By Ashik kabir

The revelation of the eleven million documents from the world’s most secretive company, Mossack Fonseca which is a Panamanian law firm, is a blow out of the blue for the world communities. The documents show how Massack Fonseca has helped all the powerful and rich clients over the world to launder money, avoid tax and manipulate the sanctions. The company claimed that it has operated for more than 40 years and has never been charged with any criminal activities. The documents show that 12 current or former heads of the state and powerful leaders and 60 people current or former world leaders are involved in this illegal movement of money.
After the revelation the French President has appreciated the outcome and added that now there will be an augmentation in the tax revenues throughout the world. When there is an evidence against the Icelandic PM Sigmundur Gunnlaugson involvement that he has undeclared interest in his wife’s wealth. Soon after the reports the PM has denied the rumours that he is going to resign. The files are also declaring that there is a billion dollar money laundering ring involving close ties with Russian President Vladimir Putin. Although the Kremlin has denied the charges and stated that, the reporters behind this scandal are the former CIA agents and trying to belittle the reputation of the Russian premier.

The Director of the international Consortium of Investigative Journalists (ICIJ), Gerald Ryle, has said that the leak will be proved as the greatest blow to the offshore world has ever taken. He also added that the reports from the documents have given day to day transactions from last 40 years. If the allegations are true then, the economical disparities created by the elites will be evident to the common publics.
The documents have elaborated the fact that how Mossack Fonseca offered financial services designed to help their business clients to hide their wealth. In an email from the documents it is evident that how they used to deceive the authorities. They used to show a natural person who would act as the beneficial owner and therefore his name will be disclosed to the Bank. Since it was very sensitive matter they used charge quite high fees. In a statement, Mossack Fonseca has denied all the allegations regarding the wrong doings.
The data also show secret offshore companies linked to the families and associates of Egypt’s former President, Hosni Mubarak, Former Libyan leader Muammar Gaddafi and Syria’s President Bashar al-Assad. There are also revelation of powerful Chinese businessmen involvement regarding the money laundering which pile up to billions of dollars. Not only the businessmen, but also world famous football player Lionel Messi is also accused of laundering money in the name of a fake enterprise.
In India famous personalities like Amitabh Bachan and his daughter-in-law are also accused of the money laundering with the help of the Panama law firm, Mossack Fonseca. Today up to $2500 dollars are permitted as foreign invested annually in India. “ If the allegations of parking black money are proven then the persons cannot easily avoid punishment under the Black money act of 2015”, Justice M.B. Shah, Chairman of the SIT, stated on black money. The opposition party will be gaining fresh reasons to target the Modi government on failure of pre-poll promises of bringing back black money. Although the Union Finance minister Arun Jaiteley stated that, the government will collect all the possible information regarding it with help of foreign authorities and a proper investigation will be done.
When the whole world is in turmoil over the revelation of money laundering and tax evading , the question is, if the powerful and rich elites all over the world are involved in organized crime of money laundering what will be the outcome of its consequences? This kind of activities is increasing the gap between the rich and pauper class of society. Aren’t we deprived of the tax revenues which could have promised us a better way of living in our poverty wrecked society. When a huge number of people live under the BPL all over the world the outcome of such revelation will be heart wrenching for majority of the middle class people of the earth who work hard to pay for taxes and their family. If the allegations are true a strict measure should taken from the world authorities and especially by developing countries where the tax revenue could have eased the suffering a bit of those respective countries.