€16.8 million recovered from Panama Papers, Swiss Leaks

Just over €16.8 million was recovered by the tax authorities after previously unknown foreign holdings by Maltese were laid bare in the Panama Papers and Swiss Leaks.

Information supplied by the Tax Compliance Unit (TCU) shows that €6.3 million has been recovered from its investigations into the Panama Papers data, which was leaked from the Panamanian law firm Mossack Fonseca.

Mossack Fonseca is one of the smaller firms operating in Panama.

The 2016 Panama Papers leak shed a global spotlight on the use of offshore companies by criminals, celebrities and politicians to hide and launder their money away from the prying eyes of tax authorities.

Both the Prime Minister’s chief of staff, Keith Schembri, and Tourism Minister Konrad Mizzi were found to have opened secret companies in Panama sheltered by trusts in New Zealand.

Neither registered these trusts with the local tax authorities, an ‘oversight’ which they blamed on their financial advisers, Nexia BT.

Both men

... read more at: https://www.timesofmalta.com/articles/view/20170810/local/168-million-recovered-from-panama-papers-swiss-leaks.655325