The Panama Papers are a world-shaking leak of 11.5m files from the database of the world’s fourth-biggest offshore law firm – Mossack Fonseca.
Twelve national leaders and some celebrities such as Nawaz Sharif, Pakistan’s prime minister; son of Egypt’s former president; the prime minister of Iceland, Sigmundur David Gunnlaugsson, soccer player Lionel Messi, Chinese actor Jackie Chan have known to use offshore tax havens.
Recently, the Twitter’s news feed has been flooded with the hashtag #panamapapers. Most of the people accuse such these people with offshore bank accounts of laundering money or avoiding taxes.
— Marcus Chown (@marcuschown) April 6, 2016
— aaron bowersock (@abowersock) April 6, 2016
Saw desperate poverty today at a Food Bank as #PanamaPapers expose a filthy rich. Tax havens are immoral, widening inequality
— Kevin Maguire (@Kevin_Maguire) April 6, 2016
— M Barak Cherguia (@CherguiaMbark) April 6, 2016
Some argue that it is currently legal to open an offshore bank account. When we haven’t had any clear evidence, don’t judge anyone. Wait and see.
One of the problems with #panamapapers is that (secret) Offshore Constructions are (currently) 'legal', but the public does not like this.
— Putin@War (@DajeyPetros) April 4, 2016
To those who bleat: "Nothing's been proven about #PanamaPapers": 1.Yes we don't have details yet. 2. Can be technically legal AND appalling
— Will Black (@WillBlackWriter) April 6, 2016
In my opinion, I agree with the idea that it is legal to establish offshore bank accounts. However, the trouble only comes when wealthy individuals, politicians take advantage of these accounts to conceal assets, avoid taxes and launder money that may be illegal. To accuse anyone of avoiding taxes, we must wait for the detailed proof.