Quiz on Panama Paper: Five Facts

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The Panama Paper is a set of at least 11 million documents that were leaked by an anonymous source to the leading German daily Süddeutsche Zeitung. These documents were created by the Panama- based law firm Mossack Fonseca. They provide information on at least two lakh offshore companies and even provide information on directors, shareholders, etc. of these companies. It names leaders from various countries like Iceland Prime Minister  Sigmundur Davíð Gunnlaugsson, Ukranian Prime Minister Petro Poroshenko, friends and close associates of Vladmir Putin, etc. In addition, the papers also reveal the names of a few sports personalities, celebrities, etc. Following the leaks, Mossack Fonseca issued a 2900- word document stating that as per the FATF protocols, beneficial owners of every company (trading or non-trading) is mandatory to open accounts and conduct business transactions. However, this does not address the specific ‘due-diligence failings uncovered by reporters’ the editor of The Miami Herald noted. 

In this quiz, there are five basic facts that would help you understand why Panama Papers is one of the biggest leaks in the world surpassing even the Wikileaks.

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1. Question 1 of 5

   1. Question

   1 points

   Who announced the leak of 2.6 terabytes of confidential data from the law firm Mossack Fonseca?

   • Süddeutsche Zeitung
   • Free Press Journal
   • BBC
   • Anonymous source
   Correct
   

   An anonymous source actually leaked the data worth 2.6 terabytes from the law firm Mossack Fonseca to the German newspaper Süddeutsche Zeitung.

   Incorrect
   

   An anonymous source actually leaked the data worth 2.6 terabytes from the law firm Mossack Fonseca to the German newspaper Süddeutsche Zeitung.
2. Question 2 of 5

   2. Question

   1 points

   Where is Mossack Fonseca headquartered?

   • British Virgin Islands
   • Panama
   • Cyprus
   • Switzerland
   Correct
   

   Headquartered in Panama, the company has operations in Cyprus, Switzerland and British Islands.

   Incorrect
   

   Headquartered in Panama, the company has operations in Cyprus, Switzerland and British Islands.
3. Question 3 of 5

   3. Question

   1 points

   What does the Panama Paper leak establish?

   • The firm funded various terrorist organizations
   • The firm provided explosive materials
   • The firm helped establish offshore companies for various global powers
   • None of the above
   Correct
   

   Mossack Fonseca helped various global powers establish offshore shell companies in various tax havens.

   Incorrect
   

   Mossack Fonseca helped various global powers establish offshore shell companies in various tax havens.
4. Question 4 of 5

   4. Question

   1 points

   Why are shell companies established?

   • As an investment
   • To establish a brand
   • For an additional source of income
   • To evade tax
   Correct
   

   A shell company is a dormant or a non-trading company that is used to mask original financial transactions and ownerships. People typically use this to evade tax.

   Incorrect
   

   A shell company is a dormant or a non-trading company that is used to mask original financial transactions and ownerships. People typically use this to evade tax.
5. Question 5 of 5

   5. Question

   1 points

   Who is scrutinizing Panama Papers?

   • Wikileaks
   • International Consortium of Investigative Journalists
   • Süddeutsche Zeitung
   • All of the above
   Correct
   

   The International Consortium of Investigative Journalists is analyzing the documents leaked by an anonymous via German newspaper Süddeutsche Zeitung.

   Incorrect
   

   The International Consortium of Investigative Journalists is analyzing the documents leaked by an anonymous via German newspaper Süddeutsche Zeitung.