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This article seeks to contribute to the discussion about the role of online media in cases of public interest, in this case a financial political scandal (Thompson, 2001). For this, it was inquired into how it becomes visible (Thompson, 2001 & 2005), through Twitter, the link between the presidential candidate Sebastián Piñera and the scandal over tax havens, in particular, the case of the 'Panama Papers'. The months of the presidential candidacy were set as the time limit, concluding in the first round of the presidential elections in Chile (between March 21 and November 19, 2017). It was concluded that on Twitter the scandal is visible through three main acts: discredit, face and take position, and two secondary acts, placed between them: unmask and federate. In this sense, social networks allow us to establish a space for questioning current democracies, for interaction with other "traditional" communication media, and ultimately to debate issues that affect citizens, as in this case the creation of Companies in tax havens by a former president and current presidential candidate. As Cardon (2010) points out, Internet expands the public space, transforming the nature of democracy. ; El presente artículo busca aportar a la discusión sobre el rol de los medios en línea frente a casos de interés público, en este caso un escándalo político financiero (Thompson, 2001). Para ello se indagó en cómo se visibiliza (Thompson, 2001 y 2005), a través de Twitter, la vinculación del candidato presidencial Sebastián Piñera con el escándalo sobre los paraísos fiscales, en particular, por el caso de los 'Panamá Papers'. Se fijó como límite temporal los meses de candidatura presidencial concluyendo en la primera vuelta de las elecciones presidenciales en Chile (entre el 21 de marzo y el 19 de noviembre del 2017). Se concluyó que en Twitter el escandalo se visibiliza a través de tres actos principales: desacreditar, enfrentar y tomar posición; y dos actos secundarios, a la frontera entre un acto y otro: desenmascarar y ...

A complex business environment calls for a flexible administrative law for the agencies that oversee corporations. No where illustrates this maxim better than Hong Kong, and its need to reform corporate regulations after the Panama Papers revelations. We describe how only a 'non-administrative' administrative law can best cope with the challenges facing the regulation of corporate governance. Such a flexible, results-oriented approach to administrative law develops new principles and tests, rather than gives civil servants instructions. Such an approach to corporate governance can facilitate the assessment of company governance, corporate disclosure, the self-regulation of professional groups like lawyers and accountants, as well as ensure corporations engage in 'legitimate economic purposes.' We engage with the literature, showing why such a flexible approach to administrative rulemaking would more likely reduce some of the government regulation and oversight problems exposed by the Panama Papers than previous approaches toward drafting and implementing administrative law (at least in this area).

This last title in the series covers the most important findings of the five years EU sponsored ANTICORRP project dealing with corruption and organized crime. How prone to corruption are EU funds? Has EU managed to improve governance in the countries that it assists? Using the new index of public integrity and a variety of other tools created in the project this issue looks at how EU funds and norms affected old member states (like Spain), new member states (Slovakia, Romania), accession countries (Turkey) and the countries recipient of development funds (Egypt, Tanzania, Tunisia). The data covers over a decade of structural and development funds, and the findings show the challenges to changing governance across borders, the different paths that each country has experienced and suggest avenues of reforming development aid for improving governance.

The Panama Papers is currently the world's largest whistleblower case that involved 11.5 million leaked documents and over 214,000 offshore entities. It all linked back to one Panamanian law firm, Mossack Fonseca. In 2016, over 400 investigative journalists collaboratively and simultaneously published stories that exposed the money laundering and tax-evading schemes committed by the rich and powerful. This included political figures and heads of states, celebrities, sports figures, criminal organizations, and terrorist groups. This article aims to dissect the innerworkings of Mossack Fonseca's asset-shielding strategy and investigate how the Panamanian law firm was able to circumvent the tax and anti-money laundering laws of over 50 countries. We will also examine the global responses to the Panama Papers, the proposed reforms and strategies, and the obstacles to moving forward. Finally, this article explores the ethical duties of lawyers, the significance of attorney-client privilege, and the implications of monetarily incentivizing whistleblowers.

