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.
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