The enormous volume of leaked documents from the Mossack Fonseca Law Firm in Panama, will be scrutinised by Tax Inspectors from all over the World to verify any evasion of undeclared income and wealth to avoid the payment of tax !
From the information available it appears,
- there are 11 500 000 Documents,
- for the period stretching from 1977 to 2015,
- concerning 214 000 Companies and 14 000 clients,
- in 200 countries and territories !
It will be interesting to learn the original sources of these riches and the reasons why this wealth was hidden ! That some fortunes have a criminal past, is a certainty ! "Money laundering" by Drug Dealers is well known !
Avoiding Tax illegally, is always a temptation ! Riches acquired abroad from an inheritance, or from payments for after-dinner speeches, are simple examples. Accepting Bribes and hiding them, is criminal and is already the subject of on-going prosecutions !
The usual defence for such sudden fortunes is that they came from gambling in casinos, or from winning in a Lottery ! Whether this is true must also be justified !
There is already news that leading politicians, not only in Europe and the West, are being attacked for undeclared wealth or income ! The initial reaction is to deny any wrongdoing but later the truth surfaces and forces them to admit their guilt.
The Icelandic Prime Minister, Sigmunder David Gunnlaugson has resigned after his explanations were proved to be misleading.
David Cameron, the Prime Minister of the UK has, after being asked five times, finally admitted that his earlier explanations were untruthful ! The Opposition is beying for his blood !
All this is also the proof and the guarantee that the Panama Leaks will have repercussions World -Wide for a long time to come !
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