Steueroasen besitzen drei wichtige Merkmale, die aus der Sicht von Steuerhinterziehern und Steuervermeidern anderer Länder besondere Anziehungskraft haben. Sie bieten niedrige Steuersätze für alle oder für bestimmte Kapitaleinkommen. Sie weisen eine hohe politische Stabilität und funktionierende Institutionen auf. Schließlich verbinden sie dies mit einem hohen Maß an faktischer Intransparenz in den Besitzstrukturen von Briefkastenfirmen sowie, zumindest in der Vergangenheit, einer ausgeprägten Vertraulichkeit von Bankdaten. Mit diesen Charakteristika wird unterschiedlichen Problemen Vorschub geleistet. Dazu zählen beispielsweise Steuerhinterziehungen von wohlbetuchten Privatpersonen und Geschäftsleuten aus westlichen Ländern sowie Geldwäsche aus illegalen Geschäften. Darüber hinaus spielen Briefkastenfirmen in Steueroasen eine wichtige Rolle bei der Vertuschung von Geschäftsstrukturen. Unter Führung der OECD hat sich in den letzten Jahren der politische Druck auf die internationalen Steueroasen erhöht. Im Vordergrund stehen dabei bilaterale und multilaterale Abkommen zum Informationsaustausch.

El presente art?culo busca aportar a la discusi?n sobre el rol de los medios en l?nea frente a casos de inter?s p?blico, en este caso un esc?ndalo pol?tico financiero (Thompson, 2001). Para ello se indag? en c?mo se visibiliza (Thompson, 2001 y 2005), a trav?s de Twitter, la vinculaci?n del candidato presidencial Sebasti?n Pi?era con el esc?ndalo sobre los para?sos fiscales, en particular, por el caso de los ?Panam? Papers?. Se fij? como l?mite temporal los meses de candidatura presidencial concluyendo en la primera vuelta de las elecciones presidenciales en Chile (entre el 21 de marzo y el 19 de noviembre del 2017). Se concluy? que en Twitter el esc?ndalo se visibiliza a trav?s de tres actos principales: desacreditar, enfrentar y tomar posici?n; y dos actos secundarios, a la frontera entre un acto y otro: desenmascarar y federar. En este sentido, las redes sociales permiten establecer un espacio de cuestionamiento a las democracias actuales, de interacci?n con otros medios de comunicaci?n dichos ?tradicionales?, y, en definitiva, debatir frente a temas que afectan a la ciudadan?a, como en este caso la creaci?n de empresas en para?sos fiscales por parte de un ex presidente y actual candidato presidencial. Como se?ala Cardon (2010), Internet ampl?a el espacio p?blico, transformando la naturaleza misma de la democracia.

This article theorizes the work of the International Consortium of Investigative Journalists (ICIJ). This work is motivated by the need to link recent large-scale ICIJ projects such as the Panama and Paradise Papers revelations to ongoing theoretical discussions about emergent forms of journalism. It is argued that the ICIJ provides evidence of the emergence of a "global network journalism" characterized by a particular epistemology (a global outlook on social reality) that is embedded in a networked rationale. It is further suggested that this journalistic practice paves the way for the media's role as a global fourth estate, responding to the budding demand for a new type of reporting that influences political decisions and expressing society's development toward an internalized sense of globalization. We discuss the usefulness of applying the presented concepts to other cases than the ICIJ and provide suggestions for further studies.

I'VE been shocked by the recent Panama Papers revelations. We all knew that the rich stashed their wealth overseas away from the taxman, but the way it reaches to the top of British government is mind-boggling. The Panama Papers point up the media's importance as the Fourth Estate - a watchdog against the rich and powerful. The old saying goes, news is anything that someone does not want you to read - the rest is just public relations.

On 3 April 2016, Mossack Fonseca provided the historically most significant leak of its shareholder's data for owning offshore companies. Shareholders include many political and influential figures around the globe, which causes a moral hazard. The study analyses the effects of Panama leak events on five stock exchanges to ensure the market efficiency and investor perception related to the Panama leaks. Event study methodology is used on five occasions associated with Panama papers, i.e., the resignation of the Prime Minister of Iceland on 5 April 2016, Jurgen Mossack's resignation on 7 April 2016, the resignation of the Spanish Minister of Industry on 15 April 2016, the 450 personalities of Pakistan that were nominated in Panama papers on 15 April 2016, and the formation of an inquiry commission to inquire into the matter. The market efficiency of five stock exchanges was checked, i.e., the KSE 100 of Pakistan, the OMXIPI exchange of Iceland, the IBEX 35 of Spain, the New York stock exchange (NYSE), and S&P 500. The market remains efficient for most events and investor behaviour changes for one or two days around the event day (this event has concise term significant abnormal returns in all stock exchanges or concise term significant abnormal macroeconomic effects are observed in all stock exchanges).

