Panama Papers: How The RICH Play By Different Rules!!
❓ What are the Panama Papers❓
It was the largest data leak in history that was revealed in 2016. Just over 2.6 terabytes of sensitive financial data was made public. That data dump showed the scale and ways that the global elite were using the traditional financial system to exploit tax regimes, offshore companies to avoid tax and hide wealth. National leaders, sports and film stars were all implicated and, even worse, it transpired that all this stuff went back to the 1970s.
🤷 Why Should You Care? 🤷
Well, if you are unhappy about the state of your public services then the chances are that you are not best pleased about these tax dodgers. Libertarians won’t care about that. However, there are numerous examples of Mossack Fonseca and banks like HSBC actively helping to fund the crushing of democractic movements. Yep, that includes working with regimes like Syria - I tell you all about that in the video!
👊 The Scale of The Scandal? 👊
29 people on the Forbes rich list were implicated in the Panama papers. So, it is not surprising that the source wanted to stay anonymous - annoying rich and powerful people could endanger their life. All that whistleblower wanted was for the corrupt activities of the super wealthy to be exposed. The data was passed on to German newspaper Süddeutsche Zeitung, which shared it with the International Consortium of Investigative Journalists. For over a year, over 4000 journalists looked into that data dump before publishing their findings. Watch my video to learn about all the shady things that happened in the British Virgin Islands, which political leaders got burnt and China’s censorship of the data.
🌴 A Rotten Financial System 🌴
There have always been theories, allegations and rumours of hidden wealth. However, there was never any real evidence before the Panama Papers. Mossack Fonseca was the world's fourth largest offshore law firm - so, there is a lot more hidden wealth out there. According to some estimates, 8% of global wealth is hidden in tax havens!
🦹♂️ How Much Laundering In Crypto? 🦹♂️
Check out my vid and see how crypto stacks up to the amount of laundering rife in the traditional system. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.