Widgets Magazine

Know what are the Panama Papers

Last Modified Friday, 28 July 2017 (14:05 IST)
Panama Papers have done it again!

And this time at the expense of Pakistan's political establishment!
 
But precisely what are these so called Panama Papers!
 
In very shory, The Panama Papers are a bunch of leak!

We know what these leaks can do to us, we know it from the experiences of Wikileaks and Snowden leaks. They can shake things from their very axis!
 
The Panama Papers are 11.5 million leaked documents that are concerned with financial and attorney–client information for more than 214,488 offshore entities.

So you can see, Panama Papers are buried under a rubble of money and this explains the hipe!
 
Some of these documents date back to the 1970s.

They originally belonged to the Panamanian law firm and corporate service provider Mossack Fonseca.

The leaks had first surfaced in 2015 through a source, which identity could not been traced!
 
The sensantinal documents had personal financial information about wealthy individuals and public officials. All of this was previously kept private.
 
Not all of this is black though. Some offshore business entities are legal, but it was found that some of the Mossack Fonseca shell corporations were used for illegal purposes, including fraud, tax evasion, and evading international sanctions.
 
And to add little more salt to it, India has its own large share of Panama Papers connections!

So just brace yourself for some more explosive revelations!
Widgets Magazine