The Panama Papers: What You Don’t Know
The Panama Papers: A trove of documents leaked from a Panamanian law firm brought the offshore world right to your doorstep. The published files -- 11.5 million of them -- exposed the secret financial dealings of some prominent figures and revealed webs of corruption, money laundering and fraud. According to The Economist, the documents show "the offshore holdings of 140 politicians and officials, including 12 current and former presidents, monarchs and prime ministers." In addition, it is alleged that the ill-gotten wealth acquired from transacting with "rogue states, terrorists or drug barons" was hidden behind anonymous corporations with fake directors or shareholders ("nominees"). Close associates to [...]
The World’s Favorite New Tax Haven Is the United States
This is the title of a recent article by Jesse Drucker of Bloomberg. The article starts off: You can help your clients move their fortunes to the United States, free of taxes and hidden from their governments. Some are calling the new Switzerland. This is nothing new. The United States has been helping foreigners shield their money for a very long time. In fact, during the seventies and eighties, Delaware capitalized on the heyday of globalization by advertising its services to the world as a pioneer in offshore secrecy incorporations. See page eight (8) of this report from the Tax Justice [...]