There is a lot of fuss going around regarding ‘Panama Papers’. It has been over the headlines and all over social media. A huge leak of 11 million documents from the secret files of Mossack Fonseca revealed how powerful and rich people have taken refuge in Panama to save tax. Panama ‘the tax haven’ is a problem. But, what is it exactly? In case you do not know the whole process, then you need not to read huge boring documents or articles. Vox’s German Lopez has simplified this huge corruption and tax saving scam through some really cute illustrations.
This idea popped up in his mind when DanGliesack on Reddit explained the concept through a story. Believe me, these illustrations solved all my doubts regarding Panama Papers. They have used piggy bank as a metaphor to explain the Panama Papers scandal. The scandal is all about how foreigners set up Panamanian shell companies to become their financial asset’s disguised owners and hide the identity of the real owner.
You have a piggy bank above your closet and you save your quarters in it.
But, your mum keeps a check on it. She know how much you save and how much you spend.
You find this annoying and you don’t like this interference at all!
You find a way out and get a new piggy bank.
And take it to Johnny’s place.
His place is safe. Johnny’s mum stays busy, she never checks piggy banks.
Well, you secretly keep yours there without anyone interfering or keeping a check on it.
Kids living in the neighborhood like your idea!
And they brought their piggy banks to Johnny’s place too.
But, one day Johnny’s mum finds your piggy banks.
She gets mad and calls everyone’s parents about their children keeping money at her place secretly.
The document leak is all about this!
A lot of powerful and rich people have hidden their piggy banks at Johnny’s house in Panama.
The point is not everyone was wrong. They just wanted privacy.
But, there were certain kids who were stealing money and keeping them in their piggy banks. They didn’t want to be questioned by their parents (or pay proper taxes). Hence, they approached Johnny!
Whose money is black and whose is white will soon be clear.
Secret piggy banks are not allowed. Hence, whosoever hid their money in Panama are still in trouble.
Teams of journalists are still going through the records to know what type of activity was going on at Johnny’s place in Panama.
So, now we know why Amitabh Bachchan, Aishwarya Rai Bachchan and many others are under the spotlight. Soon things be clear and people will know that whether illegal and law bending activities were going on or not and to what extent!