Investigative journalists have exposed trillions of dollars stashed in offshore tax havens. The leak sheds much-needed light on the dirty secrets of the filthy rich, and are already threatening to sink several careers.
The international journalists' network ICIJ has evaluated secret documents and has come to the conclusion that West African countries lose millions in unpaid taxes because the money is diverted elsewhere.
The EU will shortly publish a tax haven blacklist, part of a strategy to deal with the issue of global tax avoidance and evasion. The charity Oxfam has its doubts though, and has published a list of its own.
The new leaks of financial records illustrate how powerful individuals and companies across Africa use offshore havens to not only avoid paying taxes, but also to hide bribery and illegal dealings.
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.
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