Everyone Is Freaking Out About the Panama Papers—But the Biggest Fallout Is Yet to Come

This is from a memo by one of the partners of Mossack Fonseca, a Panama-based outfit that specializes in setting up offshore accounts and shell corporations:

Ninety-five per cent of our work coincidentally consists in selling vehicles to avoid taxes.

I suppose that’s not much of a shocker, is it? Still, it’s nice to hear it from the horse’s mouth, along with all the usual defensive whinging about how it’s not inherently illegal to set up offshore accounts and many people have totally legitimate reasons for doing so.

This admission comes from the “Panama Papers,” a massive leak of documents from Mossack Fonseca. According to the Guardian, “the records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared

them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large

... read more at: https://www.motherjones.com/kevin-drum/2016/04/panama-papers-offshore-tax-havens-are-getting-their-day-spotlight/

by

Leave a Reply