Artigo publicado em revista científica internacional ; On 3 April 2016, Mossack Fonseca provided the historically most significant leak of its shareholder's data for owning offshore companies. Shareholders include many political and influential figures around the globe, which causes a moral hazard. The study analyses the effects of Panama leak events on five stock exchanges to ensure the market efficiency and investor perception related to the Panama leaks. Event study methodology is used on five occasions associated with Panama papers, i.e., the resignation of the Prime Minister of Iceland on 5 April 2016, Jurgen Mossack's resignation on 7 April 2016, the resignation of the Spanish Minister of Industry on 15 April 2016, the 450 personalities of Pakistan that were nominated in Panama papers on 15 April 2016, and the formation of an inquiry commission to inquire into the matter. The market efficiency of five stock exchanges was checked, i.e., the KSE 100 of Pakistan, the OMXIPI exchange of Iceland, the IBEX 35 of Spain, the New York stock exchange (NYSE), and S&P 500. The market remains efficient for most events and investor behaviour changes for one or two days around the event day (this event has concise term significant abnormal returns in all stock exchanges or concise term significant abnormal macroeconomic effects are observed in all stock exchanges). ; info:eu-repo/semantics/publishedVersion

On 3 April 2016, Mossack Fonseca provided the historically most significant leak of its shareholder's data for owning offshore companies. Shareholders include many political and influential figures around the globe, which causes a moral hazard. The study analyses the effects of Panama leak events on five stock exchanges to ensure the market efficiency and investor perception related to the Panama leaks. Event study methodology is used on five occasions associated with Panama papers, i.e., the resignation of the Prime Minister of Iceland on 5 April 2016, Jurgen Mossack's resignation on 7 April 2016, the resignation of the Spanish Minister of Industry on 15 April 2016, the 450 personalities of Pakistan that were nominated in Panama papers on 15 April 2016, and the formation of an inquiry commission to inquire into the matter. The market efficiency of five stock exchanges was checked, i.e., the KSE 100 of Pakistan, the OMXIPI exchange of Iceland, the IBEX 35 of Spain, the New York stock exchange (NYSE), and S&P 500. The market remains efficient for most events and investor behaviour changes for one or two days around the event day (this event has concise term significant abnormal returns in all stock exchanges or concise term significant abnormal macroeconomic effects are observed in all stock exchanges).

This article analyses the economy and finances of Panama from a human rights perspective. It first presents the adverse implications of illicit financial flows on human rights. It then describes the Panamanian legal and institutional framework, in particular the country´s international obligations and commitments, as well as the banking and financial sector of the country. It also presents the "Panama Papers," including the scandal outbreak, policies adopted by the government as well as those additional measures still needed. Issues related to the country's economic growth, inequality and human rights are also discussed, and the implications of infrastructure projects for persons and groups in Panama, including indigenous peoples, are critically studied. After the conclusions the recommendations that the author made to the Panamanian government as Independent Expert of the UN after his visit to the country are presented. ; Este artículo analiza la economía y finanzas de Panamá desde una perspectiva de derechos humanos. Primero presenta las implicaciones adversas de las corrientes financieras ilícitas en materia derechos humanos. Luego describe el marco legal e institucional panameño, en particular las obligaciones y compromisos internacionales del país, así como el sector bancario y financiero del país. También se presentan los llamados "papeles de Panamá", tanto la irrupción del escándalo, las disposiciones adoptadas por el gobierno así como las medidas adicionales que aún resultan necesarias. Se discuten asimismo cuestiones vinculadas al crecimiento económico del país, la desigualdad y los derechos humanos, así como se analizan críticamente las implicaciones de proyectos de infraestructura sobre los derechos humanos de las personas y los grupos en Panamá, incluidos los pueblos indígenas. Luego de las conclusiones se presentan recomendaciones que el autor efectuó al gobierno panameño como Experto Independiente de la ONU luego de su visita al país.

