Paradise papers Impact :Countries start probe

Bermuda Nov 10: The International Consortium of Investigative Journalists (ICIJ) has brought out paradise papers - the documents to shun the light on offshore entities.

Currently, many Countries have reacted to the global exposure and have taken action. The action taken by the countries are as follows

Argentina

A prosecutor in the Argentine province of Tucuman issued arrest warrants for four officials at the University of Tucuman, in connection to an alleged money laundering scheme connected to mining company La Alumbrera. La Alumbrera was linked to offshore companies belonging to Swiss commodities giant Glencore that were used to reduce taxes on mineral resources extracted from Argentina.

Chile

Two government agencies announced investigations into Paradise Papers revelations. Tax authorities have pledged to investigate Chilean companies that appear in the leaked files, and the Ministry of Transport and Telecommunications said that it had contacted tax officials to
contribute to an ongoing audit of Alsacia-Express, a major operator of public buses that had conducted business offshore in Bermuda.

Colombia

President Juan Manuel Santos publicly released personal financial statements for years 2015 and 2016 after he was linked to two offshore companies in Barbados.

Bermuda

The former head of government, Michael Dunkley, predicted that "Appleby would not survive after the Paradise Papers. Sadly because of how badly they handled the hack, I suggest that they will not be a viable entity going forward. This is also a reputation issue for Bermuda."

Netherlands

The Dutch tax minister said the government would re-examine 4,000 advance tax rulings reached between the Netherlands and foreign companies. These agreements came under fire after the revelation that a tax ruling issued on behalf of the American consumer goods company Procter & Gamble failed to follow regulations.

Singapore

The central bank and financial regulator, the Monetary Authority of Singapore, said it would review the Paradise Papers and take action against any financial institution or individual who breaches our regulations.

Canada

Prime Minister Justin Trudeau said he was "satisfied by the assurances by his longtime friend and top Liberal Party fundraiser, Stephen Bronfman, that he had not broken any laws in his dealings with offshore trusts." Opposition leaders fired back that "Canadians are not satisfied and called for further investigation."

India

The country had ordered a probe into the List of Indians in Paradise papers by the same team which has probed Panama papers.Union Minister Jayanth Sinha has clarified about his role .