Summary of Role of Advisors and Intermediaries in the Schemes Revealed in the Panama Papers

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Role of Advisors and Intermediaries in the Schemes Revealed in the Panama Papers summary
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Now the world is buzzing about the Paradise Papers, but in 2016, the leak of 11.5 million documents from a Panamanian trust firm revealed an elaborate financial architecture set up to hide vast amounts of wealth and income from sovereign tax collectors. The Panama Papers provided information on more than 200,000 offshore entities and their role in shielding assets. Researcher Willem Pieter De Groen pulls back the curtain on the intricate designs of these legal structures and how they affect nations’ fiscal conditions. getAbstract recommends this authoritative report to business and policy professionals intrigued by the complex landscape of overseas entities that enable tax evasion.

In this summary, you will learn

  • What the Panama Papers exposed about offshore tax entities,
  • How advisers and go-betweens play an outsized role in the creation of these vehicles, and
  • How sovereign officials can combat tax evasion.
 

About the Author

Willem Pieter De Groen is a research fellow at the Centre for European Policy Studies.

 

Summary

Officials in countries across the globe deal constantly with the loss of government revenue due to tax evasion. Corporations and wealthy individuals have relied for decades on complex financial entities located in offshore financial centers (OFCs) to shield income and asset flows. The release of the Panama Papers in 2016 allowed national policy makers to gain greater clarity into the process and structure of overseas tax entities. Experts analyzed information about 213,634 entities in 21 foreign locales that the Panamanian trust firm Mossack Fonseca administered from 1970 to 2015. While the firm handled only 5% to 10% of all worldwide assets parked offshore – estimated to total about €100 trillion [$116 trillion] – the revelations provided insights into the intricate roles of “ultimate beneficiary owners” (UBOs), advisers and intermediaries.

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