Offshore secrets of Brexit backer Arron Banks revealed in Panama Papers Read moreIn the 21st century those who dutifully pay taxes are dupes. He/she wanted to expose the scale of injustice of the offshore tax system. Photograph: Carlos Jasso/ReutersThe Panama Papers include records of 214,000 offshore companies, names of real or “beneficial” owners, and passport scans. Zucman puts the loss to global tax revenues at $200bn per year. They also seek to cover their trail by “layering”: using a chain of offshore companies, rather than just one, to bury an asset.

Source: The Guardian October 16, 2016 04:52 UTC