Financial Crime World

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Panama Papers Reveal Global Elite’s Secret Financial Deals

A massive leak of documents from a Panamanian law firm has exposed the extensive use of offshore shell companies by world leaders, politicians, and celebrities to hide their financial dealings. The Panama Papers, released today, reveal that over 61 family members and associates of heads of state, including kings, presidents, and prime ministers, have used Mossack Fonseca’s services to launder money, evade taxes, and conceal assets.

Global Elite’s Secret Deals

The leaked files show that the firm, one of the largest offshore law firms in the world, has created complex corporate structures for its clients, allowing them to operate behind a veil of secrecy. The documents also reveal that Mossack Fonseca has acted with global consultancy partners, including HSBC, to facilitate illegal activities.

Notable Individuals Involved

Among those named in the leaked files are:

  • Clive Khulubuse Zuma, nephew of former South African president Jacob Zuma
  • Nurali Aliyev, grandson of Kazakh president Nursultan Nazarbayev
  • Kojo Annan, son of former United Nations Secretary-General Kofi Annan
  • Mark Thatcher, son of former British prime minister Margaret Thatcher

Facilitating Illegal Activities

The documents also show that Mossack Fonseca has helped clients circumvent international sanctions. More than 30 clients were blacklisted by the US Treasury Department, including businesses linked to senior figures in Russia, Syria, and North Korea.

Notable Examples

One notable example is Rami Makhlouf, cousin of Syrian president Bashar al-Assad, who was sanctioned by the US but continued to do business with Mossack Fonseca. The firm’s internal documents reveal that it only severed ties to Makhlouf months after initially rejecting a recommendation to do so.

Sale of Stolen Gold

The leak also includes details about the sale of stolen gold from the 1983 Brink’s-Mat robbery, which was laundered through a Panamanian company and other front companies.

Timeline of Events

  • 1983: Gold stolen from Brink’s-Mat robbery
  • Late 1986: Metropolitan Police Service raids Centre Services offices
  • 1995: Brink’s-Mat solicitors take control of Feberion and assets
  • 2007: Mossack Fonseca starts backdating documents on request
  • 2008: Firm hires 90-year-old British man to pretend to be owner of offshore company
  • 2011: Mossack Fonseca rejects recommendation to sever ties with Rami Makhlouf
  • July 2014: US Treasury sanctions three Mossack Fonseca companies linked to Syria
  • HSBC’s Role in Panama Papers Scandal Revealed
  • How the Panama Papers Exposed Global Elite’s Financial Secrets
  • What You Need to Know About the Panama Papers