So one month later: Putin has associates on the list (he doesn't give a shit), Clinton has associates on the list (she doesn't give a shit), and the Iceland guy resigned. Whew, it sure has been a rollercoaster ride. Like I said at the beginning, it is meaningless if everyone already knows. This was a non-story from the start.
Panama Papers: US launches crackdown on international tax evasion "Barack Obama is launching a crackdown on international tax evasion in response to recent disclosures in the Panama Papers revealing the scale of offshore financial activity. In a series of initiatives announced by the White House on Thursday night, the president will take executive action to close loopholes used by foreigners in the US and call on Congress to pass legislation Though the later steps may hit political obstacles in an election year, the package of measures are among the most comprehensive response yet to the Panama Papers revelations, disclosed by a consortium of international journalists including The Guardian. “In recent weeks, the disclosure of the so-called ‘Panama Papers’ – millions of leaked documents reportedly revealing the use of anonymous offshore shell companies – has brought the issues of illicit financial activity and tax evasion into the spotlight,” said the White House in a statement. “The Panama Papers underscore the importance of the efforts the United States has taken domestically, and the efforts we have undertaken with our international partners, to address these shared challenges.” Earlier Obama, who is also under pressure to limit the flow of corporate money out of the US, was one of the first world leaders to respond to the record-breaking leak last month. “There is no doubt that the problem of global tax avoidance generally is a huge problem,” Obama told reporters in an unscheduled appearance last month. “The problem is that a lot of this stuff is legal, not illegal.” The initial package of measures outlined by the White House this week may not go as far as some campaigners wish, but focus largely on increasing transparency regulations as a tool to flush further offshore tax abuses into the open. These include: immediate executive action to combat money laundering, terrorist financing, and tax evasion with tighter transparency rules new treasury rules closing a loophole allowing foreigners to hide financial activity behind anonymous entities in the US. Stricter “customer due diligence” rules for banks handling money of behalf of clients The White House and Treasury also called on Congress to pass a series of detailed measures they say would more directly tackle the problem of offshore tax avoidance in the longer run. Related: New Treasury rule could make it easier to hide money in the US, critics say “The treasury department has long focused on countering money laundering and corruption, cracking down on tax evasion, and hindering those looking to circumvent our sanctions,” said treasury secretary Jack Lew in a statement. “Building on years of important work with stakeholders, the actions we are finalizing today mark a significant step forward to increase transparency and to prevent abusive conduct within the financial system.” http://www.msn.com/en-us/news/us/pa...ternational-tax-evasion/ar-BBsH5CR?li=BBnb7Kz
