The "Panama Papers" show again that many wealthy people parked their money in tax havens. So, how does this system of shell companies work?
Panama Papers disclosures have generated an extra €140 million in tax revenues for Germany, according to research by three media outlets. And that's with many hundreds of other evasion cases still unresolved.
The law firm at the center of the "Panama Papers" global tax evasion scandal has said reputational damage means it will be shutting down operations. Its clients included Argentinian soccer star Lionel Messi.
Officials and activists have decried a decision by EU ministers to remove several states from a tax haven blacklist. Among those delisted is Panama, less than two years after its secretive tax loopholes were leaked.
Germany has created a civil registry to shed light on shell companies. Now, Ukrainian President Petro Poroshenko has been exposed: His companies, it seems, are not abiding by the new transparency rules.
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