6/23/2023 0 Comments The panama papersEugenio Figueredo, nor for any of the other people mentioned in the newspaper article,” the legal firm J.P. “Our firm did not maintain any business relationship or conduct business with or for Mr. However, Britain, France, Australia and Mexico have vowed investigations for possible tax evasion.įIFA’s ethics committee said it has launched a preliminary investigation into one of its members, Uruguayan lawyer Juan Pedro Damiani, who is alleged to have had dealings with companies linked to a former FIFA official, Eugenio Figueredo, and two other men who are all under investigation for corruption. The Kremlin has dismissed the allegations as “a series of fibs” aimed at discrediting Putin ahead of elections.Ī statement from the Icelandic prime minister’s office said the offshore firm he’s linked to was a holding company for his wife’s assets, enjoyed no tax advantages and was created to avoid conflicts of interest in Iceland, while a spokesperson for Argentina’s Macri said the president had never owned a stake in the firm he was linked to. How have the accused responded to the Panama Papers? In addition to allegations involving associates of Putin – the Russian leader isn’t himself mentioned by name in any of the documents – and FIFA, the papers also accuse the prime minister of Iceland, Sigmundur David Gunnlaugsson, of having ties, through his wife, to an offshore company that were not properly disclosed, while Argentina’s President Mauricio Macri is alleged to have failed to disclose links to a company in his asset declarations.įIFA boss Gianni Infantino denies wrongdoing The documents reference 12 current or former world leaders, as well as 128 other politicians and public officials. ICIJ reports that a 2015 audit found that Mossack Fonseca knew the identities of the real owners of just 204 of 14,086 companies it had incorporated in Seychelles, an Indian Ocean archipelago often described as a tax haven.Īnd as Gerard Ryle, the director of ICIJ, told CNN’s Christiane Amanpour: “These documents, if nothing else, raise an awful lot of questions.”ĬNNMoney: The murky world of offshore tax havens ICIJ reports that the firm helped establish secret shell companies and offshore accounts for global power players. The more-than 11 million documents, which date back four decades, are allegedly connected to Panama law firm Mossack Fonseca. Iceland names new PM amid Panama Papers fallout ICIJ and an international coalition of media outlets investigated the trove of papers, which allegedly reveal a clandestine network involving associates of Russian President Vladimir Putin, and business ties between a member of FIFA’s ethics committee and men whom the United States has indicted for corruption. CNNMoney has you covered with what you need to know about the story and responses to it. The foreign assets were not declared to the RBI, and they continued to hold the foreign assets and are in continuous enjoyment of the same, it alleged.On Sunday, the International Consortium of Investigative Journalists published a massive leak of documents, dubbed the Panama Papers. In reality, the foreign entity was completely controlled by them and thus, they did overseas direct investment in a foreign wholly owned subsidiary without due permission of the Reserve Bank of India (RBI), the agency said. The ED said besides "mis-declarations" in remittances, Poonawalla and his family members also "wrongly" claimed these investments as foreign portfolio investments. Multiple FEMA contraventions were seen in these transactions, it alleged. The ED found that funds remitted by Poonawalla and his family members were utilised by Stallast Limited to "purchase" four apartments in the Paddington area of central London. Investigators have said not all people whose name figured in this list were offenders. The entire funds remitted by Poonawalla, whose name was found in the Panama Papers revelations regarding offshore entities, and his family members under LRS were invested into British Virgin Islands-based Stallast Limited, the ED said.ĭubbed the 'Panama Papers', an investigation of a stockpile of records from Panamanian legal firm Mossack Fonseca by Washington-based International Consortium of Investigative Journalists (ICIJ) in 2016 had named several world leaders and celebrities who allegedly stashed away money abroad in offshore companies. "However, none of their family members was residing abroad or holding NRI status," it alleged. Poonawalla and his family "used the maximum permissible limit (as available under the LRS) and from the year 2011-12, they remitted money abroad via mis-declarations under the pretext of 'family maintenance and self-maintenance' etc", the agency said.
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