Panama Papers

The Panama Papers disclose the activities of the Panamanian corporate service provider Mossack Fonseca, which arranged tax avoidance schemes for citizens from a variety of countries. The papers are a leaked set of 11.5 million confidential documents that provide detailed information about more than 214,000 offshore companies, including the identities of shareholders and directors of the companies. These companies and their owners used Mossack Fonseca to hide the true ownership of assets that were kept outside the home country of the owners.

The documents show steps taken by wealthy individuals, including public officials, to hide their money from public scrutiny. At the time of publication, the papers identified five government leaders from Argentina, Iceland, Saudi Arabia, Ukraine, and the United Arab Emirates; as well as government officials, close relatives, and close associates of various heads of government of more than forty other countries. Half of the companies exposed were based in the British Virgin Islands. Hong Kong contained the most affiliated banks, law firms and middlemen.^[1]

See also[edit]

• Clinton donors in the Panama Papers
• Tom Steyer

References[edit]

1. ↑ "David Cameron urged to act on Panama Papers as UK named 'at heart of super-rich tax-avoidance network'", April 5, 2016. Retrieved on April 7, 2016. (en-GB)