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Updated 08:20 23/02/20

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Tax havens of the rich and powerful exposed

Duncan Richardson, News Editor
4 Apr 2016, 9:51 a.m.

An unprecedented leak of confidential documents, called the “Panama Papers” has revealed how the world’s elite use offshore tax havens to hide their wealth.

Information on more than 200,000 business, foundations and family trusts have been leaked from a small law firm based in Panama. The files apparently include the financial details of politicians, tax evaders and even Mafia members.

The leak is a never before seen view inside the financial details of the world’s rich and famous and includes bank balances, property deeds, passports and other financial information. Nine head of states have been named along with 29 multi billionaires named in the Forbes magazine’s top 500 list. David Cameron’s late father, Ian Cameron also used the company to help his investment firm manage their UK tax affairs.

Using offshore accounts is not illegal, however, many believe the worlds rich use fake companies to hide wealth, avoid tax and disguise corruption.

The leaked documents also contain sensitive information regarding the UK’s largest ever gold heist and the recent FIFA bribery allegations.

The documents have now been passed to over 100 journalists and number of international news organisations. We can now expect a week of revelations.

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