corruption scandal. He denied any wrongdoing and told AFP he was "dismayed" by the claims.

-- Argentina's President Mauricio Macri said he had declared an offshore company registered to him, his brother and father to tax authorities and "there was nothing strange about the operation".

-- Prime Minister David Cameron's father ran an offshore fund that paid no tax in Britain for 30 years. A government source told AFP the premier did not have any such funds.
Source: AFP

arabstoday
arabstoday

GMT 10:06 2017 Wednesday ,22 November

New Palestinian city rises

GMT 10:16 2017 Tuesday ,21 November

Amsterdam, Paris to host key EU agencies

GMT 14:28 2017 Monday ,20 November

US industry gears up to save NAFTA

GMT 02:56 2017 Saturday ,18 November

Moody's raises India rating, citing reforms

GMT 01:26 2017 Saturday ,18 November

Reports underline proliferation of weapons

GMT 01:28 2017 Friday ,17 November

Martin Lockheed Signs MoU with KACST

GMT 01:12 2017 Thursday ,16 November

Oil producers extend production cuts
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

panama data leak sparks backlash panama data leak sparks backlash

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

panama data leak sparks backlash panama data leak sparks backlash

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday