💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

German states urge media groups to hand over Panama Papers to prosecutors

Published 04/22/2016, 08:12 AM
Updated 04/22/2016, 08:20 AM
© Reuters. A police officer gestures as he stands guard outside the Mossack Fonseca law firm office in Panama City

BERLIN (Reuters) - Germany's federal states appealed to media outlets on Friday to let prosecutors examine the full detail of the Panama Papers that revealed how offshore firms are used to stash the wealth of the world's rich and powerful.

The scandal broke in early April when German newspaper Sueddeutsche Zeitung said it had received a cache of 11.5 million leaked documents from Panama-based law firm Mossack Fonseca and then shared them with more than 100 other international news outlets and the International Consortium of Investigative Journalists (ICIJ).

Sueddeutsche Zeitung has said it would not give the documents to officials since this would violate the principles of source protection and freedom of press.

The German Bundesrat, the legislative body representing the 16 federal states, on Friday passed a resolution calling on Sueddeutsche Zeitung and the ICIJ to hand over the documents. Tax administration in Germany is handled by the federal states.

"If the data sets from the 'Panama Papers' are not made accessible, then we cannot draw any consequences," Peter-Juergen Schneider, Lower Saxony's Finance Minister, said.

Governments around the globe are investigating possible financial wrongdoing by prominent individuals and corporations after details of hundreds of thousands of clients were leaked from Mossack Fonseca, which has set up around 250,000 companies in the last four decades.

© Reuters. A police officer gestures as he stands guard outside the Mossack Fonseca law firm office in Panama City

The ICIJ said on Thursday it would not participate in a criminal probe by the U.S. Department of Justice. The consortium still has not publicly released many of the leaked files from the Panamanian firm.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.