Panama Papers( leaks) ? The Biggest Financial leaks in History.
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Transcript of Panama Papers( leaks) ? The Biggest Financial leaks in History.
Welcome to
presentation
Hafiz sohail
Khalid # 37
Hamza Hameed
# 38
Hamza Saleem #
40
Ch.Abdullah # 48
Ali Hussain #
25
Arslan Haider #
31
What is panama?
What is panama papers?What is mossack
fonseca?What is offshore
companies?Is offshore companies are
illegal?Tax haven countries?
Effect on Pakistan economy?
international effect of panama?
• Panama (Country in Central America)
• Panama City (Capital of Panama)
• Panama is a country in central America situated in between South and North America.• Panama city is capital of
panama
.
Jürgen MossackRamón Fonseca
Owner of the company
Established in 1977
It is law firm.
More than 40 Offices world wide
It has More than 500 Employees
It helps to clients to open offshore accounts.
It specializes in commercial law, trust services, investor advisory, and international business structures
What is offshore company?• A Company which is established outside
the country is called offshore company.
• Reduced administration • Requires little information when doing
business.• Minimum taxes.• Lower capital requirement• Multi - currency bank account• Confidentiality
Benefit of offshore companies
British Virgin IslandsPanama SwitzerlandBermudaNetherlandsCyprusRwanda
Tax haven
How much money is there in offshore tax havens?
• Estimated at least
$7.6
TRILLION
That's upward of 8% of the worlds financial wealth.
Health care
Education
Infrastructure
Economy etc……
This Money can be use in
Are offshore accounts are illegle?• No , these accounts are not illegal
• Tax evasion• Money laundering• Corruption
However ,these accounts for often used
Effects of panama papers on Pakistan?
As more than 400 Pakistani including politicians ,judges , actors ,Business mans ,military officers and media personals.
Prime minister sons name exposed by these papers.
Nawaz sharif address the nation and promised free inquiry
So opposition is asking for inquiry by the chief justices of supreme court or parliamentary committee.
If independent commission is not established then opposition promised to launched another wave of protest against the federal government.
Prime Minister says,If this commission proves the tax
evasion ,corruption or money laundering then he will resigned.
Names which has offshores companies
Son's of prime minister 09 Shebaz sharif family 07 Saifullah family 34Javed pasha 04Benazir Bhutto 01Rahman Malik 01
Effect on Pakistan economy?
• As Pakistan having low economic indicators; terrorism, extremism, severe energy deficit
• For these circumstances people invest their money abroad.
• We have excellent and attractive C-PEC plan (China Pakistan economic corridor ) and this plan needed peace and political stability.
• We should make strong rules against these kids of unethical issues.
• We should develop trust in Pakistani community to invest in their country.
Who has been exposed so far?
Russia PresidentArgentina PresidentUkraine President king of Abu DhabiFormer Empire of Qatar former Sudan PresidentEngland Prime minister
Former prime ministers of
Iraq Italy Jordon George Pakistan
Effect of Panama papers internationally ?
• Ice land Prime Minister Resigned• Ukraine prime Minister Resigned• Spain's Industry Minister resigned• Indian prime minister Order an inquire• England prime Minister under
pressure
Effect on International economy?
• More bank regularity security .• More security by U.S
prosecutors of foreign bank• More regulation/taxation in
general
Mosack fonseca reaction
Ramón Fonseca said the leak was not an "inside job"—the company had been
hacked by servers based abroad. It filed a complaint with the Panamanian
attorney general's office.
In an interview that Jürgen Mossack and Ramón Fonseca gave to
Bloomberg, Mossack said: "The cat's out of the bag, so now we have to deal
with the aftermath."
