Thursday, March 22, 2018 05:37:07 PM

Will Sri Lanka Wake Up To The Realities of The ‘Panama Papers’ Exposure?

By Lukman Harees - Wed Apr 06, 3:46 am

Featured image courtesy AFP/GETTY – Rodrigo Arangua 

On April 3, 2016, Suddeutsche Zeitung, Germany’s largest daily newspaper leaked 11.5 million files from the database of Mossack Fonseca, a law firm headquartered in Panama City, Panama. The firm is one of the world’s top creators of shell companies, corporate structures that can be used to hide ownership of assets. The files exposed financial dealings of some of the world’s richest and most powerful individuals. The documents included financial records, legal documents such as passports, and correspondences dating back over 40 years ,which reveal offshore accounts of current and former world leaders as well as individuals with close ties to political figures and business moguls around the globe. The files also revealed that it is not only politicians who are found to be tied to the alleged laundering of funds but many celebrities, professional sporting stars and even sporting bodies too. Now that the door is open, new revelations are bound to come forward to expose the depth of the Panamanian corruption scandal. The release of the Panama Papers is thought to be merely ‘Chapter One’ of a much more serious and larger case.

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