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Top Public figures from around the world have reacted sharply to the leak, which exposes a vast network of offshore entities. 12 current and former leaders are among those named in the trove of documents.
Russia
Officials in the Russian government has responded to the leak, which named people with close ties to President Vladimir Putin as having prospered from various shadow companies.
Irina Yarovaya, head of the anti-corruption committee in Russia’s lower house of parliament, was quoted by a state news agency as likening the leak’s “informational attacks” to “poison” in attempt to “demoralize” Russia.
The Kremlin also dismissed the leak. “Putin, Russia, our country, our stability and the upcoming elections are the main target, specifically to destabilize the situation,” a spokesperson told media today.
Pakistan
The family of Prime minister Nawaz Sharif denied any wrongdoing after the leak revealed that several of his children own London real estate through offshore firms. Sharif’s son Hussain told a Pakistani broadcaster that his family had done nothing illegal.
“Those apartments are ours and those offshore companies are also ours,” he said. “There is nothing wrong with it and I have never concealed them, nor do I need to do that.”
However Pakistan Tehreek-i-Insaf party Chairman, Imran Khan, today demanded that the National Accountability Bureau initiate a thorough investigation into the financial holdings of Prime Minister Nawaz Sharif and his family members after a leak of secret files revealed they owned or had the right to authorise transactions for several offshore companies. Imran said the data leak is a defining moment for Pakistan, saying how can those who launder money from Pakistan to offshore accounts ask others to invest in Pakistan.
Iceland
Icelandic Prime Minister Sigmundur David Gunnlaugsson and the family of Pakistani Prime Minister Nawaz Sharif were among those who defended themselves after being named in the “Panama Papers,” a giant leak of offshore fianancial records first published by German newspaper “Süddeutsche
For Gunnlaugsson, who was elected prime minister in 2013, the revelation came in one of the most awkward ways imaginable.
During a television interview for Swedish channel SVT, Gunnlaugsson was asked if he’d ever had illicit dealings with an offshore company.
“As I say, my assets have always been on the table,” said Gunnlaugsson, growing visibly uncomfortable.
When the journalist then confronted the prime minister about his connections to a company called Wintris, Gunnlaugsson denied knowledge of it and walked out of the interview. Since then, pressure has been mounting in Iceland for him to resign, including from former Prime Minister Johanna Sigurdardottir.
Government of India today set up a multi agency group to monitor the disclosures of Panama Papers and act upon them. It said strict action will be taken against the holders of illegal accounts revealed by the papers.
The Indian Express today published a report mentioning the secret list of about 500 prominent Indians who have allegedly stashed money in offshore entities in Panama tax haven. The group comprises officers of CBDT, FIU and RBI among others.
Finance Minister Arun Jaitley, said Prime Minister Narendra Modi has told him that the matter should be investigated. Mr. Jaitley also welcomed the media report saying it is a healthy step that this kind of revelations are being made.
A huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth. Eleven million documents were leaked from one of the world’s most secretive companies, Panamanian law firm Mossack Fonseca.
They show how Mossack Fonseca has helped clients launder money, dodge sanctions and evade tax. The company says it has operated beyond reproach for 40 years and has never been charged with criminal wrong-doing.
Gerard Ryle, Director of the International Consortium of Investigative Journalists, said the documents covered the day-to-day business at Mossack Fonseca over the past 40 years.
Tax authorities across the world begin probes into nationals named in Panama Papers leak. Authorities in Australia and New Zealand are probing local clients of a Panama-based law firm which is at the centre of a massive data leak for possible tax evasion. Other jurisdictions are likely to follow suit following the leak of details of hundreds of thousands of clients in more than 11.5 million documents from the files of law firm Mossack Fonseca, based in the tax haven of Panama.
The documents are at the centre of an investigation published on Sunday by the International Consortium of Investigative Journalists and more than 100 other news organisations around the globe. The German newspaper Sueddeutsche Zeitung said it received the huge cache of documents and shared them with the other media outlets. The leaked “Panama Papers” cover a period over almost 40 years, from 1977 until last December.
The Australian Tax Office said it was investigating more than 800 wealthy clients of Mossack Fonseca. New Zealand’s tax agency said it was working closely with its tax treaty partners to obtain full details of any New Zealand tax residents who may have been involved in arrangements facilitated by Mossack Fonseca.
The British government has asked for a copy of the leaked data to examine the information and act on any possible tax evasion. French President Francois Hollande promised that the leak would lead to legal proceedings in France. Swedish state television reports that the document includes the names of 400-500 Swedes.