Profile in Focus | The Panama Papers Part 8 (January 2018 - June 2018)
Russia Is A Terrorist State: Part 3 (2011 - 2016)
Profile in Focus | The Panama Papers Part 8 (January 2018 - June 2018)
“Sign for Revenue Canada Building at 201 May Street North in Thunder Bay, Ontario, Canada” by Xtabi under CC BY-SA 3.0.
As 2018 began, the Panama Papers continued to make waves around the world. It was revealed that the scandal had connections even to the art world, as the investigation uncovered the involvement of Picasso's stepdaughter, Catherine Hutin-Blay, in an offshore company. This revelation shed light on how the Panama Papers reached far and wide, touching various aspects of society.
The global effort to recover lost taxes from those implicated in the Panama Papers gained momentum. While the rest of the world had managed to recover more than $500 million, Canada remained silent on whether it had collected any lost taxes. The push for transparency and accountability continued as the international community aimed to expose the hidden money of oligarchs and criminals.
In January, the European Union removed Panama from its tax haven blacklist, which sparked debates and discussions about the effectiveness of such lists in curbing offshore tax evasion. The decision raised questions about the criteria used to designate tax havens and the ongoing struggle to combat illicit financial activities.
In February, a Latvian banker shared his story of corruption, offering a glimpse into the intricate web of money laundering and illegal activities within the financial industry. The case of the banker illustrated the challenges faced in prosecuting money launderers and the ways in which they often escape punishment.
In a significant development, the law firm at the center of the Panama Papers scandal, Mossack Fonseca, announced its official closure. The firm, facing the repercussions of the tax scandal, shut down its operations. This marked a turning point in the aftermath of the leak and demonstrated the severe consequences faced by those involved in facilitating offshore tax evasion.
The Canadian Revenue Agency (CRA) faced criticism for auditing only five Canadians out of hundreds of Royal Bank of Canada (RBC) Panama Papers accounts. The limited action by the CRA raised concerns about the thoroughness of the investigation and the potential for many individuals to evade consequences for their involvement in the offshore schemes.
In April, Reuters via INSIDER gave us a tragic reminder of the assassination of Maltese journalist Daphne Caruana Galizia, who had been investigating the Panama Papers. Her death served as a chilling warning of the risks faced by journalists who expose corruption and the lengths to which powerful individuals may go to silence them.
Throughout the first half of 2018, new leaks related to the Panama Papers emerged, exposing further offshore secrets and the chaotic scramble within Mossack Fonseca to identify clients and salvage their business. These leaks revealed the firm's inability to identify the owners of a significant portion of its clients, highlighting the lack of transparency and accountability within the offshore industry.
The Panama Papers also reached the world of entertainment, as it was announced that a film titled "The Laundromat" would be made, featuring Meryl Streep and exploring the scandal. The cultural impact of the Panama Papers was significant, further spreading awareness of the issue to a wider audience.
As the year progressed, more revelations came to light, including the offshore links of footballer Lionel Messi and the compromised passport information of Japanese individuals. The quest to uncover the real owners of offshore companies continued, with ongoing investigations into the complicated financial networks involved.
The Panama Papers continued to be a catalyst for global scrutiny of offshore financial activities and the fight against tax evasion. The leaks exposed the dark underbelly of the financial world and led to significant repercussions for those involved. The pursuit of justice and transparency remained ongoing as the world grappled with the complexities of illicit financial flows and the need for systemic change.
Written in part in collaboration with ChatGPT on June 13, 2023
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Russia Is A Terrorist State:
Part 1 (1990s)
Part 2 (2000s)
Part 3 (2011 - 2016)
Part 4 (2016 - 2019)
Part 5 (2020 - 2021)
Part 6: (2022+)
Sources for Profile in Focus | The Panama Papers Part 8 (January 2018 - June 2018):
Picasso And The Panama Papers - WAMU January 8, 2018
EU ministers remove Panama from tax haven blacklist - DW January 23, 2018
‘A nightmare’: Banker tells tale of Latvian corruption - AP News February 19, 2018
Mossack Fonseca law firm to shut down after Panama Papers tax scandal - The Guardian March 14, 2018
Panama Papers law firm Mossack Fonseca to shut down after tax scandal - Reuters March 14, 2018
"Panama Papers": Mossack Fonseca ceases its activities - Le Monde March 15, 2018
Panama Papers law firm Mossack Fonseca 'to close' - Financial Times March 15, 2018
CRA audits just 5 Canadians out of hundreds of RBC Panama Papers accounts - CBC News March 23, 2018
The shadowy dealings of global finance - The Harvard Gazette April 5, 2018
With New Sanctions the US Treasury Goes after Putin’s Inner Circle - Atlantic Council April 6, 2018
Panama Papers investigation targeted oil businessman - Toronto Star May 3, 2018
Meryl Streep to star in Steven Soderbergh's Panama Papers thriller - The Guardian May 14, 2018
Drug prices: Dealmaker Stefano Pessina has link to Panama Papers - The Times May 25, 2018
More documents from Panama Papers law firm leak out, exposing its panic - CBC News June 20, 2018
New Panama Papers leak reveals offshore secrets of Lionel Messi - The Irish Times June 20, 2018
Panama Papers: Mossack Fonseca was unable to identify company owners - BBC News June 20, 2018
Panama Papers firm did not know who 75% of its clients were - The Guardian June 20, 2018