Entire database goes online tonight. Fasten your seatbelts. Panama Papers: Full database revealed http://www.telegraph.co.uk/news/2016/05/09/panama-papers-full-database-revealed/
Hard to tell who is who. If I type in Trump, I get https://offshoreleaks.icij.org/search?utf8=✓&q=Trump&e=&commit=Search
Clinton: https://offshoreleaks.icij.org/search?utf8=✓&q=clinton&e=&commit=Search Sanders: https://offshoreleaks.icij.org/search?utf8=✓&q=sanders&c=&j=&e=&commit=Search
If I were an investigative reporter, I would look closely into line item 3. I wonder how much laundered money in the US stock and bond market. Look at item 5. Ireland. Gee, I wonder how money makes it back into the US market from US multinationals. That $2T isn't overseas at all. Probably a good $1T is in our markets through sovereign wealth funds. Untaxed money being invested in our markets, untaxed again. http://ticdata.treasury.gov/Publish/mfh.txt MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES (in billions of dollars) HOLDINGS 1/ AT END OF PERIOD Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Country 2016 2016 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ China, Mainland 1252.3 1237.9 1246.1 1264.5 1254.8 1258.0 1270.5 1268.8 1271.2 1270.3 1263.4 1261.0 1223.7 Japan 1133.1 1123.5 1122.6 1144.9 1149.2 1177.1 1197.0 1200.8 1197.1 1214.9 1215.9 1224.7 1224.4 Carib Bkg Ctrs 4/ 361.1 350.5 351.7 336.6 322.2 322.7 329.2 323.9 318.5 311.4 295.6 292.8 281.6 Oil Exporters 3/ 281.0 293.0 292.5 289.0 291.4 291.3 293.2 298.4 296.7 296.8 292.9 297.3 296.8 Ireland 255.5 252.2 265.1 246.4 232.9 222.5 216.4 216.6 217.7 209.0 215.7 214.3 206.5 Brazil 247.3 255.7 254.8 255.0 255.0 251.6 255.3 257.9 256.3 258.5 262.7 261.5 259.9 United Kingdom 2/ 236.5 223.3 218.3 215.4 211.7 215.1 223.9 214.1 215.7 200.1 195.8 200.4 194.0 Switzerland 236.2 237.4 231.9 227.1 225.6 227.6 222.7 218.4 217.0 222.7 215.8 211.8 201.7 Luxembourg 208.8 200.2 200.5 193.0 188.2 191.0 184.8 185.2 183.4 177.0 171.0 176.7 179.2 Hong Kong 201.7 201.6 200.2 196.6 197.0 198.6 193.2 182.8 181.3 186.3 183.1 180.7 175.4 Taiwan 182.7 183.3 178.7 177.5 178.1 178.1 172.5 172.4 175.6 174.2 170.3 168.2 165.9 Belgium 143.0 137.5 121.7 143.6 138.3 135.8 110.7 155.5 207.7 202.8 228.9 252.8 345.3 India 118.8 119.8 116.8 115.4 116.6 113.5 115.6 116.4 117.0 114.0 110.3 107.7 101.7 Singapore 111.5 113.9 110.3 108.3 111.6 122.9 116.0 112.7 113.6 110.3 109.7 110.6 109.7 Russia 87.6 96.9 92.1 88.0 82.0 89.1 89.9 82.1 72.0 70.6 66.5 69.9 69.6 Germany 80.5 80.2 74.7 83.9 81.6 83.4 80.2 80.0 74.7 76.0 76.3 72.2 68.6 France 78.5 58.4 61.6 58.9 51.6 51.7 58.3 51.4 55.9 51.1 74.9 80.4 70.2 Korea 78.2 74.2 74.6 72.6 69.1 69.4 72.1 74.4 76.7 74.3 71.8 67.2 63.8 Mexico 72.2 69.9 72.2 68.0 72.5 78.7 79.9 85.9 86.2 86.4 87.4 85.0 82.2 Norway 69.8 68.1 69.1 69.7 70.1 69.8 69.4 66.5 67.2 64.8 66.6 71.6 73.2 Canada 69.4 70.7 72.4 68.3 66.8 69.2 66.8 69.2 68.1 70.9 72.0 73.1 70.5 Turkey 53.4 59.8 64.6 67.1 61.9 68.9 72.9 75.4 75.8 78.5 77.8 76.2 79.5 Netherlands 50.7 50.5 49.2 45.2 44.6 39.8 38.7 39.2 36.7 37.1 37.6 38.7 36.6 Thailand 43.0 39.7 39.1 36.3 34.5 31.9 34.2 32.7 31.4 31.0 29.0 31.0 34.0 Philippines 41.4 42.6 43.0 42.8 41.7 41.9 41.1 40.8 39.9 39.0 