The Panama Papers are a big data leak which has shed light on how strategic and secretive the world's famous and rich can be in concealing their wealth and investments in order to avoid tax. Mossack Fonseca has been found to be the law firm which facilitates and registers offshore companies for its affluent and powerful clients. Despite the backlash caused by the media's reporting of Mossack Fonesca's involvement in regards to the Panama Papers, the company has remained adamant that the media have misrepresented what they stand for. Their actual slogan (should I say mission) is : 'Wealth management as you deserve it'. I think I'll leave that to the public themselves to scrutinise and analyse whether this management is even necessary, let alone in favour of the greater good.
They released a statement about the recent media coverage on their company website, on tax evasion and avoidance, particularly, they said : "Our company does not advise clients on the structuring of corporate vehicles and the use they make of them. We likewise do not offer solutions whose purpose is to hide unlawful acts such as tax evasion. Our clients request our services after being duly advised by qualified professionals in their places of business. Moreover, it should be made clear that tax avoidance and evasion are not the same thing. For example, a client can use the structures provided by us for tax optimization of his/her estate, such as taking advantage of provisions in treaties for avoiding international double taxation. Such behaviour is perfectly legal." You can view the whole statement here : http://mossfonmedia.com/
This statement alarms me, since when did something being 'legal' made it the moral thing to do? These rich people are being helped to get more rich, whilst those experiencing extreme poverty around the world are getting little or no help. So yes it may be legal for these snobs to put away their financial assets in offshore companies - but its immoral and unethical for those individuals to rob society of monetary contributions it needs to thrive and progress on. As citizens of a civilised society we all bear the social responsibility of investing back into the place we live in by ensuring we give to get. Its a dog eat dog world out here.The future of our society and us, is reliant upon our contributions through tax so that educational services and privileges we take for granted like the NHS can continue and maintain their service. But it seems to me that we cannot trust politicians and other government associated figures to give a toss about the regulation f public services for the majority, because they can afford better private services.
In 2013, David Cameron announced that anyone with an offshore company would be legally required to inform the authorities, in order to avoid tax avoidance and secrecy and so on the back of this, a central register was created. However little did he know, his speech and policies would fly back to stab him in the back. Now in 2016, the Panama Papers have revealed that his late father had involvement with offshore companies. David Cameron has also apologized publicly for not being completely transparent about his his financial profits. He has decided to release information relating to his tax returns for up to ten years back to avoid further controversy. Many have been protesting outside 10 Downing Street for Cameron to be resigned from his premiership.
Although it is concerning for our prime minister to be associated with tax evasion and though it is equally frustrating and annoying that him and his party keep introducing cuts to our welfare system, I think sometimes we forget politicians are human too. Just people who exploit their position and power to overthrow the system and not get done for doing so! There is an Arabic proverb that states if the son of Adam was given two valleys of gold, it still wouldn't be enough, he'd want a third one. Its a bit like when you pop a grape in your mouth, you end up having one, then another one, and then the whole bunch, that you can no longer offer some to your drooling neighbour next to you. On a serious note, people are greedy, especially with money, and so of course those with the vast amounts of money will do everything they can to get more. The people with money are politicians, arms dealers, drug dealers etc .. and so that is why they appeared on a grand scale in the Panama Papers epidemic.
I have now become hugely suspicious about government figures, they seem to be the most organized and bad criminals in society compared to the pretty street thugs loitering the streets of London. The very people that are running the country I live in and the very people governing some of the most iconic countries in the world have been alleged of such an immoral crime? Sooner rather than later, authoritative figures will loose their shine and lines surrounding submission and respect will drop and erode. How soon till a riot occurs? We are constantly bombarded with corruption in the very places we believed in to protect us as a society!
With that being said, the global governments need to flag this at a G8 summit and really focus on how they will stamp down on this issue, we shouldn't wait for another financial crisis to emerge. After all, one man's wealth, is another man's downfall. Lets try and even out our finances to the best of our ability.