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Tag: Panama Papers

WikiLeaks’ On Panama Papers: ‘Everything Censored By Default’

Posted in Archive, Journalism, and MintPress News

WikiLeaks took to Twitter to criticize what the organization describes as the continued “censorship” of the Panama Papers archive by the organizations and reporters who control the contents of the leak.

The massive archive of 2.6 terabytes of financial data leaked from Panama-based law firm Mossack Fonseca is controlled by German newspaper Süddeutsche Zeitung, the International Consortium of Investigative Journalists, and hundreds of journalists who have been selected to write about the archive’s contents.

The Panama Papers exposed the efforts the world’s wealthiest people, including more than a dozen world leaders, take to hide their earnings from tax authorities. The release caused upheaval in Iceland’s governmentand protests in the United Kingdom.

A growing number of international authorities are demanding access to the archive, according to German broadcaster Deutsche Welle, including a German finance minister and representatives of the U.S. Justice Department. But ICIJ’s director told DW last week that they would reject these and all similar requests.

Forget Panama: Why Corporations And The Rich Love US Tax Havens

Posted in Journalism, and MintPress News

The Panama Papers, a massive leak of secret financial data relating to the use of overseas tax havens, cast an uncomfortable spotlight on many political figures and world governments.

However, the 11.5 million documents contain few American names or corporations, leading some to speculate that the documents had been censored before release.

While Mossack Fonseca, the secretive “boutique” law firm that created the hundreds of offshore shell corporations revealed in the leak, may have simply served a primarily European clientele, there’s another reason that few American corporations have been found in the files: When a U.S. company wants to hide its earnings, it’s easier to create a tax shelter at home than to take its business abroad.

Several states, including Nevada, Delaware, and Wyoming, have corporate tax laws so lenient, they are effectively domestic tax havens. In these states, “it’s possible to create these shell corporations with virtually no questions asked,” said Matthew Gardner, executive director of the Institute on Taxation and Economic Policy, a Washington-based nonprofit, in a recent interview with The New York Times’ Patricia Cohen.

While shell corporations may have legal uses, they are most often used for “cloaking wrongdoing” from public and governmental scrutiny. Gardner described to Cohen that, “Aside from avoiding taxes, shell companies are routinely used by terrorist organizations to hide assets, by political donors to sidestep campaign finance laws and by criminals to launder money.”

WikiLeaks Founder Assange Demands Transparency In Panama Papers Release

Posted in Archive, Journalism, and MintPress News

Speaking to the media from the Ecuadorean Embassy where he lives under political asylum, Julian Assange called for greater transparency in the Panama Papers leak.

In an April 9 interview with Al-Jazeera, the WikiLeaks founder praised the work of Süddeutsche Zeitung, the German newspaper that received the massive leak of financial data revealing the offshore tax havens of the world’s rich and famous.

“We’re very pleased about the work that SZ (Süddeutsche Zeitung) — did in the beginning in developing that source. We think that’s really good work. The work of the source of course is the most impressive and then pulling together that collaboration is also impressive work,” Assange said.

After receiving the leak, which contains 11.5 million documents, Süddeutsche Zeitung and the International Consortium of Investigative Journalists organized a coalition of hundreds of journalists who collaborated to analyze the files over the course of over a year before publication began.

The praise hasn’t gone both ways, though. Gerard Ryle, director of ICIJ, seemed to cast aspersions on Assange’s work earlier this month, when he told WIRED magazine, “We’re not WikiLeaks. We’re trying to show that journalism can be done responsibly.”

Iceland Erupts In Protest As Panama Papers Reveal Secret Corruption In Government

Posted in Journalism, and MintPress News

Iceland’s government is under pressure from a tax corruption scandal, and the prime minister could be forced to resign.

For now, Sigmundur David Gunnlaugsson says he’s merely taking a break from the office.

The massive Panama Papers leak, consisting of 11.5 million documents released to German newspaper Süddeutsche Zeitung by an anonymous source, revealed several members of Iceland’s government, including its prime minister are among numerous world leaders with secretive offshore shell corporations, potentially allowing them to hide billions in income from taxes.

A video released Sunday by The Guardian showed Gunnlaugsson abruptly ending a television interview, where he was confronted about selling his share in a shell corporation, Wintris, Inc., to his wife just one day before a new law came into effect which would have required him to disclose his holdings.