The Panama Papers leak explained

We’ve all heard the headline news about the Panama Papers, some snippets about who of the world’s leaders and richest people are involved, but what do we understand about the leak? Well we know a few facts like it was a huge 2.6-terabyte leak of documents that shows a global web of corruption and massive scale tax avoidance. Aside from that, it’s still a bit confusing as to what’s actually been going on, how it happened, and most importantly, why it happened.

Here’s a great video by VOX explaining in simple terms what happened:

In essence it reveal that foreigners were setting up Panamanian shell companies to hold financial assets that blur the identities of their real owners. This enabled them to stash their money overseas thus avoiding certain taxes that would otherwise be due. What’s concerning is if any of the money has come from nefarious sources. For now we have to wait for the massive amounts of information to be processed before we can find out any more details and possibly get any answers.

You can count on Monese to keep your money safe. With Monese you get to have full control of your finances. The Monese app enables you to send and receive money in real time, no waiting. You can make currency transfers for only 0.5% above the mid-market rate; which is one of the best rates available. Getting money into your Monese account is also easy. You can receive bank transfers direct to your account or you can can deposit cash at one of the 28,000 Paypoint locations across the country. You can also manage your money wherever you are with our intuitive mobile app. Make payments, check your up-to-date balance, review your transactions, get paid to invite friends – plus much more.

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