- 15 Apr 16
It may have been famous for its hats and its canal – but with the release of the Panama Papers, the Central American country is now best known as a place where sometimes ill-gotten gains are salted away...
As a friend recently commented, you don’t know what you’ll be confronted with, when you pull back the curtains in the morning.
The latest sensation is the leaking of the so-called Panama Papers – 11.5 million confidential documents from the Panamanian legal firm Mossack Fonseca – which reveal how very rich people have avoided paying large amounts of tax and used offshore vehicles to shelter wealth and to influence huge financial scenarios.
In essence, clever lawyers and accountants can create a spidery shadow world where funds can be in a bank down the street but nominally situated in another jurisdiction – and therefore beyond the reach of the authorities. And so on.