Information continues to trickle in from the Panama Papers data leak
Four months after the biggest story to break this year, the International Consortium of Journalists (ICIJ) have released further information resulting from the Panama Papers information acquisition.
This time, the focus is on resource rich African nations, the suspected bribery and forgery involved in negotiating contracts and the use of shell companies in tax avoidance circuits.
According to the ICIJ, 37 companies named in the Panama Papers are either currently under investigation or have been named in legal cases that relate to oil and gas resources in Africa. In fact, they report that out of 17 companies currently under investigation for their involvement in an oil and gas contract negotiation in the Algerian nation by the Italian government, 12 were created by Mossack Fonseca – the law firm whose financial and client records have brought recent allegations forth.
According to a recent article in the New York Times, Mossack Fonseca representatives claim to have complied with all regulations in the countries in which they conduct their business, and conduct all necessary due diligence on clients.
However, prominent cases point to an alternative truth; Farid Bedjaoui, an Algerian national, has been accused of accepting bribes totalling more than $200 million in payment for his help aiding Italian company Saipem in their attempt to successfully acquire pipeline contracts in the country.
In related news, Nuix, the software provider that provided the processing technology for the Panama Papers – a staggering 11.5 million documents – has recently announced a collaboration with data analytics firm Teradata. The two companies will work together in an attempt to process ‘dark data’ – information that has been collated but not necessary analysed, and is often thought to relate to criminal activity.
Through this partnership, Nuix and Teradata aim to transform dark data into simpler forms of information that are easy to process, helping common customers in the financial service industries before then, it is expected, applying the model to serve a wider community.