More than ever before, these articles pulled the curtain back on how an estimated $100 billion in undeclared money has been siphoned from Canada into offshore tax havens.
Since the first investigations were published, the federal government has invested almost $500 million in the Canada Revenue Agency aimed at tougher tax enforcement, launched investigations into 85 Canadians identified in the Panama Papers and compelled banks to divulge their offshore tax haven client lists.
“The Panama Papers were a revelation to many people, revealing how widespread the use of bank secrecy and tax secrecy jurisdictions are and how they obfuscate money flows,” said Peter Dent, former president of Transparency International Canada. “It adds evidence to the case that these tax havens are not inert. They are the bedrock for people to move illicit funds and the proceeds of crimes around and allow them to use them for