Panama Papers scandal News

The case about owning "assets beyond known means of income" is among four graft cases filed by the National Accountability Bureau (NAB) following the Supreme Court's order of July 28 against Dar and ousted prime minister Nawaz Sharif and his family.

Pakistan's anti-graft body has also sought the inclusion of Dar's name on the Exit Control List after he repeatedly failed to appear before the anti-corruption court in the Panama Papers case.

Two prosecution witnesses on Wednesday recorded their statements against ousted prime minister Nawaz Sharif and his family members in an accountability court which formally began trial proceedings against them in corruption cases linked to the Panama Papers scandal.

The Supreme Court initially declined to dismiss Nawaz but ordered an investigation into his family`s wealth. After the probe it disqualified him and ordered a NAB investigation and trial into the family.

The NAB has filed cases of corruption and money laundering against Sharif, his family members and Finance Minister Ishaq Dar in the Accountability Court in Islamabad and Rawalpindi.

"We look forward to a smooth transition as Pakistan's parliament selects the next prime minister,” a State Department official said when asked about the disqualification of Sharif for dishonesty.

Pakistani lawyers on Saturday gave a seven-day deadline to Prime Minister Nawaz Sharif to resign on the Panama Papers scandal otherwise they will launch a nationwide movement against him.

 In a jolt to Pakistan Prime Minister Nawaz Sharif, the Supreme Court on Tuesday ordered a probe into the Panama Papers scandal.

Voters are expected to punish the incumbent coalition after the Panama Papers revealed a global tax evasion scandal that ensnared several senior politicians and forced former prime minister Sigmundur David Gunnlaugsson to resign.

An information technology worker at the Geneva office of Mossack Fonseca, the law firm at the centre of the Panama Papers scandal, has been arrested, Switzerland's Le Temps newspaper reported today.

It has been reported that soon after Amitabh Bachchan was appointed director, one of the four companies, Tramp Shipping Limited (Bahamas), acquired a ship from another Bahamas company, co-owned by his brother Ajitabh Bachchan, in 1994.

Moscow will join the global battle against tax evasion and other illicit activities by signing up to an international scheme to stamp out fiscal cheating, Russia's finance minister said on Thursday.

EU nations have agreed to draw up a blacklist of tax havens in the wake of the Panama Papers leaks. Finance ministers have endorsed the move, which is to be completed by the end of the summer.

Panamanian authorities launched a new raid Friday on an address linked to the law firm at the heart of the Panama Papers scandal, local media reported.

Congress and AAP on Thursday targeted Finance Minister Arun Jaitley on the Panama Papers issue, demanding a judicial probe into the allegations about some Indians setting up offshore entities in a tax haven and asking him to "recuse" from dealing with the matter.

Amitabh Bachchan has said that he has not heard of the company referred to against his name nor he has any connection with these companies regarding Panama Papers. 

The ripples of 'Panama Papers' is being felt far and wide. 

Spain, France and several other countries launched tax evasion probes on Tuesday after a massive leak of confidential documents lifted the lid on the murky offshore financial dealings of a slew of politicians and celebrities.