Summary This article analyses Panama's economy and finances from a human rights perspective. First, it presents the adverse human rights implications of illicit financial flows. It then describes Panama's legal and institutional framework, in particular the country's international obligations and commitments, as well as the country's banking and financial sector. The so-called Panama Papers are also presented, both the outbreak of the scandal, the steps taken by the government and the additional measures still needed. Issues linked to the country's economic growth, inequality and human rights are also discussed and the implications of infrastructure projects on the human rights of individuals and groups in Panama, including indigenous peoples, are critically analysed. The conclusions are followed by recommendations made by the author to the Government of Panama as an independent UN expert after his visit to the country. ; Resumen Este artículo analiza la economía y finanzas de Panamá desde una perspectiva de derechos humanos. Primero presenta las implicaciones adversas de las corrientes financieras ilícitas en materia derechos humanos. Luego describe el marco legal e institucional panameño, en particular las obligaciones y compromisos internacionales del país, así como el sector bancario y financiero del país. También se presentan los llamados "papeles de Panamá", tanto la irrupción del escándalo, las disposiciones adoptadas por el gobierno así como las medidas adicionales que aún resultan necesarias. Se discuten asimismo cuestiones vinculadas al crecimiento económico del país, la desigualdad y los derechos humanos, así como se analizan críticamente las implicaciones de proyectos de infraestructura sobre los derechos humanos de las personas y los grupos en Panamá, incluidos los pueblos indígenas. Luego de las conclusiones se presentan recomendaciones que el autor efectuó al gobierno panameño como Experto Independiente de la ONU luego de su visita al país.

In this paper, the effect of corruption on foreign direct investment (FDI) flows is analyzed. The literature is thus far divided regarding the effects of corruption: One hypothesis argues that corruption greases the wheels of government and is therefore beneficial while the other hypothesis argues that it sands the wheels of government leading to suboptimal results in an economy. For the empirical analysis, a dataset consisting of bilateral FDI data from the OECD and the control of corruption measure from the World Governance Indicators of the World Bank is compiled. To further analyze the effects of corruption the Panama Papers revelation is used as a corruption increasing event and the implementation into law of the OECD Anti-Bribery Convention is used as a corruption decreasing event. Finally, the difference between corruption levels in the target and the origin country, will be examined. Then, a gravity model with dyadic and time-fixed effects is employed to analyze the data. Findings are ambiguous in that corruption is positively correlated with FDI inflows in the target country and negatively correlated with FDI inflows in the origin country. The Panama Papers variable shows strong evidence, that the release of the Panama Papers resulted in a drop in FDI flows. Therefore, it seems that corruption has complex country specific effects and that target and source countries have to adopt varying policies with regards to corruption. The general effect of corruption harms FDI flows, as shown by the Panama Papers revelation.

Una convergencia de escándalos, acentuada por los "Documentos de Panamá", ha centrado la atención en Nueva Zelanda como un "paraíso fiscal" emergente con controles anticorrupción potencialmente insuficientes y un desprecio quizás ingenuo por la vigilancia del fraude financiero. Nuestro estudio examina las bases de estas percepciones perjudiciales y las tendencias políticas basadas en la globalización desde la perspectiva del influyente trabajo de Michael Johnston, Síndromes of Corruption, en el cual identificó cuatro síndromes primarios: "Mercados de Influencia", "Cárteles de Elite", "Oligarcas" Y clanes", y "Moguls oficiales". Identificó a Nueva Zelanda con la categoría de "Mercados de Influencia", en la cual las economías maduras de mercado, generalmente clasificadas como menos corruptas con poco soborno de alto nivel, y con instituciones estatales fuertes y legítimas, tienen problemas de corrupción sistémica con intereses Interés "que llegan a" dominar los Mercados de Influencia". Los países de esta categoría, argumenta, son particularmente vulnerables a la corrupción global. Nuestro estudio explora las rutas legales en el entorno global, como pagos de facilitación y fondos de confianza ciegos que amenazan la reputación de Nueva Zelanda como país percibido como menos corrupto, ya que fortalece sus propios Mercados de Influencia ; A convergence of scandals, accentuated by the 'Panama Papers', have focused attention on New Zealand as an emerging 'tax haven' with potentially insufficient anti-corruption controls and a perhaps naïve disregard for the policing of financial fraud. Our study examines the bases of these damaging perceptions, and political trends based upon globalisation from the perspective of Michael Johnston's influential 2005 work, Syndromes of Corruption, in which he identified four primary syndromes, 'Influence Markets', 'Elite Cartels', 'Oligarchs and Clans', and 'Official Moguls'. He identified New Zealand with the 'Influence Markets' category, one in which mature market economies, usually ...