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Vancouver Off-Topic / Current EventsThe off-topic forum for Vancouver, funnies, non-auto centered discussions, WORK SAFE. While the rules are more relaxed here, there are still rules. Please refer to sticky thread in this forum.
Heard about it last night, 11 million documents leaked wow! They must've pisses someone off royally, not the least bit surprised that it goes on though, we're always hearing about things like this (kpmg recently)
lmao lionel messi and jackie chan basically fucked.
moreso to lionel imo, sponsorship deals etc
maybe jail time but i doubt it, prob new laws to prevent this from happening.
doubt it...Messi's already in trouble along with his dad for tax evasion in Barcelona and that hasn't even put a dent in his image
Plus he's got FCB and its infinite oil money sheikh's on his side as long as he stays a world-class player for them which he looks to be for at least a few more years.
Jackie Chan will probably blame his junkie kid or something
Someone brought it up in the comments, interesting news but it seems like it hasn't picked up much steam in North America yet.
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A Vancouver man is among 350 Canadians named in a massive leak of financial records belonging to people who use a Panamanian law firm named Mossack Fonseca, which specializes in offshore-banking.
According to the Toronto Star, a mixed-martial arts trainer named Dave Feser used Mossack Fonseca to “register an anonymous corporation in British Anguilla”.
Feser has not been accused of any wrongdoing. The use of an offshore bank is not illegal and does not necessarily suggest someone is committing a crime. However, legal firms like Mossack Fonseca can be used to help individuals and corporations hide money from governments that might otherwise have a right to claim taxes on it.
The Star article naming Feser is the first of what the newspaper has said will be a series based on 38 years of banking files that were leaked to a German newspaper named Süddeutsche Zeitung.
Dubbed the “Panama Papers”, the leak was subsequently shared with the International Consortium of Investigative Journalists, which counts the Star as well as CBC News among its members.
The leak consists of 2.6 terabytes of information consisting of 11.5 million documents. In addition to the 350 Canadians, individuals identified as having used Mossack Fonseca’s services include 12 current or former heads of state and many more close associates of world leaders like Russian President Vladimir Putin. There are 26 Forbes-listed billionares on the list.
The Star’s first article based on the papers focuses on how Canadians are using offshore banking to avoid paying their full tax burden. “Obscured by figurehead directors, untraceable money transfers and anonymous company ownerships, these Canadians paid for the secrecy promised by Mossack Fonseca, a Panamanian law firm renowned internationally for establishing shell companies,” it reads.
The other Canadians the Star has named so far are Chuck Furey, a former Newfoundland cabinet minister; Eric Levine, a fitness-club operator; Brian Shamess, a sports physician; Eric Ngyuen, an investor who has focused on penny stocks; and John Wright, a mutual broker. The Star has also noted the Royal Bank of Canada (RBC) and its subsidiaries have 378 shell companies listed in the Mossack Fonseca data. RBC has denied any wrongdoing.
A Star editorial explains why the newspaper has chosen to publish information contained in the leak.
“The Star and our partners, including France’s Le Monde, Britain’s Guardian and the International Consortium of Investigative Journalists, are publishing this material not because we believe something illegal is happening, but because we think Canadians should know about how the elite hide and shelter so much money,” it reads. “The rich get to play by different rules than the rest of us. We should all know about this unfairness.
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This is starting to stink, 400 journalists or agencies working for months on this with no leaks? Making out 2 billion to be such a big deal when the derivative market is 10000x as big of a fraud.
Limiting data coming out and selectively burning people and not others?
If this wasn't meant to be manipulated then you put the data out there and let the public make up their mind, not cherry pick what serves your purpose.
Seems like they are burning some low level people like madoff to distract and take the real heat off the big boys.
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With everything going the way of digitalization, things like this are bound to happen.
My parents actual dealt with the firm when they were looking for someone to help them to maximize their tax efficiency. Upon hearing that they have gone fully digital (mind you, this was all the way back in 2003), my dad, being a risk/tech-averse person on this topic insisted on finding a firm that deals in paper&ink.
Now it turns out to be a good move.
For what's worth though, although the news is mainly targeting big names like Messi, Puttin and/or famous elites from other countries, setting up structure like this is something everyone should do once their income start to deviate from wage-only. You don't need to be elite or a millionaire to be looking for this kind of service.
After all, it's just not morally acceptable. But I highly doubt they would be able to make many cases to held in court. These people are paid to make it legit, and they are the finest at it.