Leaked Panama law firm documents reveal high-profile individuals hiding assets: reports News
Leaked Panama law firm documents reveal high-profile individuals hiding assets: reports

[JURIST] World leaders and other high profile individuals are hiding billions in off-shore accounts, according to reports Sunday that cite confidential documents leaked from a Panamanian law firm. The documents, coined the “Panama Papers” [website] by the International Consortium of Investigative Journalists, purportedly show that numerous politicians, celebrities and other wealthy individuals have hid money utilizing the legal services of Mossack Fonseca [firm website]. The Panama Papers include 11 million documents allegedly illustrating how Mossack Fonseca laundered money and helped their wealthy clients avoid tax consequences and dodge sanctions. It is reported [BBC report] that 12 heads of state are among those implicated by the Panama Papers. Mossack Fonseca has denied any wrongdoing, claiming they were the victim of a data breach and that they have not engaged in any illegal activity.

Tax evasion remains an important global issue. Last year HSBC [corporate website], a Swiss private bank, was a part of on-going string of fraudulent practice investigations since the 2009 leaks by Herve Falciani [BBC profile]. Currently HSBC is under investigation by eight nations for tax evasion [Business Insider report]. Last month the Swiss police raided HSBC’s Geneva office on suspicion of aggravated money laundering [BBC report]. In 2012 the US Department of Justice (DOJ) [official website] announced [press release] that HSBC Holdings and HSBC Bank USA [corporate website], a federally chartered banking corporation based in Virginia, agreed to forfeit USD $1.256 billion to settle a multi-year probe related to the group’s failure to enforce rules to prevent money laundering. As part of the DOJ’s deal, HSBC agreed to enter into a deferred prosecution agreement for its violation of various federal laws.

THIS DAY @ LAW

Justice Department brings anit-trust action against AT&T

On November 20, 1974, the Department of Justice filed its final anti-trust suit against AT&T. United States v. AT&T was ultimately settled out of court with an agreement that the corporation would break up its monopoly on phone service throughout the country.

Nuremberg war crimes trials began

On November 20, 1945, the war crimes trials of Nazi World War II leaders began in the German city of Nuremberg. Review the Nuremberg Tribunal's Charter and the verdicts and sentences handed down on major war figures.

Winston Churchill born

On November 20, 1874, Sir Winston Churchill was born in Woodstock, England. He would go on to lead the United Kingdom as Prime Minister through World War II. Toward the end of the war, Churchill worked with US President Franklin D. Roosevelt to craft the treaties and accords that have defined the world since WWII. A 2002 poll by the BBC declared Churchill the Greatest Briton of all time.

New Jersey ratifies Bill of Rights

New Jersey ratified the Bill of Rights, a set of 10 fundamental amendments to the US Constitution, on November 20, 1789, becoming the first state to do so. The state also ratified an amendment on federal representation which ultimately failed. Additionally, New Jersey rejected an amendment on congressional salaries, which would eventually become the 27th Amendment more than 200 years later. Read the articles ratified by New Jersey.