Thursday, June 21, 2018

The horror story that followed the Panama Papers

New Leak Reveals Chaotic Aftermath Of Panama Papers
Will Fitzgibbon · June 20, 2018

The latest leak of internal documents reveals the panic that marked the beginning of the end for Mossack Fonseca.
New Leak Reveals Chaotic Aftermath Of Panama Papers




*Search the Panama Papers

  
https://offshoreleaks.icij.org/pages/data

Panama Papers firm did not know who 75% of its clients were


Panama Papers: Mossack Fonseca was unable to identify company owners 



 
New Panama Papers Leak Reveals Firm's Chaotic Scramble

“The main purpose of this type of structure has been broken: confidentiality.”
This one email, from a Uruguayan financial planner to Mossack Fonseca in the wake of our 2016 Panama Papers investigation, really sums up the response to our newest investigation.
As our director, Gerard Ryle, often says: What the offshore industry is really selling is secrecy.
Today we are going back to April 2016, and the aftermath of Panama Papers. We’ve been offered a rare opportunity in journalism: to see (courtesy of a new leak of 1.2 million files) how the company at the center of that global investigation responded.
Chaos, about sums it up.
The offshore law firm scrambled to work out the identities of the true owners of 70 percent of the companies it had established in the British Virgin Islands. The British Virgin Islands was revealed by our original investigation to be Mossack Fonseca’s most popular tax haven. It was also among the overseas territories targeted by the United Kingdom in its recent crackdown on dirty money.
One client, who was trying to identify company owners on Mossack Fonseca's behalf, said the Panamanian law firm made them look like “amateurs” and a “Mickey Mouse operation” (read the expletive-laced email here.)
As one offshore expert and lawyer told our reporter, it’s just “crazy as crazy can be” that they didn’t have this information.

Our latest investigation reveals the back-and-forth correspondence between Mossack Fonseca employees, and it also shows how the company reacted. The firm slashed its fees, and some employees moved to other legal outfits who would take on the old clients.
But, if all that isn’t enough for you, our new data reveals the criminal investigations sparked by the Panama Papers that nobody knew about. For example, a mining company listed on the London stock exchange was investigated for alleged bribery in Kazakhstan and Africa just two months after publication.
We also uncovered more offshore details about an array of global elites, including soccer star Lionel Messi and the heirs to iconic French jeweler *Cartier.
Stay tuned as our partners across the globe publish more stories!

**** Data at https://www.icij.org/data/

The horror story that followed the Panama Papers
Exclusive by Neil Chenoweth in AFR
In April 2016 the world was rocked by the Panama Papers, explosive revelations from the leak of 11.5 million documents from a Panama law firm, Mossack Fonseca.

The repercussions were immediate and major for those named in the files – the Australian Tax Office announced on day one that it had identified 800 Australian clients of Mossack Fonseca and Commissioner Chris Jordan led a world-first collaboration of 37 counties to investigate the Panama data.

But while the media exposure was harrowing, what followed was far worse, as tens of thousands of clients of the Panama firm faced a horrifying ordeal trying to escape the Mossack Fonseca universe.

We know just how horrifying it was, because lightning has struck twice – a second leak of 1.2 million additional records from Mossack Fonseca, has been obtained by German newspaper Süddeutsche Zeitung in a project led by the International Consortium of Investigative Journalists in Washingto

The horror story that followed the Panama Papers
 

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(AP Photo/Peter Morrison)

This is how we do it

This is bad

(Photo by Evan Agostini/Invision/AP)

This is fun

  • Could an “Oceans 8” heist really happen? HuffPo fact-checks “the most glamorous con job in cinematic history.”
  • These scientists help make sure that sci-fi has a healthy dose of science over fiction.
  • The people need to know: CNN fact-checks the Canadian prime minister’s eyebrows.

A closer look

  • How do people define “fake news” and why is that important? The American Press Institute asked that question in a major study released this week.
  • Facebook clarified the purpose of its new “news credibility specialist” positions.
  • Fake news can harm children and their self-esteem, according to a new parliamentary report — and kids with poor literacy skills are affected more.
(Screenshot)

Coming up

If you read one more thing

Credibility scores might not be the panacea some might hope for. Here’s why.

10 quick fact-checking links

  1. French fact-checking projects in public media have teamed up to publish their work on a shared platform.
  2. Happy 2nd birthday to the Duke Reporters’ Lab’s Share the Facts!
  3. This currently unpublished study found that U.S. presidential candidates are less likely to repeat claims that were fact-checked as false.
  4. The Wall Street Journal published an opinion article that chastised fact-checking sites like Snopes.
  5. Using blockchain technology and user feedback, the “Trusted News” browser extension is designed to help readers spot fake news.
  6. The Lenfest Institute writes about Verificado 2018, a group fact-checking effort for the upcoming Mexican elections.
  7. Does this new television program accurately portray journalism? USA Today fact checks.
  8. To overcome your fear of public speaking, here’s Bustle’s tip: Fact check.   
  9. UNESCO publishes a book, “Journalism, ‘Fake News’ and Misinformation.”
  10. The latest fact check from the American Bar Association: Is it accurate to say “The president is not above the law”?

via DanielJane, and Alexios

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