Sidra KhalidMS Scholar Department of SociologyArid Agriculture University RawalpindiTutorAllama Iqbal Open University, H-8 Islamabad

Presented By

Introduction

Panama leaks2.6 tb 11.5 million documents214,000 offshore companiesMossack fonsecaJohn DoeGerman newspaper Süddeutsche ZeitungInternational Consortium of Investigative Journalists (ICIJ)illegal purposes

Background

A tax haven

To avoid taxes

Money laundering activities Not cooperate with international tax transparency initiatives

Offshore company

A Company which is established outside the country is called offshore company.

Shell Companies

A shells arecorporations that exist mainly on paper, have no physical presence, employ no one andproduce nothing. They are frequently used to shield identities and/or to hide money.

. A shell company can often be identified by a number of red flag indicators including:• No phone number• No e-mail address• No physical address• No company logo• No contact person• No federal identification number

Mossack Fonsecca

Mossack Fonseca is aPanamanian law firm knownfor helping clients set upoffshore accounts.Their clients include criminalsand members of variousMafia groups, in addition togovernment officials.

Owner of the company

Personalities which reveals through Panama Papers

Politicians:Prime Minister Nawaz Sharif’s family (9 companies) Punjab Chief Minister Shahbaz Sharif’s relatives (7 companies)Former PM Benazir Bhutto (1 company)Javed Pasha, Close friend of Asif Ali Zardari (4 companies)PPP Senator Rehman Malik (1 company)PPP Senator Osman Saifullah’s family (34 companies)

Mehmood Ahmed of Berger Paints (1 company)Hussain Dawood family (2 companies)Abdullah family of Sapphire Textiles (5 companies)Shahid Nazir, CEO of Masood Textile Mills (1 company)Clover Pakistan (1 company)Zulfiqar Paracha and family of Universal Corporation (1 company)

Personalities which reveals through Panama Papers

Judges:Serving Lahore High Court Judge Justice Farrukh IrfanRetired Judge Malik QayyumMedia:Mir Shakil-ur-Rehman of GEO and Jang Group (1 company)

Personalities which reveals through Panama Papers

Argentina President Ukraine President king of Abu Dhabi Former Empire of Qatar former Sudan President England Prime minister Russia President

Personalities which reveals through Panama Papers

Former prime ministers of

Iraq

Italy

Jordon

George

Pakistan

Effect of Panama papers internationally ?

Ice land Prime Minister Resigned

Ukraine prime Minister Resigned

Spain's Industry Minister resigned

Indian prime minister Order an inquire

England prime Minister under pressure

Panama Papers (international collaborative project) have leaked the significant documents (approximately 11.5 million documents totaling 2.6 terabytes of data) about Mossack Fonseca firm (an off shore law firm) in Panama (A country in Central America) which has helped investors around the world to evade tax, launder money, among others.

summary

No conclusion can be drawn on Panama Papers leak case yet

conclusion