Profile in Focus | The Panama Papers Part 3 (June 2016 - August 2016)
Russia Is A Terrorist State: Part 3 (2011 - 2016)
Profile in Focus | The Panama Papers Part 3 (June 2016 - August 2016)
“Mossack Fonseca sign” by Valenciano under CC BY-SA 4.0.
In June 2016, the aftermath of the Panama Papers leak continued to unfold. Mossack Fonseca, the law firm at the center of the scandal, decided to shut down its offices due to the immense pressure and negative publicity. The leak implicated high-profile individuals worldwide, including athletes like Lionel Messi, who testified in court that his father had advised him to sign the documents.
The Panama Papers also revealed how wealthy clients from the United States had hidden millions of dollars abroad. While the leak caused outrage in some quarters, others questioned the lack of public outcry in the United States. The European Parliament launched a Committee of Inquiry into the Panama Papers to investigate the extent of the offshore tax evasion and money laundering.
Authorities arrested an IT worker from Mossack Fonseca, adding a new twist to the story. The Panama Papers received recognition at the Data Journalism Awards, highlighting the impact and significance of the leak in exposing hidden wealth and corruption. Journalists who played a crucial role in exposing the Panama Papers were acknowledged for their efforts.
The Panama Papers continued to expose corruption and financial misconduct around the world. The leak implicated Cambodians in offshore firms, and it shed light on the use of shell companies by African officials to hide wealth. Nigerian oil moguls and African nations were found to be losing billions of dollars in natural resource revenues due to secret offshore deals.
The Panama Papers gained attention in the entertainment industry as well. Filmmaker Steven Soderbergh announced plans to produce a movie based on the leak, with Netflix acquiring the rights. The Panama Papers also sparked debates on tax havens and their economic and political implications.
Internationally, the Panama Papers had far-reaching consequences. Mongolia, for example, used the leaked information to break new ground in reporting and uncover corruption within its own borders. However, the Panama Papers Commission faced criticism from Joseph Stiglitz and Mark Pieth, former members who resigned due to concerns about the commission's lack of credibility.
The Panama Papers had political ramifications too. In Iceland, the scandal led to early elections being called, putting the spotlight on the country's political landscape. Meanwhile, the wealthy elite became more secretive with their finances, further intensifying the discussion around wealth inequality.
Despite the ongoing investigations and revelations, finding hidden accounts and assets remained challenging. Sergey Kostin, the head of VTB Bank and a close associate of Russian President Vladimir Putin, confidently stated that no one would ever discover Putin's secret accounts.
As the summer of 2016 came to an end, the Panama Papers continued to captivate the world, exposing a global web of financial secrecy, corruption, and the intricate mechanisms employed by the wealthy to hide their wealth offshore.
Written in part in collaboration with ChatGPT on June 7, 2023
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Putin Is A War Criminal
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 3 (June 2016 - August 2016):
How Mossack Fonseca used NZ - in its own words - Radio New Zealand June 1, 2016
Panama Papers firm Mossack Fonseca shutters offices - Toronto Star June 1, 2016
Committee of Inquiry into the Panama Papers - European Parliament Multimedia Centre June 8, 2016
Panama Papers Link Cambodians to Offshore Firms - VOA News June 8, 2016
Authorities Arrest an IT Worker From the Panama Papers Law Firm - WIRED June 15, 2016
The men who exposed the Panama Papers - The Times June 18, 2016
Panama Papers billionaire honoured at York U despite bribery case - CBC News June 20, 2016
Panama Papers are available. Why hasn’t U.S. asked to see them? - Miami Herald June 24, 2016
'The Panama Papers' Book: Inside The Ping Heard 'Round The World - NPR July 2, 2016
Steven Soderbergh to Produce Movie on Panama Papers Leak - Rolling Stone July 7, 2016
Steven Soderbergh Is Making a Movie About the Panama Papers - Vanity Fair July 7, 2016
Mexicans in Panama Papers lack morals: Prodecon - Forbes Mexico July 11, 2016
Peter Bale: Panama Papers, and the state of the media - Radio New Zealand July 16, 2016
Desmond sues over Panama papers article - The Times July 17, 2016
Netflix to Tackle Panama Papers in Next Original Movie -Newsweek July 26, 2016
Why Tax Havens Are Political and Economic Disasters - The Atlantic July 28, 2016
Panama Papers: Pedro Almodovar Is 'Absolutely Against Tax Havens' - Newsweek August 8, 2016
Joseph E. Stiglitz and Mark Pieth: Why We Left the Panama Commission - TIME AUGUST 10, 2016
The rich are getting more secretive with their money - INSIDER August 25, 2016
Kostin: No one will ever find Putin's secret accounts - DW August 25, 2016