Panama Debacle

Though it’s gone cold and stale, its imprints are still been analysed and debated about. The greed of man, overriding the morality of its essence. Breaking the very same laws they create, the elite few, set out to maintain the already expansive gap and privileges. In doing so, there often is a tussle, with the legitimacy of ethical principles. The leak of 11.5m files, from one of the biggest worldwide offshore law firm’s database, (Mossack Fonseca), drew the world’s attention back to the ugly head of “ethical subterfuge,” and man’s avariciousness.

Mossack Fonseca services in incorporating companies in offshore regions or tax havens, such as Singapore, Luxembourg, British Virgin Islands; as well as the management of wealth. It’s a Panamanian firm with a global network of 600 workers in 42 countries. It helped it’s clients to conceal their assets, in tax havens, creating more than 300,000 shell companies along the way. Renowned banks were also involved in using M.F. to hide their clients assets: HSBC holdings PLC, UBC group AG et al. Though the banks rejected any wrongdoing, Jose Ugaz, the chairman of Transparency International said, this “unmasks the dark side of the global financial system, where banks, lawyers and financial professionals enable secret companies to hide illicit corrupt money.”

Just to clarify, there’s nothing unlawful about using offshore companies, it’s a tax avoidance theme, not tax evasion. But the question it raises, is the ethical and moral facet of the system, where those setting the rules, rewrite them, to suit their selfish goals. Whilst the lower earners are taxed on virtually all they earn, the rich privileged, hide their vast wealth in tax havens.

The bible spoke about the greed of man increasing, with perpetual waxed-cold hearts. In 2 Timothy 3:2a (NLT), “For people will love only themselves and their money. They will be boastful and proud…” The files revealed that there were 12 leaders amongst 143 politicians and families thought to be involved in this.

  • The Ukrainian President Petrol Poroshenko
  • In the UK 6 House of Lords members and 3 conservative MPs were cut in the same web.
  • David Cameron also came under huge scrutiny, after it was revealed that his late father used offshore accounts and passed on his wealth to David, which apparently the Prime minister knew about, but has denied.
  • The previous minister of Iceland, stepped down, after he was implicated in the case.
  • Putin was also implicated, (apparently, to have shuffled at least $2 billion through banks and offshore companies, via network of companies, linked to his associates) but he denied any involvement in it.

It’s like a web of greed, not frowned upon by the elite; despite its purposive cover-ups; the truth, investigated by International Consortium of Investigative Journalists, German newspaper Süddeutsche Zeitung and others, revealed itself. Just like the book of Numbers revealed in 32:23b (and be sure your sins will find you out). The lack of moral legitimacy is appalling; there really isn’t any reason to envisage a precedented restructuring and stricture to deter this, but rather one to maintain thee expansive gap; with the rest of the world, left with no choice, but to acquiesce to the lopsided rules of the game.

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