Panama Tax-haven Data Leak - 2,600 GB. Wikileaks - 1.7 GB

Discussion in 'Off-Topic Discussions' started by Johann, Apr 4, 2016.

  1. Johann

    Johann Well-Known Member

    All over the news today. Leak on tax havens, from Panama. I'm just amazed at the sheer size!

    Info here: Panama Papers: Mossack Fonseca leak reveals elite's tax havens - BBC News
    Q&A here :Panama Papers Q&A: What is the scandal about? - BBC News

    Chart included:

    Wikileaks - 1.7 GB
    Swiss (HSBC) files - 3.3 GB
    Luxembourg Files - 4.4 GB
    Offshore Secrets (2013) 260 GB

    This one: 2,600 GB!

    Someone must have a really high-speed connection! And a great data plan! :smile:
    Congrats to all the journalists involved, from 100+ organizations. Fine job!

    Last edited by a moderator: Apr 4, 2016
  2. Abner

    Abner Well-Known Member

    Damn! I don't know too much about tax havens, but it seems like some of these loop holes need to be closed up.
  3. Johann

    Johann Well-Known Member

    If you look at who uses them - including world leaders and their close associates, you'll realize that'll never happen.
    And it doesn't matter whether the loopholes are legal or not, in any given jurisdiction - they'll always have plenty of customers.

    Good business to be in - high demand. "Wanted - private wealth management. Must know how to keep mouth shut." :smile:

    Last edited by a moderator: Apr 5, 2016
  4. Kizmet

    Kizmet Moderator

    Oh no! Now everybody knows about all my millions!:aargh4:
  5. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    I agree.

    Reasonably strong demand, but a bit risky, especially for U.S. citizens. After George W. Bush went on world TV and said that if you weren't with him that you were with the terrorists, it's been better just to do something else with one's time.
  6. airtorn

    airtorn Moderator

    I've been keeping my degreeinfo 401K there.
  7. Kizmet

    Kizmet Moderator

  8. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    Not a very good article. Using a Delaware corporation as an example tells the interested layperson nothing about how this sort of thing really works. Most notably, it's not like your name won't be on the papers when you start a Delaware LLC, so that's entirely unlike what offshore registered agents do. But even with that, creating a corporation in another country is not the hard part. Getting a bank to open an account for that corporation (or trust, or foundation, or whatever) is the more difficult thing, especially since the bank will need to know who the "beneficial owner" is -- a term that basically mean the person behind the curtain who really controls the assets. It's been decades since there were numbered bank accounts like they still refer to on mass market TV dramas.

    I could go on, but suffice it to say if it were simple or easy, it wouldn't really work.
  9. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    BTW, I know some of these articles are talking about U.S. state LLCs like they're safely anonymous, but consider that the guy who literally wrote the book on them was subsequently an extended houseguest of the U.S. government for tax evasion.
  10. Johann

    Johann Well-Known Member

    True - and that's why professionals - lawyers, fiduciary agents etc. are needed for these dodges-or-whatever. I've been told (never mind who told me :smile: ) that the only nations with really good banking secrecy nowadays are Myanmar/Burma and Nigeria - and would you really want to keep substantial money in either? :shock:

  11. Johann

    Johann Well-Known Member

    Last edited by a moderator: Apr 7, 2016
  12. Rich Douglas

    Rich Douglas Well-Known Member

    Still awaiting the release of information on Americans. Should be interesting.
  13. Kizmet

    Kizmet Moderator

  14. Johann

    Johann Well-Known Member

    Here are some names for you, Rich. Here Are Some Of The Americans In The "Panama Papers" | Zero Hedge

    I've read several articles on why there appear to be so few Americans:

    (1) Many are probably using firms other than Mossack Fonseca - firms that didn't get hacked.
    (2) Many more have probably formed their shell companies in jurisdictions other than Panama
    (3) Americans like friendly places like the US Virgin Islands, which offer good opportunities for forming corporations.

    Last edited by a moderator: Apr 8, 2016
  15. Koolcypher

    Koolcypher Member

    He he he, the Mosack-Fonseca leak has created a huge opportunity for our company. I work for a political communications/PR firm in Nicaragua. Since the leak was announced we have been working non-stop with clients throughout Latin America. Many to these clients are being proactive in crisis control. I'm working with several government officials and it has been an eye opening experience to say the least. The Panama Papers :deal:clearly shows how the elite move their money around.:mischievous:
  16. Johann

    Johann Well-Known Member

    I wish you all the success in the world. Obviously, there's more than one kind of good thing happening as a result. I also hope that hackers open all the data bases in every tax haven on the planet - no later than 5:00 PM tomorrow, if possible.

    (1) Trillions in taxes and fines will have to be paid.
    (2) People who should go to jail - will.
    (3) Politicians will have to resign. Hopefully all of them! :firedevil:
    (4) Koolcypher will become so rich, he'll have to open at least 10 shell companies. :smile:

    Last edited by a moderator: Apr 9, 2016
  17. Kizmet

    Kizmet Moderator

  18. jfosj

    jfosj Member

  19. Kizmet

    Kizmet Moderator

  20. Johann

    Johann Well-Known Member

    Extremely interesting! I expect there will be one or two best-selling books (and a bunch of pretenders) coming out of this. Maybe a good "big-money" novel or two will be inspired as well. I used to like them, years ago. In particular, those by Michael M. Thomas. He's still around.

    Last edited by a moderator: Jun 7, 2016

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