Panama leaks reveal tax havens of elite

Panama leaks reveal tax havens of elite

PANAMA CITY: PANAMA CITY: A huge leak of confidential documents has revealed how the rich and powerful use tax havens to hide their wealth.

The hidden wealth of some of the world’s most prominent leaders, politicians and celebrities has been revealed by Panamanian law firm Mossack Fonseca.

It has leaked 11 million documents from one of the world's most secretive companies.

Though there is nothing unlawful about using offshore companies, the files raise fundamental questions about the ethics of such tax havens – and the revelations are likely to provoke urgent calls for reforms of a system that critics say is arcane and open to abuse.

Journalists from more than 80 countries have been reviewing 11.5m leaked files.

They show how Mossack Fonseca has helped clients launder money, dodge sanctions and evade tax.

Read More: http://www.samaa.tv/international/2016/04/panama-leaks-reveal-tax-havens-of-elite/