by Global Risk Insights
The revelation by the Panama Papers that some of the worlds rich and powerful hide money and assets abroad is not a new one. The extent to which they do it, the level of systematization and its unexpected connection to some of the poorest, conflict-ridden regions of the world is baffling.
In the largest leak of confidential material ever, the so-called Panama Papers have exposed the scale of shadow networks and how they help hide wealth in tax havens such as Panama.
Using law firms like Mossack Fonesca to set up off-shore shell companies, private corporations and individuals, including heads of state and organized crime syndicates, have concealed money and assets from governments and revenue services.