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Panama Papers

Panama Papers are one of the biggest leaks in the human history. International Consortium of Investigative Journalists (ICIJ) released. The panama papers consists of over 11.5 million leaked documents that detail financial and attorney–client information for more than 214,488 offshore entities.The documents, some of which dated back to the 1970s, belonged to the Panamanian law firm and corporate service provider Mossack Fonseca, were leaked in 2015 by an anonymous source.

The documents contain personal financial information about wealthy individuals and public officials that had previously been kept private. While offshore business entities are legal, reporters found that some of the Mossack Fonseca shell corporations were used for illegal purposes, including fraud, tax evasion, and evading international sanctions.

The case was brought to court by Pakistan Tehreek-e-Insaf leader Imran Khan alleging money laundering, corruption, and contradictory statements by Nawaz Sharif, the incumbent Prime Minister of Pakistan, after the Panama Papers leak uncovered links between Sharif’s family and eight offshore companies.

Credit Suisse CEO defends bank over Panama Papers

HONG KONG: The CEO of Credit Suisse said Tuesday the bank does not endorse offshore accounts for tax avoidance or shady dealings, the latest bank to defend itself against accusations made in the Panama Papers leak.