The Professional Criminals Who Control Our Lives

Posted: July 7, 2017 in Attacks on the Working Class
Tags: , , , , , ,

Panama Papers – Shady World of Offshore Companies

Das Erste/NDR (2016)

Film Review

The Panama Papers is a German documentary about the infamous Panamanian law firm Mosack Fonseca, exposed by the Panama Papers leak* in 2015. The law firm, which has offices in 48 countries, assists banks, corporations, heads of state, drug lords and Mafia dons in creating offshore corporations to escape taxes, pension obligations and criminal prosecution in their own countries. In all, Mossack Fonseca has created over 214,000 offshore companies.

The film makers have a particular interest in the German partner, Jurgen Mossack, who immigrated to Panama as a child.

Among the Mossack Fonseca clients highlighted are an Israeli diamond merchant who used his offshore company to bribe a Guinean dictator for free iron mining rights. He later sold them to Brazil for $500 million dollars. Also featured is former Icelandic prime minister Sigmundur Gunnlaugsson, who was forced to step down and he and his wife were discovered to have offshore companies created by Mossack Fonseca.

My favorite segment is the one where the filmmaker goes online to set up his own offshore company for 3,000 euros. Within a week, he receives an official Panamanian address for his company and the minutes of an extraordinary meeting called by the company’s board of trustees. He then flies to Panama to visit his company office – which turns out to be an unoccupied floor in a Panama City office building.


*In 2015 a Mosack Fonseca whistleblower leaked 11 million documents (mainly emails) to a small German newspaper – which immediately shared them with the International Consortium of Investigative Journalists.

Comments
  1. Thanks Stu; we have posted a few reports on illicit capital flows at https://giftoftruth.wordpress.com/reports/

    As much as 70% of corporation tax flows from countries into foreign tax havens;

    More than our total imports and exports;

    Imagine, using it for development and social and environmental rehabilitation?

    This will give every country the ability to save themselves from an evil piratical and vampiric system, sucking the very life out of us; in peace

  2. Thanks for sharing. Will watch later.

  3. I think you’ll really enjoy it Rosaliene, especially the part where the investigator goes to Panama and tries to find all the board members who have been elected to his off-shore corporation.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s