This story now
IN OMG! ON 05 Apr, 2016
In case you didn't know, this world is facing the largest information leak that will have a tremendous effect on the course of world financial history.
After the April Fools celebration, we thought that there was just another economic/financial/political joke left untold. Apparently these words hold truth, in as much as 11.5 million back up information. These are Panama Papers, and they have been showing up for a purpose.
Panama papers are leaked documents from the law firm Mossack Fonseca based in Panama. As a business, they offer "comprehensive legal and trust services" to their clients, an mind you, they cater to all businessmen, powerful and influential people, and other rich individuals around the world. Mainly, their clients came from these regions: Cyprus, Wyoming (USA), Costa Rica, The Netherlands, British Anguilla, Samoa, United Kingdom, Bahamas, Belize, Hong Kong, British Virgin Islands, Malta, Panama, Seychelles, and Nevada. Mossack Fonseca has branches in areas where taxes are levied (tax havens), and this includes Panama.
From 1977 to 2015, transactions of the company with at least 400 high-level personalities around the world were leaked by an anonymous source to Süddeutsche Zeitung, a German newspaper media, and was further handed to the International Consortium of Investigative Journalists. Right now, these records will bridge the link to national leaders' and celebrities' cases of corruption, money laundering and other financial manipulation. If you would look at it closely, the firm opened an avenue for a clean business but with this setup, people from around the world could secure amounts of money that are not necessarily clean and justifiable.
I know that this is bit complicated at first, but to make things for understandable, here's how it was explained illustratively. Redditor DanGliesack made an awesome analogy of this issue for too-busy-to-engage dudes out there.
Because he wanted to be spendthrift for his future needs, he set up his piggy bank, and put some money.
Luke reproduced another piggy bank, and searched for a safer place where nobody would care, or steal.
This time, Luke asked some favor to Charles to have this kept.
Transaction is complete, and safety is ensured of Luke's savings. His mother will never know.
Charles was able to convince all other children to do the same thing. Charles doesn't care whether those piggy banks from other children are legitimate or illegal. What's important is that he can cater as much as he could.
...and she found out that these were from kids in the neighborhood, trying to hide money away from their homes.
Parents of these kids in the neighborhood must be informed about this. This is where information leak comes into play.
Charles' house is like Panama, and a lot of people--powerful people chose to hide enormous amounts.
Like Luke, he just wanted security--to avoid his mom from being involved in monitoring his savings. But if you would check for Mark, Clinton, and George's cases, they stole it from somewhere else (their parents, their store, their church); and it's an alarming revelation.
Primarily, hiding piggy banks away from home is prohibited to them. Now, to clear this issue, the whole neighborhood is investigating about these accounts--as equivalent to series of research and investigations made by a hundred of investigative media.
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