Its reported that a ‘huge leak’ of confidential documents (around 11 million documents), has revealed how the rich and powerful use tax havens to hide their wealth.
According to the BBC, Prime Minister David Cameron has ”called for greater transparency in tax havens and a clampdown on aggressive tax avoidance and evasion.” However, specific documents leaked from one of the world’s biggest offshore specialists, Mossack Fonseca, reveal that his ”late father used one of the most secretive tools of the offshore trade after he helped set up a fund for investors.”
Panama Papers – tax havens of the rich and powerful exposed
The BBC, The Guardian and the ICIJ, have further outlined the following:
- Eleven million documents held by the Panama-based law firm Mossack Fonseca have been passed to German newspaper Süddeutsche Zeitung, which then shared them with the International Consortium of Investigative Journalists. BBC Panorama and UK newspaper the Guardian are among 109 media organisations in 76 countries which have been analysing the documents. The BBC does not know the identity of the source
- They show how the company has helped clients launder money, dodge sanctions and evade tax
- Mossack Fonseca says it has operated beyond reproach for 40 years and never been accused or charged with criminal wrong-doing
The leaked documents supposedly show that the prime minister’s father, who died in 2010, was one of five UK directors who flew to board meetings overseas.
There were also three directors in Switzerland and three in the Bahamas to help ensure the fund would not have to pay UK tax.
What’s your view of the Panama Papers?
Will the Papers disclose important information that can upset a range of countries based on tax avoidance? Will there be a major investigation to do with types of fraud and tax evasion? What will be the consequences for those who are found to of been in wrong-doing? Will David Cameron himself be affected heavily by this?
Comment YOUR VIEWS below in the comment section