39.4 39.1 39.8 Sweden 41.0 40.8 39.4 39.6 40.2 40.2 40.8 40.7 40.0 39.1 38.9 38.6 38.7 Spain 38.2 37.1 36.2 35.2 33.8 34.5 34.5 31.7 31.5 31.2 31.4 32.4 29.4 Italy 36.8 36.2 34.6 34.1 34.6 33.9 32.0 32.0 32.9 32.9 32.7 32.5 31.7 Colombia 35.1 36.2 37.0 36.9 36.0 36.8 37.2 36.8 37.6 36.7 35.4 35.2 35.9 Poland 33.5 33.2 30.2 29.8 30.2 28.4 27.6 27.9 28.2 28.5 27.6 28.3 29.3 Australia 33.1 32.1 30.6 30.2 27.6 31.3 29.4 30.9 34.0 32.1 33.8 36.3 34.8 Chile 30.7 28.5 27.3 27.9 27.7 27.8 28.3 29.2 29.0 28.5 28.3 28.6 25.7 Denmark 23.4 22.7 21.1 19.0 18.4 18.4 17.8 18.3 17.1 17.3 16.4 16.6 16.6 Kazakhstan 23.0 23.7 22.6 24.8 23.8 25.4 24.9 24.4 28.4 28.5 27.1 29.7 32.0 Israel 18.7 18.3 20.8 18.1 16.2 17.4 14.9 16.3 20.0 19.9 20.9 22.0 23.5 Vietnam 12.0 12.1 12.3 12.4 12.6 12.6 12.9 13.3 13.6 13.7 13.4 13.7 13.9 Peru 11.5 12.4 12.5 11.6 11.2 11.3 11.5 11.3 11.6 10.9 10.8 11.2 10.8 Malaysia 10.3 9.7 8.5 7.4 6.7 6.5 6.0 6.3 7.1 7.9 7.5 7.6 7.7 All Other 194.7 199.2 191.2 184.7 179.6 182.2 179.7 179.6 178.6 179.8 183.2 175.0 179.7 Grand Total 6236.2 6183.3 6148.1 6125.7 6047.7 6106.3 6102.1 6120.0 6163.1 6134.8 6137.9 6172.6 6163.4 Of which: For. Official 4081.8 4093.6 4094.6 4116.6 4099.2 4147.5 4178.0 4173.7 4178.9 4173.3 4144.9 4138.6 4097.4 Treasury Bills 319.0 329.6 336.7 326.4 307.3 328.0 355.7 359.2 368.3 376.9 367.6 364.5 351.4 T-Bonds & Notes 3762.9 3763.9 3757.9 3790.2 3791.9 3819.4 3822.4 3814.5 3810.6 3796.4 3777.3 3774.1 3746.0 Department of the Treasury/Federal Reserve Board April 15, 2016 * Includes holdings of Treasury bonds and notes as reported on TIC Form SLT, "Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents" 1/ The data in this table are collected primarily from U.S.-based custodians and broker-dealers. Since U.S. securities held in overseas custody accounts may not be attributed to the actual owners, the data may not provide a precise accounting of individual country ownership of Treasury securities (see TIC FAQ #7 at: http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/ticfaq1.aspx). Estimated foreign holdings of U.S. Treasury marketable and non-marketable bills, bonds, and notes reported under the Treasury International Capital (TIC) reporting system are based on annual Surveys of Foreign Holdings of U.S. Securities and on monthly data. 2/ United Kingdom includes Channel Islands and Isle of Man. 3/ Oil exporters include Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya, and Nigeria. 4/ Caribbean Banking Centers include Bonaire, St. Eustatius, and Saba; Bahamas; Bermuda; Cayman Islands; Curacao; Sint Maarten; and Panama. Beginning with new series for June 2006, also includes British Virgin Islands.
Offshore companies linked to homes in expensive areas Most of the American addresses released in the Panama Papers are not lawyers' offices but personal residences, and they're almost exclusively in high-income ZIP codes. The 11 million documents leaked from Panamanian law firm Mossack Fonseca reveal thousands of names and addresses linked to offshore companies that the rich can use to squirrel away assets abroad. Those addresses tend to be in some of the country's highest-income ZIP codes. http://www.cnbc.com/2016/05/18/pana...anies-linked-to-homes-in-expensive-areas.html