Tax havens are a popular option for wealthy people eager to slip their earnings past the authorities. They are countries that impose minimal taxes, have stringent banking secrecy, and allow people to set up companies there anonymously.
The Maltese government has reacted angrily after a German state's finance minister called the EU island state "Europe's Panama." Now officials are hunting down Germans allegedly using Malta to dodge the taxman.
Germany's federal investigators have paid up to 5 million euros for the trove of documents at the center of the so-called Panama Papers leak. While controversial, the purchase of stolen bank data is legal.
The Panama Papers have revealed a vast network of dubious offshore companies, ostensibly used to hide depositors' money from tax authorities. Politicians have been trying for years to shut down such oases.
David Cameron has hosted "an all-out assault" on corruption in London. But NGOs said the UK, whose overseas territories amount to a third of the world's tax havens, is in a unique position to do much more.
© 2017 Deutsche Welle |
Legal notice |
| Mobile version